Premium Essay

Contemporary Approach to Management

In:

Submitted By canderson1444
Words 1183
Pages 5
1. A list of assets, liabilities, and owners' equity as of a specific date is a (n) (Points: 4)

Balance sheet

2. Which principle determines the amount initially entered into the records for purchases (Points: 4) Cost principle 3. The "rules" of accounting are called (Points: 4)

Generally Accepted Accounting Principals 4. The portion of a corporation's net income retained in the business is called (Points: 4)

Retained Earnings 5. Brennan, Inc. had revenues of $234,000, expenses of $175,000, and dividends of $40,000 during 2009. Which of the following statements is correct? (Points: 4)

Net income for 2009 totaled $59,000 6. Which statement is normally prepared first? (Points: 4) Income statement

7. The resources a business owns are called (Points: 4) assets 8. Which of the following is not a characteristic of a corporation (Points: 4)

Corporations make up 20% of all businesses.

9. An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a (Points: 4)

Governmental Unit

10. Which of the following is NOT an element of the financial accounting system? (Points: 4) A set of rules for the stock exchange Controls to determine whether errors occur during recording

11. The basic financial statements do NOT include the (Points: 4)

tax return.

12. In October, cash is received in advance of rendering services. Assuming that half of the services have been performed by December 31, the year-end adjustment would (Points: 4) Decrease Unearned Service Revenue and increase Service Revenue.

13. Fees receivable would appear on the balance sheet as a(n) (Points: 4) asset

14. A&M Co. purchased land for $50,000 with $10,000 paid

Similar Documents

Premium Essay

Describe and Evaluate the Key Elements of Frederick Taylor's Approach to 'Scientific Management' and Comment on Its Applicability in Contemporary Organisations

...elements of Frederick Taylor's approach to 'scientific management' and comment on its applicability in contemporary organizations (You might select a particular industry or occupational area for this analysis). Scientific management is involved with rationalization and labor-control methods whereby production systems will involve both people and machines in order to improve efficiency. In most countries, the natural resources are seen to vanish with no action being taken against people responsible for depleting these resources. Most people argue that they lack professionals who can handle such instances well. Why should a whole nation wait for someone to emerge from nowhere and take control of their resources while they can manage it themselves? Past ideologies that people could become managers and leaders by nature and not through nurture should be dealt away with since every individual has the capacity of leading or managing others, the only requirement is trust, courage and faith in oneself. In comparison to a nation that is structured by scientific management, who conserves its resources and achieves good national efficiency in terms of labor and production, to one that does not, the latter suffers great loss through many inefficiencies occurring day in day out. Every individual has the responsibility to ensure that the nation’s resources are well managed by taking part in various management practices. According to Taylor, scientific management principles are applicable in...

Words: 1792 - Pages: 8

Premium Essay

Contemporary Approaches to Management

...Contemporary Approaches to Management & Environments The Four Contemporary Approaches to Management 1. Socio-technical Systems 2. Quantitative Management 3. Organizational Behavior 4. Systems Theory How the Approaches are Different from One Another Socio-technical systems theory is a contemporary approach to management that says that a proper combination of workers (the social system) and their knowledge, training and tools (the technical system) leads to organizational effectiveness in satisfying customers. Emphasis: Social + Technical Quantitative management is another contemporary approach to management that prioritizes mathematical or statistical analysis as basis for decisions. Emphasis: Quantitative analysis The organizational behavior contemporary approach mainly considers the behaviors and interactions of workers. Emphasis: Individual and group behaviors Systems theory shows that the organization’s performance depends on how effective it is in providing goods or services using inputs from the external environment. Emphasis: Changing inputs into outputs Definition: Open System In the systems theory contemporary approach to management, an open system is a set of components and processes, i.e. the organization, subject to the influence of the external environment. The organization is an open system because its components and processes change due to external factors. Internal, Competitive, and Macro-environments of an Organization The internal environment...

Words: 414 - Pages: 2

Premium Essay

Management Approaches

...Contemporary Theories of Management Contingency Theory Basically, contingency theory asserts that when managers make a decision, they must take into account all aspects of the current situation and act on those aspects that are key to the situation at hand. Basically, it’s the approach that “it depends.” For example, the continuing effort to identify the best leadership or management style might now conclude that the best style depends on the situation. If one is leading troops in the Persian Gulf, an autocratic style is probably best (of course, many might argue here, too). If one is leading a hospital or university, a more participative and facilitative leadership style is probably best. Systems Theory Systems theory has had a significant effect on management science and understanding organizations. First, let’s look at “what is a system?” A system is a collection of part unified to accomplish an overall goal. If one part of the system is removed, the nature of the system is changed as well. For example, a pile of sand is not a system. If one removes a sand particle, you’ve still got a pile of sand. However, a functioning car is a system. Remove the carburetor and you’ve no longer got a working car. A system can be looked at as having inputs, processes, outputs and outcomes. Systems share feedback among each of these four aspects of the systems. Let’s look at an organization. Inputs would include resources such as raw materials, money, technologies and people. These inputs...

