...Financial and Managerial accounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock holders, creditors, regulating authority and others. (Garrison, Noreen, & Brewer, 2010) On the other hand Managerial accounting is concern with providing information that deals with the internal viability of the organization and is tailored to meet the needs of an individual organization. (Albrecht, Stice, Stice, & Skousen, 2002) Managerial Accounting addresses those aspects that relates to an individual organization return on investments (ROI). (Albrecht, Stice, Stice, & Skousen, 2002) A company’s profitability depends on periodic attention to its assets turnover and profit margin. This process is designed to support the de... ... middle of paper ... ...egulator or auditor is going to insist that a company implement a good management accounting system. (Garrison, Noreen, & Brewer, 2010) The choice of how to collect and utilize information in a company is strictly management’s decision and is a part of the company’s competitive strategy. Financial and Managerial accounting are used for making sound financial...
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...Research or Interview Paper Instructions You can choose 1 of the following two options for your Research or Interview Paper. Your paper will be 7 double-spaced pages for the main content (not including the cover page and reference page). Your choices include: 1. A research paper Steps for writing the research paper: a) Choose a topic in Managerial Economics. b) Submit the topic and the outline of the paper to the instructor anytime for approval. c) A minimum of 3 references besides the textbook are required. Liberty University library has excellent resources for your search for journals. http://www.liberty.edu/index.cfm?PID=178 OR 2. An interview paper Steps for writing the interview paper: a) Choose a topic in Managerial Economics. b) Design at least 5 questions according to the topic. c) Submit your questions to the instructor for approval. d) Contact a local or non-local company for an interview. e) Conduct the interview for answers to your questions. f) The paper must have 3 parts: • The description of the company; • Interview questions and answers; and • Your comments. *The research paper is to be done individually, not as a group. **Do not wait until the last module/week to work on the paper. Do it as early as possible. ***A paper that was written for other classes would not be accepted for...
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...Case Study: Chapter 8 Aaron Lambert Saint Leo MBA 540 Managerial Economics Analyzing Managerial Decisions: Leaving New York for the Farmlands of Illinois While the co-workers may be rightly supportive of the individual’s aspirations, they are likely not qualified to advise him on this matter. The individual claims to have $800,000.00 saved from bonuses at his current place of employment. Based on that information alone, it appears that he is considering walking away from what seems like a fairly secure and profitable situation at his current job and committing to a new and less certain endeavor. With reports implying that demand for corn will soar the farming proposition may seem like a good idea; however, our potential farmer needs to consider other factors. The costs associated with acquiring the land are known and estimated to be $800,000.00, but there are other costs involved that are considerable and quite fixed. He will need to purchase farming equipment and machinery, which will require much more cash upfront in addition to the land. These fixed costs definitely need to be factored into the decision but are omitted in the text. If he has a lot more of that bonus money remaining, he could purchase the machinery outright. If paying cash is not possible he will need to take up a loan, lease, or rent; either option resulting in additional expenses incurred each period. Based on an article published by the University of Illinois in 2014, corn farmers in Illinois...
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...MID-TERM EXAM - 1st Semester, 2012 |Date |Time |Course Title & Code |Room No. | |29 June, 2012 |11.00 am ~ 12.30 pm |501: Accounting System & Auditing |502 | |(Friday) | | | | |30 June, 2012 |7.00 pm ~ 8.30 pm |502: Managerial Economics |402 | |(Saturday) | | | | |06 July, 2012 |3.00 pm ~ 4.30 pm |503: Business Communication |502 | |(Friday) | | | | |07 July, 2012 |7.00 pm ~ 8.30 pm |504: Advanced Management |502 | |(Saturday) | | | | |13 July, 2012 |3.00 pm ~ 4.30 pm |503: Business Communication...
