An MBA Graduate Defined
An MBA is a degree awarded to individuals who complete required coursework in the field of Management Science. The MBA title stands for Master of Business Administration and implies that the person holding the degree is qualified to hold a position in senior management within a firm. An MBA manager is similar to the captain of a ship. He is responsible for making decisions and plans about the firm and for controlling the firm’s employees. The goal of an MBA manager is to maximise the firm’s value through the use of the firm’s tangible and intangible assets. He maximises this value by obtaining the highest Profits possible. In the following discussion, I will examine how senior management in general and MBA graduates in particular can use the field of Managerial Accounting to make decisions/plan and control employees in order to maximise Profits. For clarity throughout this essay, senior managers and MBA graduates should be considered as one in the same.
Managerial Accounting Defined
Managerial Accounting is the process of using information systems to provide data to senior managers who then use this data for decision-making/planning and monitoring employee performance in order to maximise profits. The data that senior managers use is supplied by the Financial Accounting function. This information is used to improve the performance of the Marketing function, which generally provides the Revenue of the firm and the Operations function, which generally incurs most operating costs. Marketing and Operations are thus the functional areas which an MBA graduate is generally concerned.
Managerial Accounting is vital to a business’s success because it quantifies a firm’s performance. By quantifying certain performance variables, senior management can carry out its two most important functions: 1) Decision-Making/Planning and 2) Controlling Employee Behaviour.
The Theory of the Firm tells us that a business exists to maximise the value of equity investors have supplied. Profits result from decisions about what items to produce and sell (Marketing) and planning what inputs are necessary for this production and distribution activity (Operations). Value maximisation results from maximising Revenue and minimising Total Costs. In business, resources are always limited or finite. Therefore, they must be employed in the most economical and produc...
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... Statement. Suppose senior management has noticed a decrease in profits for the lemon-lime soda the firm produces. By examining the Financial Accounting data they have found an unexpected increase in the cost of lime flavoring that is used because a supplier of the product has gone out of business. Here, an MBA manager must make a decision about alternative sources available for the flavoring input and as always look to buy it at a lower price. Once again, Financial Accounting data (cost information from the Income Statement) has been used by senior managers to solve a planning/decision-making problem within the Operations function.
Summary
In conclusion, Managerial Accounting is process MBA graduate managers can use to gain insight into planning/decision-making and employee control. The process involves examining Financial Accounting data and then applying that information to maximize Profits through the Marketing and Operations functions. Specifically, maximizing Revenue in Marketing and minimizing Costs Operationally. Managerial Accounting is scientific in its approach rather than intuitive and should be used by MBA graduates interested in maximizing the value of their firm.
Rocket-Blast, LLC, a beverage maker, has seen its profit margins reduced which presents a real problem for the company going forward (Precord & Macdonald, nd). Management has decided that operating costs must be reduced in order to increase profit margins to
Being a witch wreaks havoc on your reputation that people would rather hang then be accused. Proctor, unfortunately was one of those people who would rather die. He couldn’t bear to lose his name, especially after his lechery scandal. “I have confessed myself,” Proctor says, “Is there no good penitence but it be public? God does not need my name nailed upon the church! God sees my name; God knows how black my sins are! It is enough!” (Miller, 132). Proctor knows that his name will be tarnished for decades to come, and it is all he has left of who he is. God knows the terrible things he has done, and he knows it himself too, his name doesn’t need to be dragged along with it. It is all he has left. Lastly, fear is shown in the play through Mary Warren. After Abigail’s constant accusations towards her, to take the attention away from herself she accuses Proctor. “You’re the devil’s man...I’ll not hang with you! I love God! I love God!” (Miller). Mary Warren goes off on a rant in court saying he asked her to throw the court and sign the devil’s book. By accusing such a high powered, well respected man, the attention is immediately taken off of her, and saved her
Abigail Williams is accused of witchcraft early on. In order to avoid conviction she confesses to witchcraft, accuses Tituba of forcing her to drink blood and do witchcraft, and accuses Elizabeth Proctor, Sarah Good, Goody Osburn, Bridget Bishop, Goody Sibber, Goody Hawkins, Goody Booth, and countless other innocent people in court. She throws herself down in the court and does other dramatic actions in order to convince the court that a person is in fact a witch. This leads to people being falsely accused of witchcraft and forced to accuse others in order to live. Because of Abigail's growing power in the court, people become fearful of her. One of the most important people who begins to fear her is Elizabeth Proctor. Elizabeth is afraid that Abigail will accuse her of witchcraft. She also gives more insight into Abigail's behavior in court. She states that Abigail will “scream and howl and fall to the floor” when the accused are brought forth (50). The people and the court begin to believe that Abigail can see who the witches are. Her words and actions become the deciding factors in a defendants fate.