Words: 1415 - Pages: 6

Premium Essay

Open System

...Explain how the four contemporary approaches to management are different from one another. • The contemporary approaches to management include: sociotechnical system theory, quantitative management, organizational behavior, and system theory. The sociotechnical system theory is an approach to understanding the relationship between technology, individuals, organizations and society in work place design. "The sociotechnical systems approach says that a change in one part means there will have to be corresponding changes in other parts. “The sociotechnical systems approach says that a change in one part, means there will have to be a corresponding change in other parts. “The quantitative management approach involves the use of mathematical modeling to find the best solutions to problems. One important component of the quantitative management approach is an ability to objectively collect information about a problem and possible solutions to develop appropriate, and useful, mathematical models. Organizational behavior theory usually represents concepts that help a company create better management practices. Concepts such as leadership, decision making, team building, motivation, and job satisfaction are all facets of organizational behavior and responsibilities of management. Systems theory is a broad perspective that allows managers to examine patterns and events in the workplace. This helps managers to coordinate programs to work as a collective whole for the overall goal or mission...

Words: 565 - Pages: 3

Premium Essay

Contemporary Approaches to Management & Environments

...Contemporary Approaches to Management & Environments Organizational management can have many approaches. Keeping employees, suppliers and consumers happy can be a complex process. It has been determined that contemporary approaches to management directly relate to an open system and the environments of an organization. Not all contemporary approaches to management relate to every organizational environment directly, but can have an overall impact. Sociotechnical systems theory is a contemporary approach to management that says that the right combination of workers along with their knowledge, training and tools leads to organizational effectiveness in satisfying customers. Quantitative management is another contemporary approach that prioritizes mathematical or statistical analysis as basis for decision making. This approach helps a manager make a decision by developing formal mathematical models including linear programming, queuing theory, simulation, forecasting, inventory modeling, network modeling, and breakeven analysis to resolve a problem (Bateman & Snell, 2013). The organizational behavior contemporary approach studies and identifies management activities that promote employee effectiveness by examining the dynamic nature of individual and group behaviors and interactions along with organizational processes. Systems theory shows that the organization’s performance depends on how effective it is providing goods or services using inputs from the external environment. Systems...

Words: 695 - Pages: 3

Premium Essay

Acc Handout Solution

...Fundamentals of Management Final Project Max Livingstone, Joi Wright, Zenea Johnson, Malcolm Smith, Samuel Death Dr. Fening November 3, 2015 Barcelona Restaurant Group is a collection of seven wine and tapas bars in Connecticut and Atlanta, Georgia that serve an authentic Spanish cuisine. Andy Pforzheimer founded Barcelona Restaurant. Pforzheimer was captivated in the smells and tastes of the cities restaurants when he took a road trip to New Orleans at the age of nineteen. Decades later, he is now a renowned chef and co-owner of the Barcelona Restaurant Group along wit the CEO Scott Lawton. Barcelona prides itself as being an “antichain” restaurant because every dish has the color, flavor, and touch of the neighborhood in which it is located. The dishes are custom made by the chef, and wine is imported from various countries around the world such as Spain and Portugal. What makes this restaurant particularly unique is the style of management that both Lawton and Pforzheimer use when there is running their business. Andy’s approach is both consistent and inconsistent to the modern development and way of thinking in today’s world of management. According to Robbins’, Decenzo’s, and Coulter’s textbook “Fundamentals of Management” book, there are four primary definitions of management. There are multiple definitions because every organization is different in terms of ownership. However, for the purposes of this report we will use the most general definition, which defines...

Words: 1515 - Pages: 7

Premium Essay

Four Contemporary Approaches to Management

...The four contemporary approaches to management are: systems theory, organizational behavior, quantitative management and sociotechnical systems. Each contemporary approach is influenced by an environment factor. These impacts are macro-environment, competitive environment and internal environment. The macro-environment of an organization involves variables such as political, social, legal and technological. Competitive environment of an organization involves the organization and professional players whom compete in the market place. Internal environment of an organization are components and processes within, such as employees, managers and resources. Each environment is relevant to the contemporary approaches however the approaches are unique in their own way. To elaborate more, the systems theory demonstrates that the organization’s execution relies on how efficient it is administering goods and services utilizing inputs from the external environment, in a matter that changes inputs to outputs. An open system is associations that would influenced by, and that affect, their surroundings, continually interacting with its environment (Bateman & Snell, 2012, p. 42). Internal, competitive and macro-environment are relevant to the systems theory because this approach to management deals with circumstances inside and outside of the organization. Quantitative management organizes scientific or measurable data as premise for choices...

