Premium Essay

Phase 1 Discussion Board

In: Business and Management

Submitted By twinmom092111
Words 1032
Pages 5
To : Susan Thompson, Managerial Accountant Assistant

From: Danielle Wright Breckenridge,

Date: January 8, 2015

Subject: Similarities and differences between financial and managerial accounting

Hello Susan, I wanted to start by saying welcome aboard. We are glad to have you as a part of the team hear at EEC and I am sure with your experience and accounting background you are going to be a perfect fit. I do understand that you have spend most of your career working in a financial accounting office preparing journal entries, and you have a great understanding of financial accounting however you have no experience with managerial accounting. I am providing this memo in hopes of giving you with an explanation of the similarities and differences between financial and managerial account, give an example of managerial accounting reports, show how management might use information to make decisions and show an example of the horizontal analyzes, vertical analyzes and ratio reports.

People may think that financial and managerial accounting is the same thing. On the surface, the actual number crunching of financial data contains a lot of similarities and both accounting types use much of the same data.

While it is true there are some similarities, there are also some distinct differences. By taking a closer look at both types of record keeping, these differences become a bit more apparent as they each serve their own function and purpose.

|Managerial Accounting |Financial Accounting |
|Internal Users (such as managers) are the primary users of the |External Users (such as creditors, stockholders, and government |
|information. |regulators) are the primary users of the…...

Similar Documents

Premium Essay

Phase 3 Discussion Board

...Phase 3 Discussion Board EM208-1201A-08 Web Development I Colorado Technical University The software tool I chosen for this discussion is FrontPage2003. This website design tool not only allows you to design but also manage your files. You can add delete and rename as well as move files around. It allows you to fix problems with broken hyperlinks by running special reports. It will also allow you to publish a Web Site. Unlike other Website creation tools FrontPage stores all the files in hidden folders called metadata. This information allows FrontPage to function. They are hidden so they cannot be deleted or changed by accident. When Windows Explorer is set up to show hidden files you can see the metadata folders. There are two major types of folders one named _vti_cnf. This folder contains information about every file including the links to other files. The other file is _vti_pvt folder that contains all the configuration information for the web site its sub sites and the permissions information. One of the major advantages to using FrontPage is its ability to work in conjunction with other Microsoft products like EXCEL, POWERPOINT, and Word. FrontPage is great for web sites using a lot of text. It does a little bit of everything because it has embedded HTML editors. The major advantage of Microsoft FrontPage is found in the site management tools. You can do things like verify links and replace content easily, especially helpful when managing large websites. The......

Words: 532 - Pages: 3

Free Essay

Advanced Enterpreneurship Unit 1 Discussion Board

...their sex lives with the aid of a little blue pill (Parnham, 2004). If this is not considered innovation, then what is? When the primary clinical trials happened, Viagra didn’t have a lot of effect on patients with hypertension; however, it gave males an erection. When the second clinical trial took place, they chose to keep using Viagra to treat E.D. This medication was patented during 1996, and was presented to the United States where it was approved to treat E.D. in March of 1998 (Parnham, 2004). Intrapreneurship was exhausted in presenting Viagra. One pro of exhausting the Intrapreneurship approach is the fact that developing Viagra was paid for by Pfizer, the creator of Viagra. The fact that there was more than one individual on board, this lowered the anxiety of the chances taken following the failure of the first couple of clinical trials in terms of treating high blood pressure. Yet another pro of this type of approach was that it gave a good reputation to the pharmaceutical company and it also brought in quite a lot of money once the drug was approved for sell. A con of this approach is that due to more than one individual working on Viagra, they had to make certain that they had a good line of communication to make Viagra a success in the marketplace. Management for this pharmaceutical business relied on its workers to make a successful medication to help with Erectile Dysfunction, and it made the employees feel a little bit uncomfortable in doing their......

