i want the references after each question
Q1
Companies should focus on financial measures of quality because these are the only measures of quality that can be linked to bottom-line performance. Do you agree? Explain. How are financial measures and quality related? What other factors should be considered?
*one page 3 references ( one of them from this book Datar, S., & Rajan, M. (2014). Making decisions and motivating performance. Upper Saddle River, NJ: Pearson. )
Q2
Strategy, plans, and budgets are unrelated to one another. Do you agree? Explain. Explain how the managers choice of the type of responsibility center (cost, revenue, profit, or investment) affects the behavior of other employees.
*one page 3 references ( one of them from this book Datar, S., & Rajan, M. (2014). Making decisions and motivating performance. Upper Saddle River, NJ: Pearson. )
Q3
Discuss the five key forces to consider when analyzing an industry. How do these forces impact the balanced scorecard?
*one page 3 references ( one of them from this book Datar, S., & Rajan, M. (2014). Making decisions and motivating performance. Upper Saddle River, NJ: Pearson. )
Q4
reflect upon what you have learned compared with what you anticipated learning.
The Structure of Decision-Making with Relevant Information
Budgets and Managerial Responsibility
Strategy and Balanced Scorecard
Performance Measurements
*one page 3 references ( one of them from this book Datar, S., & Rajan, M. (2014). Making decisions and motivating performance. Upper Saddle River, NJ: Pearson. )
Q5
Managerial accounting has greatly benefited me from the input from the readings and PowerPoint. Before taking this class, I was extremely nervous because I have always struggled with math previously. Through the first 4 weeks I have received a lot of information regarding Accounting and was unaware of a lot of things that an Accountant does and how much of an impact they have within an organization. One of the chapters that I have found interesting was Chapters 1 & 2. Being unknowledgeable in Accounting, Chapters 1 &2 gave me the knowledge on why Accountants are valuable to the organization and what responsibilities do managers have in understanding financial information. I have gained my knowledge form the course and I cannot wait to apply everything learn over the next 4 weeks in my real life. Now I the difference between managerial accounting and financial account before I was unaware that there were different forms of accounting.
In the second week on the course we covered job costing and process costing. I found this to be interesting because I enjoy marketing and how and why a advertisement agency would use one of the two basic types of costing systems. Job costing system is the cost object is a unit or multiple unites of a distinct product or service called a job (Datar & Rajan, 2014). Process costing is similar to job costing, but the difference is process costing accumulates costs when a large number of identical units are being produced. I have gain a great deal on valuable knowledge and working for a global company give me a better in-site on how accountants play a major role in a global company such as my current employer.
*half page 2 references.
Q6
Managerial accounting has been a very informational course for me as an aspiring MBA student. From the textbook and powerpoints to my own research, it has provided me how important and critical accounting is to the success of a business and managers.
I wanted to point out the criteria and research needed for Assignment #1. As we were required to analyze and monitor the CVP, break-even point, profitability, implications, and possible solutions, I did not realize how beneficial it is to implement these analyses. Conducting research on how profitable each type of class was for Space and Light Studio allowed us to come to a conclusion on which classes would bring future profit and which ones were losing money. The sensitivity analysis allowed us to find out the results if we were to change up the costs factors such as the contribution margin or fixed costs. As we analyzed the statistics, in a matter of a few months, the yoga company should expect to see profit rise (Hwa, Chern, and Geok, 2014).
Not only did we learn about CVP analysis, I was able to gain a better understanding on job costing, cost allocation, process costing, activity-based costing and differentiating between managerial and financial accounting. This week in Chapters 7 and 8, we are determining how costs behave, cost management, customer profitability, and how to make decisions and strategies on pricing. Target pricing is an important topic in which it estimates the price for a product or service that potential customers are willing to pay (Datar and Rajan, 2014, Slide 11). This gives a manager and business an overview on how to make decisions on their pricing strategies. I am interested in seeing what else will help managers make the correct decisions to lead their company to success.
I am looking forward to the rest of the course and hope to continue learning and retaining the information I need on managerial accounting. Also, I can assure that the material and knowledge I acquire in this class will benefit me in all aspects of my future and I have gained a deeper appreciation for the accounting aspect of businesses
*half page 2 references.
Q7
The fist week we discussed financial account and management accounting. Management accounting information plays a vital role in development of business ideas, communication, and implementation of strategies. Managers can use the information to coordinate product design, production, and for marketing decisions and to evaluate performance (Datar&Rajan, 2014).Accountants perform financial information related to the collection, accuracy, recording, analysis and presentation of business, organization or company financial operations function. Then, company managers, investors, analysts, lenders and other stakeholders can use these financial statements to make informed decisions (Investopedia, 2021). In nearly a month of study, I think the most difficult thing is to distinguish each cost component. Both job and process cost systems have the same goal: to determine the cost of products (Job Order Costing vs Process Costing). I learnt that job order costing due to heterogeneous tasks, process costing work with homogeneous tasks. I also learned a more accurate product/service costing method, which led to more accurate pricing decisions, namely activity-based costing. We discussed price strategy this week, and I have mastered some types of appropriate pricing methods. Then describing linear cost functions and three common ways in which they behave and understanding various methods of cost function estimation (Datar&Rajan, 2014). In the last case, I found that I am not good at sensitivity analysis, and when viewing reports, I can only find the most obvious corporate management data. I hope that in the next month I can improve my ability to analyze data.
*half page 2 references.
