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updated ch.4 notes

by: Katherine Ann Turnbull

updated ch.4 notes ACCT201A

Marketplace > Ball State University > Business > ACCT201A > updated ch 4 notes
Katherine Ann Turnbull
GPA 3.3
Principles of Accounting I

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I updated the ch. 4 notes with examples and information on how to record items on the accounting sheets. This set of notes has more information and will be helpful with homework which will deal wit...
Principles of Accounting I
Class Notes
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This 4 page Class Notes was uploaded by Katherine Ann Turnbull on Monday September 28, 2015. The Class Notes belongs to ACCT201A at Ball State University taught by in Summer 2015. Since its upload, it has received 17 views. For similar materials see Principles of Accounting I in Business at Ball State University.


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Date Created: 09/28/15
Exam 2 study guide Ch6 Management the process of organizing planning and controlling company resources to meet objectives by using resources EFFECTIVELYamp EFFICIENTLY Managers make decisions about the use of the organizations resources and handle the planning organizing staffing directing and controlling organization s activities to reach the firms objectives Mission or mission statement is declaration of an organizations fundamental purpose and basic philosophy Should answer five basic questions 0 Who are we 0 Who are our customers 0 What is our operating philosophy 0 What are our core competencies and competitive advantage 0 What are our responsibilities Goals the result the firm wishes to achieve Objectives the ends or results desired by an organizations derive from their mission statement The difference between goals and objectives is that objectives are generally stated in measurable ways 0 Example objective is to sell 50000 more units Management functions planning organizing staffing directing and controlling 0 Planning the process of determining the organizations objectives and deciding how to accomplish them Determining the best course of action what should be done by whom where when and how Planning also includes crisis management or contingency planning which deals with potential disasters 0 Plans three general types of plans strategic tactical and operational 39 Strategic plans establish the long range objectives and overall strategy or course of action developed by the firm s highest managers I Tactical plans are short range and designed to implement carry out the activities and objectives specified in the strategic plan Usually cover a period of one year or less 39 Operational plans are very short term and specify what actions specific individuals work groups or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plan Organizing the structuring of resources and activities to accomplish objectives in an efficient and effective manner establishes lines of authority and improves communications Staf ng hiring people to carry out the work of the organization Directing motivating and leading employees to achieve organizational objectives Involves telling employees what to do when to do it and encouraging them Controlling the process of evaluating and correcting activities to keep the organization on course Involves 5 activities 0 Measuring performance 0 Comparing present performance with standardsobjectives 0 Identifying deviations from the standards 0 Investigating the causes of deviations 0 Taking corrective action when necessary Levels of Management Top management middle management and first line or supervisory management These levels form a pyramid figure 62 on page 107 Top management include the president and other top executives such as the chief executive officer CEO and chief financial officer CFO and chief operations officer COO who have overall responsibility for the organization Middle management are responsible for tactical planning that will implement the general guidelines established by top management First line management those who supervise employees and daily operations of the organization They are responsible for implementing the plans established by middle management and directing employee s daily performance on the job Areas of management finance production and operations human resources marketing and administration Financial managers focus on obtaining the financial resources needed for the successful operation of the organization Production and operations management develop and administer the activities involved in transforming resources into goods services and ideas ready for the marketplace Human resources management handle the staffing function and deal with employees in a formalized manner They determine an organization s human resource needs recruit hire develop and administer employee benefits training and performance appraisal programs Marketing management responsible for planning pricing and promoting products and making them available to customer through distribution Information technologyIT management these managers are responsible for implementing maintaining and controlling technology applications in business Administrative management they manage an entire business or a major segment of business Often called general managers Skills needed by managers leadership technical expertise conceptual skills analytical skills and human relations skills Leadership the ability to in uence employees to work toward organizational goals Technical expertise the specialized knowledge and training required to perform jobs related to their area of management Conceptual skills the ability to think in abstract terms and see how parts fit together to form the whole Analytical skills refer to the ability to identify relevant issues and recognize their importance understand the relationships between them and perceive the underlying causes of a situation Human relations skills the ability to deal with people both inside and outside the organization Decision making systematic 6 step approach for making effective decisions 0 00000 Recognizing and de ning the decision situation negative or positive situation do we need to do anything If so what Is this an emergency opportunity etc Developing options to resolve the situation possible course of action Analyzing the options what is the most practical and appropriate choice Selecting the best option choosing the best option Implementing the decision putting the selected option or options into action Monitoring the consequences of the decision monitoring to determine whether the decision has accomplished the desired result Agenda contains both specific and vague items covering short terms goals and long term objectives Helps the manger figure out what must be done and how to get it done to meet the objectives set by the organization Networking building relationships and sharing information with colleagues who can help them achieve the items on their agendas


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