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...Abstract A brief overview of the roles and responsibilities of mangers and leadership traits needed and utilized in the healthcare industry. The outline will describe the four major roles of managers, the functions of responsibility, the need for specific roles of management in healthcare, and the outcome of understanding how these ideals will enable me as a student, to transition into an effective leader in the healthcare setting. Managerial Roles The roles of managers and workers are clearly defined, not only by job description work performed, but also in salary. Managers in health care have multiple roles and responsibilities and encompass different disciplines. Managers need to be aware of the fact that this is their job, to supervise and guide workers in their duties, as well as to observe report and supplement what the workers are being tasked. One of the biggest mistakes that mangers make, is that they try to be liked. This is where poor leadership begins. A manger must remember that they are there to manage, not be popular. A manger will gain the respect of the workers by being there, doing their job properly, and not trying win their respect by being liked. The most important role of a manager in the health care field is, to be an advocate for the patient. The manager must maintain the level of understanding in the discipline they are assigned and effectively delegate roles to workers for the benefit of the patient. Cooperation and communication between...
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...Managerial Economics & Economic Concepts run at least one input is fixed (all others being variable), and the usual factor of production that is fixed is capital (the firm's buildings, machines, and other fixed assets). Because capital is fixed in the short run, all the costs associated with capital are called fixed costs. In the short run the firm can, in essence, ignore those costs: they will be incurred irrespective of how many units are produced. The costs that change in the short run are "variable costs," which rise or fall depending on how much output the firm produces. The long run is distinguished by the fact that all factors of production become variable. There are no longer any fixed costs. Established firms may expand their productive capacity or leave the industry entirely, and new firms may enter the business. Market Structure: Market structure refers to all features of a market that affect the behavior and performance of firms and consumers in that market. The keys factors in defining a market structure are the short run and long run objectives of buyers and sellers in the market, their beliefs about the ability of themselves and others to set prices, the technologies they employ, the amount of information available to them about the product and about each other, the degree of coordination or non-cooperation they may exhibit, the extent of entry and exit barriers, and the degree of product differentiation. Decision Making: Strategic management...
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...Managerial Accounting Notes Comparison of Financial and Managerial Accounting Managerial accounting is concerned with providing information to managers—that is, the 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 the organization. Accounting Recording, Estimating, Organizing, Summarizing (Financial and Operational Data) Financial Accounting -Reports to those outside the organization: Owners, Creditors, Tax authorities Regulators -Emphasizes financial consequences of past activities -Emphasizes objectivity and verifiability -Emphasizes precision -Emphasizes summary data concerning the entire organization -Must follow GAAP -Mandatory for external reports Managerial Accounting - Reports to those inside the organization for Planning, Directing and motivating, Controlling, Performance evaluation -Emphasizes decisions affecting the future -Emphasizes relevance -Emphasizes timeliness -Emphasizes detailed segment reports about departments, products, and customers -Need not follow GAAP -Not mandatory Roles of MA -Advise management of financial implications of a project -Explain financial consequences of business decisions -Formulate business strategies -Monitor spending and financial controls -Conduct internal business audit -Explain the impact of business competitive landscape FA vs. MA: Similarities ...
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...Coach Mike Krzyzewski (Coach K.) and Coach Robert Knight (Coach Knight) were two of the most winning and successful coaches to ever coach basketball. These men are not just known for their record wins, but for their unique leadership. They each had a unique way of leading their teams. Coach Knight was Indiana University’s head basketball coach and became a legend there. Coach K. was the head coach at Duke University since 1980. A fact of interest, both of these two men knew each other in an earlier time. Coach Knight had been Mike Krzyzewski’s basketball coach when he played for the United States Military Academy at West Point. It was there they began to build a relationship of trust and respect that would follow and remain with them throughout both of their careers and beyond, as they were also friends. Each of these men have differing ways in which they lead their teams, but there are leadership styles which they shared when it came to coaching. When taking the model which Robert Katz developed we can see there are skills that did account for their success. Coach Knight held two of the leadership traits that were professed by Katz. Those were technical skills and conceptual skills. He had the ability to know exactly was needed and how to make changes based on each individual situation. According to Katz’s model, Coach Knight did not have human skills. He was known for his roughness (e.g; using high levels of profanity and throwing objects onto the court). He did not have human...