Words: 561 - Pages: 3

Premium Essay

Phase 3 Discussion Board

...Jim O’Brien Phase 3 Discussion Board – Project Risk Management MPM434-1204A-02 Contracts and Procurement Professor Christian Cheney No matter the size of a project, there are going to be risks associated with the project. Identifying risks early in a project can be critical to whether a project succeeds or fails. You can gain success for your project if you deal with project risks in a proactive manner. The result will be that you minimize the impact on the project and seize the opportunity to correct potential project road blocks (B. Jutte). All project plan need to include a risk management plan that is implemented early in the project and monitored throughout the life of the project (Risk Management Guide for DoD Acquisition). This discussion post asked us to identify four potential overall risks that could be experienced in the execution of our contract and procurement plan. The four major risks that could be experienced in the execution of my contract and procurement plan are: technical, schedule, production and cost. My contract and procurement plan is the development of a variable speed air refueling drogue to support tactical air refueling of rotary-wing and tilt-rotor aircraft by Air Combat Command and Air Force Special Operations Command C-130J tanker aircraft. Currently the tanker aircraft are configured with a either a low speed drogue for rotary-wing air refueling or a high speed drogue for tilt-rotor air refueling. Both of the commands......

Words: 866 - Pages: 4

Premium Essay

Discussion Board 1 - Busi 610

...Top of Form   Discussion Board 1 Chapter 1: Why is shared information so important in a learning organization in comparison to an efficient performance organization? Discuss how an organization’s approach to sharing information may be related to other elements of organization design such as: structure, tasks, strategy, and culture.       “Learning Organization” is a name used for the process of using a strategy in a company to build training to improve and create a more effective company. Using this approach will require the company’s commitment and use of the Total Strategic Approach. Using the Total Strategic Approach, the following areas will be covered: performance assessment and appraisal, problem solving and acknowledgement, openness, honesty and trust, access to high quality, readily available information, inter-group activities and cross-fertilization of ideas, with organization assessment and evaluation of the development process” (Pettinger, 2002). The approach needs to be understood and created by the top management to be beneficial and effective.       “Performance Organization” is the focus on the performance and outcome of the company in three areas: financial performance, product performance and shareholders return. Rather than focus on the learning elements the company is based on the performance. (Citoni, Mahy, & Rycx, 2012)       In the “Learning Organization” structure, sharing information and communication is vitally important and...

Words: 1411 - Pages: 6

Premium Essay

Discussion Board Forum 1 Busi 620

...Discussion Board Forum 1 Adrian R. Castaneda Liberty University BUSI 620 Global Economic Environment Dr. Virgil Mensah-Dartey October 24, 2013 DB FORUM 1 Question 3 Unethical behavior and unlawful behavior are different in a sense that unethical behavior violates integrity, while unlawful behavior violates established laws. When discussing unethical behavior in the business context, one should consider the overall focus of a business; maximize profits for shareholders and owners. The way a business operates to make money can be treated as ethical or unethical. An unethical type of practice in the business world can consist of a business that is determined to make a profit without considering the morale and comfort of their employees (Svensson & Wood, 2008). By failing to have happy employees in your business and over working them to make a profit can cause an ethical dilemma as the employee can see this type of business operation as a way of prioritizing profit over the employee morale. According to Thomas, Schermerhorn & Dienhart (2004) unlawful behavior is actions that breaks established laws or rules that control business practices. This type of behavior can be easier detected over unethical behavior because by violating unlawful behavior, the individual or individuals are violating written laws. For example, giving away insider trading information on a new medicine is a type of unlawful behavior in the business context. Businesses have written......