We probably all agree that the primary objective of any business is to achieve revenue and attain a certain profit. But then here is the question that we might ask, is profit the only element that should be considered when making business decisions? In my point of view the answer is no as I will try to demonstrate throughout this paper. One quick alternative of what should be the first top priority of a business is creating a customer as Dr.Peter Drucker said. According to him “The customer is the foundation of a business and keeps it in existence. He alone gives employment. To supply the wants and needs of a consumer, society entrusts wealth-producing resources to the business enterprise.” (Santayana, George. Is The Tyranny Of Shareholder Value Finally Ending? )
In the reading about Hernando Washington what I found to be most interesting was that the whole time he was acting like he was doing the right thing, and not trying to cause any harm, yet he kept her captive and would not let her leave. While reading this I was actually quite interested in what he must have been thinking during the whole process. When reading this article and using my social imagination, I was trying to put myself into his views and what he would have been thinking, which was hard to do. The reason though that I believe he kept trying to justify what he was doing and making it seem like he was going to let her go soon, and that he really did mean no harm to her was so that in his mind he could think that what he was doing wasn’t actually as bad. One part of that story that interested me was an interview with Washington where the interviewer askes “If you were beginning to be uncomfortable about the situation, why didn’t
Elizabeth Proctor is used in The Crucible to illustrate the powerful strength of what manipulation has over any living mortal. Typically an honest person under their religious faith would believe in telling the truth, but not while having an evil thoughts being whispered in your ear disguised as manipulation. Already knowledgeable of her husband’s previous affair with Abigail Williams, Elizabeth fears of ruining the Proctor name in the town of Salem, Massachusetts due to John’s affair and since John is a high authority figure in the church, it would ruining his name and people would not respect him as a preacher anymore. So in the process of saving the Proctor name, regardless of John admitting the truth by making the court aware of the recent affair he had with Abigail, Elizabeth denies those allegations because she fears that John will be upset to the utmost point, so she sacrifices herself to protect the Proctor name, even though she fears that she hopes that she made the right decision, as shown when she tried to clarify all statements be...
In his mind, Proctor seems to stray away from these beliefs, and throughout the play, he distrusts the religion and its directors even more with the corrupt lies regarding witchcraft. Once these witch trials go to court with Judge Danforth, Proctor gets aggravated when the entire population of Salem is believing Abigail’s and the girls’ lousy, in his opinion, lies, especially that his wife, Elizabeth Proctor, is involved in witchcraft and collaborating with the devil. However, this is expected of them because it follows the virtues of Puritanism that young girls are pure and genuine, and that they would never lie, especially to someone with so much authority, like the Judge. While in Court when John Proctor reaches his limit, he makes the decision to confess about his affair with Abigail. In this instance he chooses to better the community, by hopefully saving the town from believing the lies that Abigail has asserted, by proving her impure and distrustworthy. Proctor realizes that this will dirty his name also, but chooses to do so to expose Abigail. However, his plan ultimately fails when they bring Elizabeth Proctor into Court to ask if she knew about the affair, because John Proctor
Focusing on the benefits to the business organisation, this is a very important concept for them to gain their maximum potential profits and the success of the business as a whole.
...od created Eve as a mate for Adam so that he would not have to be alone. Rappaccini feels he has given Beatrice and Giovanni a marvelous gift. He is proud of the fact that he has given Beatrice and Giovanni the power to keep the outside world away (Kloeckner 335). Similarly, God gave Adam and Eve the wonderful gift of everlasting
Cost Accounting: Its role and ethical considerations Introduction: Accounting is the process of identifying, measuring, and communicating economic information about an entity for the purpose of making decisions and informed judgements. The major areas of within the accounting are: Financial Accounting, Managerial Accounting/Cost Accounting and Auditing- Public Accounting Managerial accounting is concerned with the use of economic and financial information to plan and control the activities of an entity and to support the management in planning and decision-making process. Cost accounting is the subset of managerial accounting and it helps management in determination and accumulation of product, process or service cost. Role of Cost Accounting: Increased competition and uncertain business conditions have put significant pressure on corporate management to make informed business decisions and maximize their company?s financial performance. In response to this pressure, a range of management accounting tools and techniques has emerged.
Heisinger, K., & Hoyle, J. B.(2012). Accounting for Managers. Creative Commons by-nc-sa 3.0. Retrieved from: https://open.umn.edu/opentextbooks/BookDetail.aspx?bookId=137
I am interested in conducting research and teaching in managerial accounting, auditing and assurance services and accounting information systems. In particular, I am interested in exploring the role of accounting information systems in decision making, internal control, and auditing. In order to gain an appreciation of these and related issues, it is essential for me to have a strong grounding accounting, accounting information systems, information technology, managerial accounting, as well as gain a general economic and management perspective.
Most critical to this discussion is a clear understanding of what a financial manager is and does and how his or her role aids in helping to establish the valuation of a corporate entity in today's global financial market. Quite simply, a financial manager helps to measure a company's market value and its risk while also helping to systematically reduce its costs and the time necessary to make informed decisions regarding objective driven operations. This is quite a demanding game plan for an individual and most often financial managers, in the corporate world, work in cooperation with a team of financial experts. Each member of that team perhaps having expertise in differing areas of activity, but each however, being no less expert in his or her respective area of endeavors in behalf of the corporation. The team is assembled under the direction of the officer know in the corporation as the Chief Financial Officer who today is becoming increasingly indispensable to the CEO who directs a modern model of action driven, bottom-line oriented corporate activity (Couto, Neilson, 2004). One can accurately state that the role of the competent and capable financial manager is figuratively worth its weight in gold.
Managerial Accounting plays very important role in a nonprofit organization. Accounting analysis techniques will help managers within organization to make better management decisions. With the help of these techniques managers making decisions about selecting equipment, determining whether costs are being efficiently incurred, monitoring financial and nonfinancial performance measures, and developing strategic plans.
Porter argues that no firm can provide value in all the ways that people wish value to be delivered, so they should select one strategy; cost leadership, differentiation or focus. (Robbins & Barnwell, 2002)