Chapter%201%20-%20ACCT%202332%20-%20spring%202010

Chapter%201%20-%20ACCT%202332%20-%20spring%202010 - ACCT...

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ACCT 2332 ACCT 2332 Managerial Accounting Managerial Accounting
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Chapter 1 Managerial accounting in the information age
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Planning and Control Cycle The previous flow-chart has three parts: 1. Planning 2. Control 3. Decision Making
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Planning Planning Planning Budgets for Planning Profit Budget Cash-Flow Budget Production Budget
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Control Control Control Performance Reports for Controls Management by Exception
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Decision Making Decision Making The profitability and survival of a company depends on how well managers make decisions.
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Planning and Control Cycle Example Planning and Control Cycle Example After years of working for others, Gina Matheson has decided to open her own florist shop. Over time, Gina has gained considerable experience in the nuances of selling flowers and flower arrangements in the retail market. She also has developed good contacts with flower wholesalers. She currently is contemplating the pricing of bouquets for Mother's Day. This is an important decision because, as per the Society of American Florists, sales on this day account for 15 to 20% of the annual sales of flowers in the United States. (The other critical sales day is Valentine's Day, which falls on February 14). Required: Identify at least one decision/action for each of the stages of the planning and control cycle: Planning, Control, and Decision Making .
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Planning and Budgets The Business Plan communicates goals to employees of the company, and coordinates the use of resources. Budgets
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Chapter%201%20-%20ACCT%202332%20-%20spring%202010 - ACCT...

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