Words: 484 - Pages: 2

Free Essay

Phase 5 Discussion Board Em 208

...Phase 5 Discussion Board EM 208 Website development is not as easy as one might think. One of the most difficult decisions is selecting the layout and content on the site. If a business is supplying the content (i.e., descriptions of their products), the designer must find a layout that is beneficial to the company and user while giving a professional, appealing appearance to the site. Paul Boag posted in his blog that the business must prioritize, describe and measure their objectives for the user on the site (Boag, 2013). Additionally, their descriptions must be clear and concise while not targeting every demographic of users. Normally, the design or content on the site will not please every user that comes across it so it is important to not obsess over the demographic particulars (Boag, 2013). Dmitry Fadeyev stated that web design is not art, so the designer must have a clear direction which will communicate all of the goals and objectives effectively (Fadeyev, 2008). He stated that there are six steps for developing a successful website. First, establish the goals with the company. Ask yourself, what is the purpose of the site? Determine their desires for the site’s success and create a flow chart detailing the direction and navigation, known as the user’s needs. Next, identify the target audience. Develop the site to match the demographic that you are targeting on paper for the company to review. Utilize Photoshop in the creation of this process. ...

Words: 624 - Pages: 3

Premium Essay

Busi 561 Discussion Board 1

...Discussion Board 1/Week 1 Business Ethics To imply the ethical and spiritual perspective and keenly advise Benji Watson on accepting or refusing the contract offered by New Gen Health Sciences, it is imperative to define the parameters of Christian spirituality and ethics. As Christian, we are guided by many Commandments and teachings and examples set by many prophets, noble men, and many parables from Jesus, where upholding higher moral and ethical standard for the good of others, not self, was dear to him. In Luke 10: 29-37, Jesus told the story of the Good Samaritan, a traveler from Jerusalem attacked and mocked by bandits. Two individuals, presented with the similar fate, were the least expected person to turn away and ignored the wounded person, by walking away and leaving the man stranded. Another important aspect to draw from the Christian spirituality mindset to advise Benji Watson, comes from Matthew 7: 12, commonly known as the Golden Rule. In this text, it is written that you do unto others as you would expect them to do unto you. Using the ethical perspective to advise Benji Watson, understanding of ethics, particularly business ethics, must be brought to bear. Ethics, in simplification is the study of good and bad behavior; whereas business ethics, a detachment of ethics, is what makes up good and bad behavior as related to business activities and values. From the definition of business ethics, we are left to decide what constitute the ambiguous terms...

Words: 934 - Pages: 4

Premium Essay

Discussion Board Unit 1

...Discussion Board Unit 1 COMP101/1401B Introduction to Computers Discussion Board Unit 1 A. Questions for weekly discussions and conclusions 1. Which features or functions of MS Word do you find particularly useful as a college student, and why? I’m still learning how to use MS Word 2010. I have mainly used MS Document to write outlines and research papers. When I have typed up outlines, it seems to be pretty easy. It automatically gives the options between bullets, numbering or multilevel listing. I’m sure with this class I will be able to learn this program successfully. 2. Which features or functions of MS Word do you think you will use most often as a professional in your chosen discipline after graduation? I’m not sure exactly but I’m sure that I will use the tools that I will learn. As of right now I use MS Word to make flyers for advertising my business. 3. How can Word help you with producing correct APA documents? Do you think Word’s APA features are useful? Why or why not? Word has helped in many ways. The autocorrect feature is great when I misspell words or misuse sentence endings. It also lets me know if the sentence I typed is fragmented. Word is good for writing different types of papers I need. I just realized that I’m not sure if I have the right setup for APA. I have to double click to double space sentences and I have to manually indent paragraphs. Is there a way to setup MS Word for APA? B. What kind......

Words: 417 - Pages: 2

Free Essay

Phase 1 Discussion Board

...Applications Of Discrete Mathematics 7/8/2014 Phase 1 Discussion Board 2 To describe the notion of union and intersection we must first start with a set. A set can be numbers, objects, people etc. When you have sets of things, they can be combined to create a union or have elements in common. For example, if a company were looking for an employee within the database system they could search using last names. Say department A has Smith, Jones, Brown, Doe. Department B has Doe, White, Turner, Smith. The union of these sets would be written as follows: A U B = {Jones, Brown, Doe, Smith, White, Turner} The sets intersect with the two names in common, Doe and Smith. That would be written as: A n B= {Doe, Smith} The logical “and” and the logical “or” are important for database retrieval and flowcharts to help the system or reader to understand which way they need to go to seek out the information requested. Simple and compound statements help understand this notion. To help understand this let’s refer back to the original example. If the person searching the company database wanted to find a specific employee they would search for the last name and maybe first initial. This would take the search from a simple statement to a compound statement. The database would then need to search for the last name first and when it found the right name, Smith, it would then need to search for the first initial J....

