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Accounting 152 Chapter 1 HW

Accounting 152 Chapter 1 HW - Taylor Foxworth Accounting...

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Taylor Foxworth Accounting 152 – HW Ch.1 Professor Bayak 1. The basic difference in orientation between financial and managerial accounting is that in financial accounting information is prepared for outsiders, but in managerial accounting, information is prepared for people on the inside. 2. Business strategy is basically like a game plan that allows a company to distinguish itself from its competitors. 3. The three broad categories of customer value propositions are customer intimacy, operational excellence, product leadership. Customer intimacy is the idea that a company should understand and respond to customers’ needs. Operational excellence is the idea that they will produce products and services faster and cheaper than others. Product leadership says that they offer higher quality to its customers. 4. The three major activities of a manager are planning, directing and motivating, and controlling. Planning is establishing a basic strategy, selecting a course of action, and specifying how it will be implemented. Directing and motivating involves mobilizing people to carry out plans and run routine
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Accounting 152 Chapter 1 HW - Taylor Foxworth Accounting...

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