Mgt 521 Final Exams

b. In your opinion, which organization has the greatest potential for bringing about positive change? Why?

When a firm is rating its processes and products against the best in the world, the firm is practicing:

Part II: Make your recommendation as to what form of organization you believe will be best and be sure to explain the reasoning for your choice.

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Choose one real world organisation from one of the three sectors discussed in task one. Discuss this organisation in terms of the following:

There are two main fields you can go into. The first is financial accounting. Financial accounting focuses on the external users. This includes stockholders, agencies, suppliers, and creditors. When they prepare their reports such as the income statement and the balance sheet, they focus on the business as a whole. Managerial accounting serves internal users.

There are significant role differences when it comes to management accounting and financial accounting. Both types have important requirements and expectations. Not one has more significance than the other because large businesses in particular have a need for both. Both types will be discussed and then how managerial accounting will help to improve both operational and financial performance.

A major difference between financial accounting and managerial accounting is their differing uses in regards to present and future data for decision-making. Financial accountants prepare data from transactions that have already occurred and managerial accountants prepare statements in regards to future decision making for their company. According to countingtools.com, the economy is always changing and not everything can be predicted, therefore, managerial accounting could only be useful to a certain degree.

With the development accounting information systems managers have inherited the task of learning and training their employees what they learn. For example, in a retail store accounting systems are used to order, locate and organize inventory so supervisors are tasked with learning and training employees to perform these tasks. Because employees and managers can now perform such tasks easily it has limited the jobs that accounting professionals had cornered as theirs in the past. Because of accounting systems managers have also inherited the task of learning how to perform minor troubleshooting of their systems and to train others to perform the task. Accounting systems demand more with regard to computer literacy but provides significant advantages such as helping organizations to handle more tasks in a timely and efficient manner. Accounting software is an important part of information technology, which relates to computer applications that enable a company to generate, store, program, and retrieve data as and when needed (Rampur, 2011). An example is an employee using an accounting information system to analyze inventory with a couple of clicks of the computer. Accounting technology definitely has made the accounting field more competitive. This is because with the use of such technology individuals outside of the profession can perform many

1a.identify the mission, values, and objectives of organization and the influences of stakeholders for its organization

Effectiveness of any network is determined by its management. Effective management invests into relations with other members of the network to ensure it benefits from inter-firm networking than loses (Lichtenthaler 2005; Teece 1998 in Huggins, 2010).

skills in preparing people to be part of a exible and adaptable workforce. They further emphasize the part they have to play in the employability of individuals throughout their working lives. It is evident that the nature of accounting has changed considerably, largely because the organizational, economic and technological context in which this type of work is conducted has changed, in many cases, beyond recognition (Cooper, 1998; Adamson et al., 1998). This is set to continue, and will manifest itself in many ways, perhaps most obviously through intensi cation of work practices. This has already radically changed the skills that accountants need in order to be effective in the

Business world has seen exceptional rise in competition different strategies and steps are taken to respond and sustain in the market. The major focus of the organizations has been on increasing the production and quality of the products and services that they provide. This shift in priorities brought in the concept of re-engineering and this led to the downsizing that was and is seen as major cost reducing technique in the organizations (Kerby & Romine, 2013). It is believed that management accountants are seen as the non-productive departments and the personnel who are may not be able to change their focus from their traditional activities to more future-oriented activities that require the significant element of decision making. Adaptability has become a necessary part of survival not only for the management accountants but also for every professional.

Compare the current organization structure of the organization with the most favourable structure outlined in (a) and identify any changes to improve its effectiveness for achieving the organizations new objectives.

Managerial accounting is helpful to the managers in of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of organization’s goals. It contrast with financial accounting in that later is aimed to provide information to external user of accounting information while managerial accounting it’s aimed at helping the mangers to make decision in the organization.