Words: 252 - Pages: 2

Premium Essay

Discussion Board

...Discussion BOARD FORUM 4 Discussion Board Thread Re: Job Description Definition: “Job Descriptions typically support key Human Resource decisions, including those which link competencies with functions such as selection, training, career development, pay determination and promotions. It includes a job Title, reporting relationships, a summary of responsibilities, and a level of decision-making authorized and hiring requirements information.” Hawkes, C. L, &Weathinton, B. L. (2014).Competency-Based Versus Task-Based Job descriptions: Effects on applicant attract. Journal of behavior & applied management, 15(3), 190-211 Summary: In an Organization, Human Resources is responsible for making Job Descriptions and handing them over to management. Some of the Job Descriptions are too long, outdated meaning that the information is not current, it is boring and confusing. According to Miller, a best Job description is one that is simple and straight forward, easy to understand. It is the road map to a good performance which benefits an Organization or Company instead of a boring document that contains theoretical activities (Miller, pg. 394) A Job description written well can also be used or rather can serve as a reminder of what is expected of the employees and most of all can be used in the recruiting process to attract good candidates who can be motivated and be able to perform a great job. When writing a Job description, it should be in such a way......

Words: 869 - Pages: 4

Free Essay

Unit 1 Discussion Board-Advanced Entrepreneurship

...Unit 1 Discussion Board Presented in Partial Fulfillment Of the Requirements for the Class MGMT422-1101B-01 Advanced Entrepreneurship By Joseph VanTrease American Intercontinental University Online 21 March 2011 Dictionary.com defines the word innovation as something new or different introduced; a new method or device. The businessdictionary.com defines the same word as a process by which an idea or invention is translated into a good or service for which people will pay. The product that I chose is the luxurious Cadillac. It sold in more than 50 countries and territories, but mainly in North America. The Cadillac is marquee owned by General Motors. It is the second oldest American automobile manufacturer behind Buick, and among the oldest brands in the world. Cadillac’s inception to the world came in 1902 by Henry Leland, a master mechanic and entrepreneur. He named the company after his ancestor, Antoine de la Mothe Cadillac; who was born Antoine Laumet, Detroit’s founder. General Motors purchased Cadillac in 1909 and within six years it became the foundation for the modern mass production of automobiles by demonstrating the complete interchangeability of its precision parts. It was also concluded that Cadillac was America’s premier luxury car. The crest on Cadillac is also an inspiration of Detroit’s founder around the time of his marriage in Quebec in 1687; however, there is no ancient family who holds the name “Cadillac”, nor is there a coat of arms in France...

Words: 603 - Pages: 3

Premium Essay

Discussion Board 1

...Prior to the twentieth century, theologians limited their discussion of Christ to the views set forth in their respective denominational or confessional traditions.” But, doubt that Christ in tradition was different from the actual Christ created a shift from metaphysical to historical Christology. This sparked the search for the historical Jesus in which two approaches, “Christology from Above” and “Christology from Below arose. Christology from above, associated closely with Rudolf Bultmann, Karl Barth, and Emil Brunner, was born from the idea that rather than studying the historical Jesus as a man, the best study would be of the resurrected Christ, His works and the relationship established by faith from His disciples. The ideas of this approach include: 1. The kerygma regarding Christ is a better basis for understanding than the historical account of His life. 2. Paul’s writings and the Book of John are preferred for study over the Synoptic Gospel’s historical accounts. 3. Faith in Christ is not contingent on rational proof. Brunnner does not concede a need to study the historical account of Christ’s life with respect to His different facets, one as God becoming incarnate in the flesh and the other revealed by Christ after the flesh. Brunner asserts the study of Christ in the flesh gives us greater insight to His Person in a historical sense than the alternative of Christ after the flesh which necessitates faith to fully comprehend. Therefore, the......