Words: 568 - Pages: 3

Premium Essay

Contemporary Approaches to Management

...Contemporary Approaches to Management and their Environments The different approaches to management have been changed, fine tuned and discarded over the years. In the coming paragraphs we will take a look at the contemporary approaches. We will examine how they compare to each other as well as if they can be utilized in the three types of environments; internal, competitive and macro environment. The first approach to management would be the sociotechnical systems theory. Researchers believed that for an organization to be successful it would need the social system and the technical system to work together in harmony. The social system consists of the employees, their knowledge, skills, attitude and their understanding of their job. Whereas the technical system consists of the items the employee need to complete the job like tools, devices or even techniques. Both systems would work together to create an outcome that would be beneficial to the organization. The second approach is the quantitative management approach. This approach uses mathematical or numeric techniques to calculate an organization’s issues so the manager can make an informed decision. Some techniques used are the linear equations, forecasting, simulation and breakeven analysis. This method is not used as much due to the fact an organization would need to find people that are very knowledgeable about quantitative mathematics. The third approach is the organizational behavior approach in which...

Words: 611 - Pages: 3

Premium Essay

Four Contemporary

...The Four Contemporary Approaches to Management Contemporary Approach can also be known as modern approach, new ways of thinking or modern ways to look at things. There are four contemporary approaches to management which consist of social technical systems theory, quantitative management, organizational behavior, and system theory. Sociotechnical System Theory is an approach to organize a working method that can recognize the interaction between technology and humans in a work environment. It is use to promote teamwork and to create efficient production systems. Quantitative Management is an approach that entails the use of mathematical models to discover the best results for problems. Quantitative Management can be use for many challenges in a work environment like, making decisions resolve employee differences. It can be used to collect information about a problem and potential solutions to develop suitable and functional mathematical models. Organizational Behavior is a human relations approach to learn how people, individuals, and group act in organization. Organizational behavior incorporates an assortment of disciplines, including psychology and sociology, to explain the behavior of employees on the job. Systems Theory is a scientific approach that states an organization is a managed system that changes inputs and outputs. System Theory builds a relationship between the organization and the outside environment; by dependent on input from that external environment a...

Words: 270 - Pages: 2

Premium Essay

Contemporary Approaches and the Environments of a Business

...Contemporary Approaches and the Environments of a Business Andre Scarlett The contemporary approach is the most modern approach to management; it has improved on and even integrated the key concepts created by the classical approach to management. The Contemporary approach has four main theories; Sociotechnical systems, Quantitative management, Organizational behavior, and Systems theory. The Sociotechnical Systems theory is an approach to job design that attempts to redesign tasks to optimize operation of a new technology while preserving employees interpersonal relationships and other human aspects of the work, this approach mainly focuses on the management of quality and the control of processes to ensure the quality of goods or services, which just means doing everything right the first time around. Quantitative management is an approach that emphasizes the application of quantitative analysis to managerial decisions and problems, basically the company tries to guess the outcome of a decision using mathematical models, however many managers do not rely on this approach to make a decision they normally use there own judgment to make a decision, that being said they would still use this approach to compare or remove different options. The Organizational Behavior approach studies and identifies management activities that promote employee effectiveness by examining the complex and dynamic nature of individual, group, and organizational processes, this approach draws from...

Words: 621 - Pages: 3

Premium Essay

British Journal Od Business

...Journal of Management, Vol. 16, 175–194 (2005) DOI: 10.1111/j.1467-8551.2005.00453.x Revisiting Fayol: Anticipating Contemporary Management Lee D. Parker* and Philip A. Ritson *Corresponding author: Lee D. Parker, School of Commerce, Security House, North Terrace, The University of Adelaide, SA 5005 Australia Email: lee.parker@adelaide.edu.au This study argues that in classifying Fayol as a founding father of the Classical Management School, we have to some extent misrepresented this still important management theorist. The received Fayol portrayed in contemporary texts invariably emerges as a caricature of a much more insightful, complex, visionary and rounded management thinker. This study re-examines Fayol’s personal and career history, as well as the arguments presented in his original work, General and Industrial Management. It finds that he was a much more complex and multidimensional figure than his conventional stereotype today, and that his management theories embraced a wider spectrum of approaches and concepts than traditionally identified with the classical management school of thought. In marked contrast to his traditional portrayal, this study uncovers traces of ideas and concepts that anticipated aspects of the human relations movement, systems-based contingency theory, the movement towards greater employee involvement in decision-making and elements of knowledge management. Henri Fayol, the French industrialist and management thinker of...