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...ASSIGNMENT #4 LONG-TERM INVESTMENT DECISIONS BY MARIO LEE Dr.John MANAGERIAL ECONOMICS DECEMBER 21, 2012 LONG-TERM INVESTMENT DECISIONS Like most industries that has a direct impact on the way society lives, does business or functions, the telecommunications industry must operate under the strict standards set forth by government regulation. All forms of telecommunication bring people and business together to make decisions that help shape the landscape of the world. Monitoring how information is transferred and communicated between parties is a necessity to prevent one supplier of telecommunications services from monopolizing the market. Such a monopoly would not allow consumers to exercise their rights of choice, inflate prices for services and to a certain degree limit technological development. Government involvement in a market economy is because sometimes market fails to satisfy the needs of the consumers. If this happens, the government needs to intervene in order to keep the economy up to acceptable standards. In recent years, due to the recession and volatile economic climate, a debate has raged between liberals and conservatives regarding the role of the government when it comes to the way businesses are structure and operated. If businesses or industries falter, those directly affected by such shortcomings wants the government to intervene. However, owners, shareholders, and officials of businesses wants to limit how much input the government...
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...QUESTION 1 (20 MARKS) a. Discuss the difference between a statistic and a parameter. (2 marks) Statistic: numerical value summarizing all data of a sample, therefore characteristic of the sample. (1m) Parameter: numerical value summarizing all data of a population, therefore characteristic of the population. (1m) b. State whether the following statement is true or false. (6 marks) i. Eye color would be an example of qualitative data. ___TRUE____ ii. Heights of professional basketball players would be an example of qualitative data. ___FALSE____. iii. A company employs 750 individuals. To ascertain how the employees feel regarding a pension plan, 75 of the employees are surveyed. The proportion of the 75 employees who favor the pension plan is a parameter. ___FALSE___. iv. The “thickness of a sheet of sheet metal” used in a manufacturing process is an example of a quantitative variable. __TRUE___. v. Attribute data and qualitative data are the same. __TRUE__. vi. A population is typically a very large collection of individuals or objects about which we desire information. __TRUE__. c. State whether the following statement is NOMINAL, ORDINAL, INTERVAL or RATIO . (5 marks) i. A researcher wants to determine farmers' preferences among 5 brands of pesticide. __ORDINAL__. ii. Number of clients seen by a real estate company in the last 12 months. __RATIO__...
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...Running head: Leadership Styles Leadership Styles Kellie Napper Grand Canyon University LDR 600 Leadership Styles and Development September 18, 2012 Leadership Styles Leaders have many different styles and approaches they take when evolving to becoming a great leader. It takes many years of practice to perfect a craft within certain individuals. Some crafts are more defined than others; never the less these skills are done to win over individuals in work environments and major league football teams. According to Katz (1955) there are three basic administrative needs that should be present for managers to be effective which are conceptual, human, and technical. Coach K’s approach contained both conceptual and human skills. Coach K was able to come up with an approach that was comfortable for both him and the team. He did not want to come with a lot of rules that no one would follow. Growing up Coach K spent a lot of time with his family. As he became an adult his wife and children were very important to him. This is the typed of approach he took with his team. Coach K lacked in my opinion in the technical area. He was not all about a lot of drills and long practices. Coach Knight’s approach contained conceptual and technical skills. Coach Knight had very little room for error. He drilled step by step plays into his players. He believed in practicing long hours and if you could not follow the rules you would be kicked out of practice. Coach Knight taught...
