Phase 1 Individual Project

Phase 1 Individual Project

CTU Online

Instructor Jason Cade

ACC350-1203B-09

Vicky Robinson

August 27, 2012

What is the purpose of managerial accounting?

The main purpose of managerial accounting is to provide information to managers or those who are inside the organization, who directs and controls the operations of a company. Managerial. Accounting is the opposite of financial accounting, which aim is to provide information to those outside of the company such as stockholders, creditor, and others.

How do managerial accounts support strategic decisions?

Managerial accountants support strategy by providing information about the source of competitive advantage and by providing managers a tool to help them identify and build a successful business, Managerial accountants support the company’s strategic decisions on planning, controlling, problem solving, scorekeeping, and directing.

Describe ways in which managers implement strategy.

Strategies are statements of what the company intentions are regarding their goals and objectives. These goals and objectives must be followed by every department within the company; therefore, communication is the one way that managers can implement strategy. Another way is resource planning, this is where all the managers in a company work together to determine the resources that are needed to reach their goals and objectives. Another strategy is coordination- in implementing this strategy, teamwork is very important because as the departments are planning their workflow and resources; they must communicate with other departments to make implementation more effective, another strategy is responsibility and accountability, all strategic actions require a manager who is responsible for completing tasks in a timely manner. This is extremely important because must know there job responsibilities, which will help the implementation of strategy run smoothly interruption, and lastly, measuring results, managers must measures the...