Chapter 1 Homework

Chapter 1 Homework - Chapter 1 #1-19 1) Financial...

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Chapter 1 #1-19 1) Financial accounting is oriented towards investors in the company and the public. Managerial accounting is for internal use only. 2) A strategy is a plan to attract customers by setting the company apart from its competitors. 3) Customer intimacy focuses on understanding the customer and responding to their needs. Operational excellence focuses on delivering products faster, more efficiently, and at lower costs then competitors. Product leadership focuses on product quality being higher than competitors. 4) Managers plan, direct and motivate, and control. Planning is creating a business strategy and deciding how it will be implemented. Directing and motivating is making that business plan work by getting people to carry out the plans. Controlling is making sure the planning is actually carried out, 5) Formulating long and short term plans>> Implementing plans>> Measuring performance>> Comparing actual to planned performance 6) Managerial accounting has an emphasis on the future where as financial accounting
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Chapter 1 Homework - Chapter 1 #1-19 1) Financial...

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