Homework chapter 1 Essay

 2. For your second relationship, identify the independent and dependent variables and describe the attributes of each.

Managerial accounting focuses on the needs of internal users (managers) and on data relevant for decision making.

Managerial accounting provides essential data about the functions within the business. The reports that are provided by the managerial accountants focus on the performance of the business and the business environment. Managerial accounting is manager oriented and managerial accounting focus on the accounting duties of a manager. Managerial accounting is used on a day to day operation providing an analysis of cost and the cost benefits. Managerial accounting function as a source for the business developments and the capital budgeting. The primary concern with managerial accounting is to provide positive outcomes in the business production and the profit.

Based off of the information provided, Company X is in clear violation of the ADEA. Employee B is over 40 and therefore in a protected job class. Unless they have reason to justify their decision, employee B

Dynamic companies use their internal budgets to make course adjustments throughout the year. For instance, if a product or service is not doing well in the first half of the year in comparison to the forecast or budget, the management team can use that information to make necessary changes or to scale back operations until market trends or the economy changes. Managerial accounts are the value creator for the organization (Collier, 2003). Their forward-looking capacity will help the organization to plan and make decisions for future profitability. The management accountants have a dual role to perform in an organization. The management accountant works as a strategic partner to provide strategic based financial and operational information (Collier, 2003). They are also responsible for business team management in organizations. The management accountant plays a prominent role in preparing financial reports, risk, and regulatory reporting, aggregating financial information, forecasting and planning important organizational information. Managerial accountants often perform cost analysis of products and divisions, which include variable and fixed costs. The production decisions made by managers are a direct result of information received from managerial accountants.

1) You can call the module several times instead of writing it out each time.

 Managerial accounting is defined as the activities carried out in a firm to provide its managers and other employees with financial and related information to help them make strategic, organizational, and operational decisions.

Sophia Durban maintains a household in which she, her son (Ryan), and her widowed mother-in-law (Isabella) live. Since 2012, she also has provided more than half of their support. Sophia’s husband, Karl, left for parts unknown in April 2012 and excepts for one postcard, has not been heard form since. In the postcard (no return address included) that Sophia received in March 2013. Karl announced that he planned to claim both Ryan and Isabella as dependents on his own tax return.

A budget is a plan which predicts how much a company makes in revenues and how much it is going to pay in expenses and so predicts a profit or loss. A budget is can be prepared whenever a company wants two and for however long a period of time it wants to prepare it for. Companies and people would budget in order to avoid overspending and even if this does happen as it will predict how much money will be needed then the person/ business can arrange for it by getting an overdraft facility or

In conclusion, every major company in the world uses budgeting and there is a good reason for that. It is an important component of financial success. Budgeting makes easier to achieve financial goals. It keeps track of all expenses and help to avoid crisis. It also helps companies to control their growth and provide them with realistic idea where business is going.

There was a note lying at the foot of her bed, she picked it up. "Sorry I was late." Xion read, she placed the note on top of her bookshelf and left her room. 'There's always next time, don't worry.'

Budgeting is crucial in the well-being of a company especially the financial health status of a company. In fact, no professionally managed firm would fail to budget, since the budget establishes what is authorized, how to plan for purchasing contracts and hiring, and indicates how much financing is needed to support planned activity. It is routine for a company to budget for its expenses. Expense budgets act as a guideline of how much revenue a company would require keeping the activities running. It is used to set the company’s targets for a certain period.

Budgeting is the main goal for profit planning. All businesses should prepare budgets; all large business does (Mowen and Heitger, 370). Budgets are financial plans for the future and are the key component of planning (Mowen and Heitger, 370). Planning and control correspond to each other in an important and dynamic way. Planning is looking ahead to see what actions must occur to realize specific goals. In addition to planning, control is looking backward to determine what happened and compare it with previous planned outcomes. Before a company set a budget, they must create a strategic plan. A strategic plan identifies a future business activity that usually covers in at least five years. There are advantages of budgeting which, are provides information that is used to improve decision making, provides standard performing evaluation, improves communication and organization.

The primary difference between financial and managerial accounting is that financial accounting is used for external members of the company; they do not control or run the businesses’ operations. An example of external members would be customers and shareholders of the business. On the other hand, managerial accounting is used for internal members in the company such as managers and officers. The internal members use managerial accounting to increase efficiency and effectiveness within their company. According to accounting4management.com, financial accounting and managerial accounting have several differences, but they both depend on the same data.

According to the Chartered Institute of Management Accountants (CIMA), Management Accounting is "the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non management groups such as shareholders, cr->ors, regulatory agencies and tax authorities" (CIMA Official Terminology)