InClass+Work_Jan+26.docx

InClass+Work_Jan+26.docx - ADVANCED MANAGERIAL ACCOUNTING >...

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ADVANCED MANAGERIAL ACCOUNTING - > CLASS WORK – JANUARY 26 1. List the Five Steps in the Managerial Decision-Making process? Step 1 – Problem Identification Step 2 – Fact Finding Step 3 – Problem/ Solution Analysis gathering information based on facts on likely impacts of the various alternatives and options. This can either be financial, non- financial or a combination of both Step 4 – Deciding on the best solution Step 5 – Implementing the decision and feedback analysis 2. How are managers expected to go about making financial business decisions? Primary objective of the managers is to make financial decisions effectively. They prepare the financial statements based on the activities and forecasts. They evaluate such financial details to make sure all criteria are met. Managers review the financial reports of the company that also helps them to take risks and help the company expand. Based on all this information they make financial decisions .
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