You are to identify four non-financial factors and explain in detail the impact on any organization. Question 2
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Question 1
You just graduated with honours in accounting. Your manager asks you to prepare a report on non-financial factors, which can impact the company. You are to identify four non-financial factors and explain in detail the impact on any organization.
Question 2
As the team leader, you are to explain the following concepts and apply each to a fictional scenario with full details.
1. Sunk Cost
2. Relevant Cost
3. Opportunity Cost
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- Q1_ You are working as a manager in the company and suddenly you are appointed in the strategic management unit. Your boss asked you to develop key strategies for future growth and improving costing system. As a manager explain THREE (3) points on why accounting is essential for managers.Assume you have been hired by Hilton Hotels and Resorts. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Hilton organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.As manager of department B in MarIeys Manufacturing, based on the costs you identified in the previous exercise for further research, how does this impact the financial performance of your department, and what might be some questions you want to ask or solutions you might propose to Marleys management?
- Assume you have been hired by Cabelas Sporting Goods. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Cabelas organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.1.) Discuss the difference between managerial accounting and financial accounting and their impact to Information Technology industry. 2.) You are the CEO of your own IT Company. Based on the cost concepts that we have discussed, identify at least three (3) costs being used and provide possible solutions how to control these costs. 3.) Being in an IT Field, you know the importance of optimizing your processes to see growth through efficiency. How can financial statement analysis contribute? 4.) Accounting is the language of business. Using this context, discuss the importance of financial statement to businesses.Chapter 1 Strategic Cost Management and Management Accounting PROBLEMS 1.1 Enumerate the four areas covered by Standards of Ethical Conduct for Manageme Accountants and how these areas are defined? On on 1.2 lanno Consider the following short descriptions. Indicate whether each description more closely relates to a major feature of financial accounting (use FA) or management accounting (use MA) a. Behavioral impact is secondary b. Is constrained by generally accepted accounting principles c. Has a future orientation d. Is characterized by detailed reports e. Field is more sharply defined f. Has less flexibility on 1-3 For each of the following, indicate whether the employee has line (L) or staff (S) responsibility a. Production superintendent b. Cost accountant C. Market research analyst d. District sales manager Head of the legal department f. President e. Financial accounting information and management accounting information have a number of distinguishing characteristics. 1-4 1.…
- Entrepreneurship group assignment for accounting and management students Write the correct answer for the following questions What are the critical elements that the process of an entrepreneurship comprises? (2%). List the components of external environment and describe their relationship with the business firm. (3%). Describe each the following innovation process.(2%). Analytical planning Resource organization Implementation Commercial application What is the difference between idea and opportunity? (2%). What are methods used for generating business ideas? (2%). Describe each of the three basic forms of business ownership. (3%). a. proprietorship b. partnership c. corporation 7. Define the following terms.(2 points) a) Entrepreneurship b) Entrapreneurship 8. What is the difference between individual entrepreneur and organizational entrepreneur? (2 points) 9. List out at least four importance of small businesses. (2 points)1. Managerial accounting helps managers make planning decisions. Which of the following is related to the Planning function? Group of answer choices Establishing goals at the beginning of a period and identifying steps on how to achieve them Comparing actual results with the expected results at the end of a period Monitoring business operations during a period Evaluating mid-level managers and providing feedback 2. Classification of Direct and Indirect costs is based on: Group of answer choices When the costs are reported to income statement. How easily and cost-effectively product costs can be traced to cost objects. When the costs are reported to balance sheet. Whether the costs are substantial part of the total product costs. 3. The finished goods inventory account is used to record: Group of answer choices The costs of products that are complet and ready to sell The cost of materials not yet put into production The costs of products that are in production but that…Choose the correct answer(several answer options) Managerial Accounting… O …numbers have to be in line with the GAAP applied O …should assist external stakeholders in decision-making O …includes cost accounting as on of its major tools O …numbers are applied in financial / external accounting in certain cases
- You are employed as a Chartered Certified Accountant in an insurance company. You are completing starting your own business. In considering whether or not to start your own business, your current salary level would be Select one: a. A sunk cost b. An incremental cost c. An opportunity cost d. An irrelevant costYou are employed as a Chartered Certified Accountant in an insurance company. You are completing starting your own business. In considering whether or not to start your own business, your current salary level would be Select one: a. An opportunity cost b. A sunk cost C. An irrelevant cost d. An incremental costThe objective of Human resource accounting in the modern organizations is to____ a. Attract the employees b. All of the given options c. Attract the investors d. Asset valuation