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What phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making is called?
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∙ 12y ago
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∙ 12y ago
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What is oprations management?
Operations management is the area of management that is concerned with overseeing, designing and controlling process of production and redesigning of the business operations in production of goods or services.
Is operation management more concerned about controlling cost or increasing revenue?
Directly, they control costs, not revenue. Indirectly, their level of customer service, quality, and timeliness typically have great impacts on customer retention - and therefore revenue. A good operational manager balances these and may also have ideas for increasing revenue by improving products and services.
Describe corparate level strategy and business level strategy?
The difference between corporate and business level strategy is that their operations are inter-industry and intra-industry respectively. Whereas corporate level strategy is concerned in what business to deal with, business level strategy is concerned with how to compete within a particular business.
What are the basic functions of an office?
An office may be defined as a place where all the activities concerned with collecting, processing, storing and distributing information for efficient and effective management of an organization are carried out.. The main functions are identified as: Collecting information Processing information Storing information Coordinating information Distributing information
What do you understand by production and operational management?
The management of those resources and activities of a business that are required to produce goods for sale to consumers or to other organizations. Production management is concerned with the manufacturing industry. The growing interest in the production management task in service industries has led to the use of operations management as a more general term.
How to Compare and contrast financial management wit management accounting and financial accounting?
Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning, controlling and decision making.Management accounting refers to accounting information developed for managers within an organization. CIMA (Chartered Institute of Management Accountants) defines Management accounting as "Management Accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of information that used by management to plan, evaluate, and control within an entity and to assure appropriate use of an accountability for its resources". This is the phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making.Managerial accounting is concerned with providing information to managers i.e. people inside an organization who direct and control its operations. In contrast, financial accounting is concerned with providing information to stockholders, creditors, and others who are outside an organization. Managerial accounting provides the essential data with which organizations are actually run. Financial accounting provides the scorecard by which a company's past performance is judged.Because it is manager oriented, any study of managerial accounting must be preceded by some understanding of what managers do, the information managers need, and the general business environment.
What is management accounting information used for?
Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, ...
Main stages of the accounting system?
The main stages in the accounting process are, financial accounting and management accounting. Financial accounting is mainly concerned on classifying, measuring and recording the economics transactions of an entity in accordance with established principles, legal requirements and accounting standards. It is primarly concerned with communicating a true and fair view of the financial performance and financial position of an entity to external parties. Management accounting focus on the internal users, mainly concerened on collecting, analysing and interpreting qualitative and financial information. it is primarly concerned with communicating information to management for planning, controlling and decision making.
What is oprations management?
Operations management is the area of management that is concerned with overseeing, designing and controlling process of production and redesigning of the business operations in production of goods or services.
Managerial accounting is what type of accounting?
Managerial accounting is a type of accounting which is concerned with providing information to managers that is, people inside an organization who direct and control its operation.
What classification of accounting is most concerned with the use of economic and financial information to plan and control many of the activities of the entity?
financial accounting
What is the name of the branch of accounting concerned with providiing managers and administrators with information to facilitate the planning and control of business operation?
Management Accounting
Why an external auditor should be concerned over internal control?
An external auditor should be concerned over internal control because it helps ensure the accuracy and reliability of the financial statements. Weak internal controls increase the risk of errors or fraud going undetected, which could lead to misstated financial information. Assessing internal controls is essential for the auditor to determine the extent of their reliance on the company's systems and processes.
What is the difference between management accounting financial accounting and cost accounting?
Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.Cost Accounting - In management accounting, cost accounting establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. Managers use cost accounting to support decision-making to cut a company's costs and improve profitability.
What specific operations is the city of long beach concerned with protection?
The city of long beach is concerned with protecting all operations they are currently working on.
The accounting process is concerned with internal and external transactions representing economic events?
The accounting process is concerned with both: internal and external transactions representing economic events.
The part of the brain concerned with controlling water balance?
hypothalamus