Words: 13494 - Pages: 54

Premium Essay

Sandwich Blitz Unit 2

...Introduction to Management Prof Pouraryan 7 April 2015 Contemporary Management Approaches and Business Environments The human race has always striven to figure out the best way to manage certain aspects of life; whether it be in the home, in recreation or in work. The last few decades people have been systematically researching on how to best improve management in the workplace. They want to make businesses run faster, produce more, and produce better quality products. Business owners and managers have finally developed four contemporary approaches to management; the sociotechnical systems theory, quantitative management, organizational behavior, and the systems theory, and they all differ. These four approaches to management are also relevant in the three environments that a business contains which are the macroenvironment, the competitive environment and the internal environment. As mentioned previously there are four contemporary approaches to management. The first being sociotechnical systems theory which is a combination of several classical approaches. This theory suggests that organizations are effective when their employees (the social system) have the right tools, training and knowledge (the technical system) to make products and services that are valued by their customer (Bateman 35). The second approach is quantitative management. This approach was developed after Word War II and emphasizes the application of quantitative analysis to management decisions and...

Words: 1465 - Pages: 6

Premium Essay

Contemporary Approaches to Management

...Unit 2 AB140 Assignment Danielle Irvine Kaplan University The evolution of management has greatly evolved since the classical approaches beginning early as 4000 BC. During this time managers didn’t draw a strong enough correlation between production and its employees. Although classical approaches had a strong influence on contemporary, it was not until these approaches that organizational managers began to focus less on the organizations capital and more on ever changing environments and the welfare of the organizations counter parts. Through contemporary approaches theorist began to realize successful managerial decisions would need to affect employees on a psychological equal to satisfy an organizations goals. By 1950 the contemporary approaches became the foundation of management from all aspects including recognizing an organization as an open system with external influential factors. Contemporary approaches to management are; Sociotechnical Systems, Quantitative Management, Organizational Behavior and Systems Theory. Within systems theory it has be established that an organization changes inputs into output through a process that will be determined and effected by internal, competitive and macroenvironments. Each approach focuses on a specific aspect of management that would affect the external environments of an organization. In the sociotechnical system the main focus of obtaining effectiveness is by strengthening the relationship between the social system and the...

Words: 741 - Pages: 3

Premium Essay

Teacher

...pattern: millionaire cities, mega cities and world cities. Economic development and change related to urbanisation. Contemporary urbanisation processes Urbanisation: characteristics, causes and effects. Suburbanisation: characteristics, causes and effects. Counter-urbanisation: characteristics, causes and effects. Re-urbanisation: characteristics, causes and effects. Planning and management issues. Contrasting case studies within countries at different levels of economic development to demonstrate the above. Urban decline and regeneration within urban areas Characteristics and causes of urban decline. Urban regeneration: gentrification, property-led regeneration schemes, partnership schemes between local and national governments and the private sector. Retailing and other services The decentralisation of retailing and other services – causes and impacts. One case study of an out-of-town centre retailing area. The redevelopment of urban centres – impacts and responses, including one case study of an urban centre that has undergone redevelopment. Contemporary sustainability issues in urban areas Waste management: recycling and its alternatives. Transport and its management: the development of integrated, efficient and sustainable systems. |Topic: World Cities - Economic development and change related to |Unit 3 –World Cities– Contemporary geographical issues | |urbanisation ...

Words: 1295 - Pages: 6

Free Essay

Introduction to Management

...Describe and evaluate the key elements of Frederick Taylor's approach to 'scientific management' and comment on its applicability in contemporary organisations. (You might select a particular industry or occupational area for this analysis). Scientific management is represented as the priority of task efficiency over the minimal socio-interaction between labourers through the segregation via skill elements (Littler, 1978). Frederick Taylor (1856-1915) describes the role of a worker to instinctively follow orders and execute them with minuscule aspects, without excessive wastage of resources (Bratton, et al., 2010). The contemporary organizations in our society are that which has abolished the traditional configuration and orientates information throughout the entire organisation, thus minimizing reaction time to various stimuli (L, 2012). As technology improves, ease of communication and transport has significantly reduced lag time between processes and so creates the importance of the service industry. The key elements of Taylor’s approach still applies in such organisations despite the many changes in the workplace, however, these have been modified and consequently evolved to suit the different needs and environments these organisations face. The core context of Taylor’s view on scientific management is the segregation of job responsibilities. Given the many processes it takes for a complete product to be transferred from being raw materials to the hands of the consumer...

Words: 1932 - Pages: 8