Accounting is very much connected with our personal lives in so far as it is in respect of every business. We all with intent or unknowingly generate accounting ideas in a way when we plan what we will do with money. We need to plan how much money will be spent whilst how much of it will be kept back. What is through this activity is a budget gets prepared. And we all are familiar with this concept - which is universally acceptable‚ that money must be spent cautiously. The same is true of a business
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Diversity is a point of difference. Change‚ variation‚ dissimilarity. For most organizations it involves creating an inclusive organization where the differences of all people are respected‚ valued and utilized towards achieving a common goal. Differences people bring to the work environment include race‚ gender‚ sexual orientation‚ religion‚ age‚ geographic background‚ education‚ economic background and thinking and communication styles. Company leaders are always on the lookout for innovative
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therefore involves: • A broad view of social‚ environmental and economic outcomes for an organization. • A long-term perspective‚ concerned with the interests and rights of future generations as well as of people today. • An inclusive approach to action‚ which recognises the need for all people‚ including the employees‚ to be involved in the decisions that affect their lives made by an organization. Sustainability is now rapidly emerging as an important part of corporate business strategy
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[pic] Management Accounting Submitted to: Dr. James Tong MBA 507: Management Accounting Submitted by: Rajvinder Brar Student Id-0910183 Definition – Historical cost In accounting‚ historical cost is the original financial or monetary value of any economic item. It is based on a stable measuring assumption of a unit. Sometimes
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Overall requirement * Explain how management accounting can supply information to assist the management of the organisation. * You are not required to investigate and report on the organisation’s actual management accounting system (even if you can find out). * You are to write a 1500 word report as though you were a management consultant writing to the board of directors. * WE DO NOT WANT ANY NUMBERS UNLESS YOU CREATE THEM TO DEMONSTRATE AN IDEA * This is like assessment 1a –
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The Importance of Learning Organization A learning organization works with ideas i.e. it comes up with new ideas on all levels‚ disseminates these new ideas across the organization and finally inculcates these new ideas into operations by embedding them in its policies processes and reviews. It has structured mechanisms and processes put in place to generate knowledge and it takes this new knowledge as a basis of responding to the change in its business environment. A learning organization as
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what not to do. As we already discussed in class like which industries you want to participate in; what kind of products and services you want to offer; how to allocate scarce resource and add value‚ all those kind of issues should be considered in planning stage and adjust its flexibility in order to realising that strategic intent. Question 2 What are the principal reasons for strategic management and thinking? Strategic management plays an important role as it helps in setting detailed goals
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core of what your organization is and what your organization cherishes. Values are beliefs that manifest in how an employee interacts in a workplace. Values represent an employee’s most significant commitments to what he or she finds most important in life. (Values are also known as core values and as governing values; they all refer to the same sentiment.) Value statements are developed from your values and define how people want to behave with each other in the organization. Your value statements
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Training is an important and internal part of organization process. Training is a process where employee improves his efficiency‚ capacity‚ and effectiveness at work by developing his knowledge and understanding the skills relevant to do his job. Thus‚ training is a sequence of learning a programmed behavior. Training is must in every organization to have experienced people to do their work efficiently. To be more competitive in market the organization needs training to build and sustain competencies
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decisions is one of the main functions of the management accountant and an important thrust of this book. The use of accounting information for decision making has been a consistent theme in earlier chapters. In this chapter‚ we focus on specific and common decisions such as accepting or rejecting a one-time-only special order‚ insourcing or outsourcing products or services‚ and replacing or keeping equipment. We place special stress on the importance of distinguishing between relevant and irrelevant
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