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Managerial Accounting > Midterm > Flashcards

Midterm Flashcards

1
Q

What are the 6 value chain functions

A 
R&D
Design
Production
Marketing
Distribution 
Customer service
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2
Q

What is the five steps of the decision making process

A
  1. Identify the problem and uncertainties
  2. Obtain informatio
  3. Make predictions about the future
  4. Decide on one the the available alternatives
  5. Implement the decision, evaluate performance, and learn
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3
Q

What is planning and control

A

Planning is a purposeful analysis of info to select and rank in importance the goals of an organization

Control is a when managers compare actual and targeted nonfinancial measures as well as financial measures and take corrective actions

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Managerial Accounting (2 decks)

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