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...tEXECUTIVE SUMMARY The paper identifies different source and causes of different types of conflict in the work place. Analysis of the conflict was done with the aid of Blake and Mouton’s model of conflict management. The paper reflects on a real life observation using brightlands care home. Conflicts observed in the home were analysed and discussed. Manager positions in handling the conflict were also analysed using Blake and Mouton’s conflict management style model. Five conflict management style (competitor, collaborator, compromiser, accommodator and avoider) were used to analysed the conflict were based on the research of Blake and Mouton (1964). Using the conflict scenario, the paper critically discussed various approach towards conflict resolution within and between groups. 1.0 INTRODUCTION Conflict is a normal and natural aspect of life and the working environment hardly do without one form of conflict or the other. Conflict in the workplace is a well known daily phenomenon and it is on the increase. It is worth saying that a conflict free company never existed and will never exist. Tension, cultural differences, aggressions, antagonisms, negative attitude and frustration will usually exists especially wherever men are forced to live and work together. . Burton (1972) said in his book that Conflict, like sex is an essential creative element in human relationships. It is the means to change, the means by which our social values of welfare, security, justice and...
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...Melissa Pearl Managerial Leadership 11/20/2011 Leader of the Century Award Nomination This letter serves as my nomination of the Leader of the Century award for Sir Richard Branson. I feel that this award is presented to someone who demonstrates integrity and honesty, is an inspiration to others and possesses the ability to learn from himself and others, no matter the situation. These are all characteristics of an effective leader such as Richard Branson. Branson’s predominant leadership style is charismatic. This is based on referent power as this type of leader is admired by their followers; people want to be like him and are eager to emulate his success. Typically, charismatic leaders have a high level of need for power, and have the ability to motivate others to go above and beyond what is required. They are imaginative, and innovative, thinking that risking life is part of doing business. Being innovative has led to many successful businesses in many different sections. Charismatic leaders “act in unconventional ways, and use unconventional means to transcend the status quo and create change” (Daft, p.322). Richard Branson loves unconventional ways, advertising on blimps over stadiums with a football game in session, frequent hot-balloon rides, and the purchase of his own personal island. I have chosen this style of leadership because although he possesses a high level of authority being the CEO of a large company, Branson doesn’t use external power or authority to...
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...1. Main roles of manager is leadership, leading your team, figurehead, people look up to you as a person of authority, liaison, you need to be able to network effectively, monitor, you must be able to monitor your team in both productivity and their wellbeing, spokesperson, you must be able to represent your company, Negotiator, negotiator within your team or department, people development, developing structure, procedures and policies. Hazif’s main role is production manager he is a great team leader and makes sure rules and regulations are met, he monitors his team well with weekly meetings to discuss problems. He has good people development skills giving monthly reviews to his employees on performance helping empower his team. He has introduced job rotation to build employees skills & knowledge. He rewards his team and creates a positive work culture. 2. Meeting Deadlines: Hazif rewards his employees to ensure all orders are completed and delivered in time and targets are met letting us know how Hazif is performing and if he is getting all deliveries out in time. Accidents at work: As part of the quality culture all staff know the importance to health and safety, all accidents should be recorded thus letting us know if Hazif is making sure all employees are sticking to the health and safety guidelines and how he is performing as a manager. 3. The functional or group approach. In 1973 john Adair theorised and developed an action-centred leadership model to...
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...The Leadership Grid Perhaps the best-known model of managerial behavior is the Managerial Grid®, which first appeared in the early 1960s and has been refined and revised several times (Blake & McCanse, 1985). It is a model that has been used extensively in organizational training and development. The Managerial Grid, which has been renamed the Leadership Grid®, was designed to explain how leaders help organizations to reach their purposes through two factors: concern for production and concern for people (Northouse, 2007). Concern for production refers to how a leader is concerned with achieving organizational tasks. It involves a wide range of activities, including attention to policy decisions, new product development, process issues, workload, and sales volume, to name a few. Not limited to things, concern for production can refer to whatever the organization is seeking to accomplish (Blake & Mouton, 1964) (Northouse, 2007). Concern for people refers to how a leader attends to the people in the organization who are trying to achieve its goals. This concern includes building organizational commitment and trust, promoting the personal worth of employees, providing good working conditions, maintaining a fair salary structure, and promoting good social relations (Blake & Mouton,1964) (Northouse, 2007). The grid theory breaks behavior down into seven key elements such as initiative, inquiry, advocacy, decision making, conflict resolution, resilience, and critique. Initiative...
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