Christopher Nguyen 11:00 Chapter 1 Q2. What are the three major activities of a manager? The three major activities of a manager include Planning, Directing and Motivating, and Controlling. Q5. What are the major differences between financial and managerial accounting? Managerial accounting includes: reporting to those inside the organization for planning, directing and motivating, controlling, and performance evaluation. It also includes planning for the future, relevance of data, timeliness, but it doesn’t require GAAP and is not mandatory to have. Financial accounting includes: reporting to those outside the organization such as owners, lenders, taxing authorities, and regulators. It also includes reporting on the past, is precise, and less speedy, but also must abide by GAAP and is mandatory. Q6. Identify the benefits that can result from reducing the setup time for a product. The benefits that can result from reducing the setup time for a product are increase in performance with the idea that time is money. Less time spent transitioning means an increase amount of
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