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Weeks 5-9 DQ

Weeks 5-9 DQ

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Published by teaseandbrown
DQ Weeks 5-9
DQ Weeks 5-9

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Published by: teaseandbrown on Jul 22, 2013
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Week 5 Discussion Question 1
 How would you describe the difference between financial and managerialaccounting? What are the distinguishing features of managerial accounting?Financial accounting and managerial accounting both provide good and trueinformation however the difference is the parties it is intended for. It must bereliable, relevant, consistent, and have comparability. Financial accounting ismore appropriately used for external users such as lenders and investors.Managerial accounting is more appropriately used for internal users such as themanagers and officers of the company.Financial accounting contains information that is more targeted towardsconvincing lenders and investors to extend credit thereby highlighting differentparts of the reports such as using comparability, collateral, and liquidity.Managerial accounting contains the same information but it is more targeted onthe efficiency of the company's leaders and what it should do to improve thebottom line. The information will be broken down into parts by its internal usersand figure out how to control and direct the aspects of the company.
Week 5 Discussion Question 2 
1) First
, select a management function (planning, directing and motivating, or controlling) and explain how that function relates to business as a whole.
2) Next
, select a different function listed by a classmate. Discuss with your classmate how the functions you each selected complement each other.Planning is a major management function that is critical for a business to becomesuccessful. By planning ahead, the business will be able to conquer obstaclesthat can sabotage the company. For example, if a property management createsa plan in case of high vacancy such as having extra cash reserves, it will be ableto overcome the loss of income as oppose to a company who did not plan.Planning most importantly gives more certainty to the direction of the company. Acompany who plans to expand will more likely to do so and exceed past otherswho did not develop a long term plan.
Week 7 Discussion Question 1
Post your response to the following:
You know how important it is to create budgets for your household. How doesbudgeting help management make good business decisions?
Budgeting is important task for a business to be successful.Management must be responsible to do this. Being able to plan andcoordinate resources and expenditures is key so businessmanagement will create a surplus of money instead of a deficit.Creating a surplus will help business management allocate capitalbetter. For example, if the company budgets wisely, the company canuse extra resources to invest back into the company such as hiringmore labor to expand growth. Budgeting is a fundamental processwhere management spends the company wisely to improve overallgrowth.
Week 7 Discussion Question 2 
Post your response to the following:
What are some of the different types of budgets? Describe in detail onetype of budget covered in the text. Describe what the budget is usedfor and what information it provides a business. Then, as you respondto your classmates, discuss how the budget you described relates tothe budget they described. Discuss how a business benefits from eachof the budgets.
There are many different type of budgets. They include: Direct Materials Budget, Sales Budget,Direct Labor Budget, Production Budget, Manufacturing Overhead Budget, and Selling andAdministration Expense Budget.One type of budget is the sales budget. It is the first budget that is prepared. It is the mostimportant budget because every budget after depends on it. Accuracy and a detailed sales budget will depict a company's well being. For example, if sales budget forecasts too high, it will lead toloss of income because of high inventory. The sales budget is important to figure out themaximization of profits. By multiplying the unit selling price and the number of units sold, will getyou the total sales in dollars. When calculating current sales, the company can estimate futuresales.
Week 9 Discussion Questions
your response to the following: Think back over what you have studied andlearned in this course. Do you have a new perception of or appreciation for thefield of accounting and how it contributes to business? Explain.

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