Words: 1077 - Pages: 5

Premium Essay

Discussion Board 1 Econ 214

...the country from going into depth to itself. Apple iPhone are a great example of the benefits of exports and imports. This product is manufactured in china however it is sold to us for a much smaller price than that of what we sell them for in the United States. This product is included in our GDP. (version)The bible tells us in 1 Kings 10:28-29 “Also Solomon's import of horses was from Egypt and Kue, and the king's merchants procured them from Kue for a price. A chariot was imported from Egypt for 600 shekels of silver, and a horse for 150; and by the same means they exported them to all the kings of the Hittites and to the kings of the Arameans.’ Trading took place in early times. The bible goes in to detail about how trade allowed the citizens called merchants to buy and trade in order to prosper. God never tells us to keep our money because it will never grow in that manner. Works Cited Deekay. (2009). daily ojo articles . Retrieved from The importance of exports in an Economy: dailyojo.com/articles/the-importance-of-exports-in-an-economy.html gwartney. (2015). economics private and public choice. In s. m. stroup. version, K. j. (n.d.). 1 kings . In The Holy Bible ....

Words: 559 - Pages: 3

Premium Essay

Discussion Board #1

...have been cases in the past where individuals or organizations have performed unethically and many have been caught for wrongdoing and punished with different levels of consequence. “When the directors and officers of firms do behave ethically they have a lower level of risk of being held personally liable (McDonnell. 2014). References Ehrhardt, M. C., & Brigham, E. F. (2014). Corporate Finance: A Focused Approach (5th ed.). Mason, OH: South-Western Cengage Learning. Greenberg, J. (2013). Managing Behavior in Organizations (6th ed.). Boston, MA: Person Education, Inc. McDonnell, B. H. (2014). Committing To Doing Good And Doing Well: Fiduciary Duty In Benefit Corporations. Fordham Journal Of Corporate & Financial Law, 20(1), 19-72. O’Rielly, C., Caldwell, D., & Chatman, J. (2005). How Leadership Matters: The Effects of Leadership Alignment on Strategic Execution. Stanford Graduate School of Business. Preceding p1-34. 35p. 5 Charts...

Words: 613 - Pages: 3

Premium Essay

Discussion Board 1

...Discussion Board 1 “I will instruct you and teach you in the way you should go; I will counsel you with my eye upon you.” (Psalms 32:8, Amplified Bible). The Bible has a profound effect on people. To the believer, it is the word of God and is used as a blueprint as to how we should live our lives. Although the bible is full of teachings, sometimes we forget to lean on it and instead lean on our own understanding. After reviewing the decision Ramona is facing in regards to signing a contract with Next Step, it can be determined that God is displaying all of the signs of what she should decide. However, the message can become an unclear when $80,000 is the starting salary. Looking at this from a Christian’s perspective, Ramona should not sign the contract with Next Step because of the lack of ethics, honesty, and integrity from the CEO and company affiliates. Every organization or company has a purpose, a reason why, that is typically described in the mission statement. The mission statement helps to create the corporate culture, or organizational culture. “Corporate culture is a powerful way for an organization to define itself, create high morale, uniformity among its employees, brand recognition among its customers and set itself apart from its competitors” (Sadri, 2014). In order to create a corporate culture, it must first start with the leadership. “So he shepherded them according to the integrity of his heart, and guided them with his skillful hands” (Psalms...

Words: 1178 - Pages: 5

Lieqi (3) | Birgit Minichmayr | Women Summer Long Sleeve Chiffon Jumpsuits High Waist €20,64 Verkäufer akzeptiert PayPal Gekauft von 50+