Week 11 Discussion- Account for Management Decision Making

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Account for Management Decision Making

Week 1: Learning Resources

Understanding Financial Statement

Financial statements are some of the building blocks that organizations need to help them analyze where they have been and where they are heading in the future. Through these resources, you will explore the four basic financial statements that are prepared. Public companies are required to submit them to the Securities and Exchange Commission. Although private companies are not required to do so, they still need them for other purposes, such as loans, planning, and reflection on the past year.

· U.S. Securities and Exchange Commission. (2007, February 5). Beginners’ guide to financial statementLinks to an external site. . https://www.sec.gov/reportspubs/investor-publications/investorpubsbegfinstmtguidehtm.html

· Walden University, LLC. (2024). Financial statements [PDF] Download Financial statements [PDF] . Walden University Canvas. https://waldenu.instructure.com

· Walden University, LLC. (2021). The four financial statements [Video]. Walden University Canvas. https://waldenu.instructure.com

Strategic Planning, Budgeting, and Forecasting

Strategic planning, budgeting, and forecasting can each take many different forms, yet they are all part of moving an organization toward achieving its goals for a successful future. In these resources, you will explore what they are, how they are different, how they fit together, and how they contribute to success.

· Makridakis, S., & Spiliotis, E. (2021). The M5 competition and the future of human expertise in forecastingLinks to an external site. . Foresight: The International Journal of Applied Forecasting , (60), 33–37.

· Shim, J. K., Siegel, J. G., & Shim, A. I. (2012). Strategic planning and budgeting: Process, preparation, and controlLinks to an external site. . In Budgeting basics and beyond (4th ed.). John Wiley & Sons.

· Walden University, LLC. (2024). Strategic planning, budgeting, and forecasting [PDF] Download Strategic planning, budgeting, and forecasting [PDF] . Walden University Canvas. https://waldenu.instructure.com

Preparing The Budget

The ability to implement and adhere to a budget is a key factor in any organization’s success. Leaders rely on budgets to help them make critical decisions related to operational and resource-related matters, among other things. Budgeting is also a key aspect of an organization’s strategic planning. Through these resources, you will examine the use of budgets for an organization.

· Franklin, M., Graybeal, P., & Cooper, D. (2019). Why it mattersLinks to an external site. . In Principles of accounting, volume 2: Managerial accounting . OpenStax. https://openstax.org/books/principles-managerial-accounting/pages/7-why-it-matters

· Franklin, M., Graybeal, P., & Cooper, D. (2019). 7.1 describe how and why managers use budgetsLinks to an external site. . In Principles of accounting, volume 2: Managerial accounting . OpenStax. https://openstax.org/books/principles-managerial-accounting/pages/7-1-describe-how-and-why-managers-use-budgets

· Onwuzulike, U. (2015, September 17). Is budgeting drowning strategic planning in your organisation?Links to an external site. Vanguard . https://www.vanguardngr.com/2015/09/is-budgeting-drowning-strategic-planning-in-your-organisation/

· Rivera, J., & Milani, K. (2020). Budgeting for international operationsLinks to an external site. . Strategic Finance, 102 (6), 46–52.

Responsibility Centers

Are managers responsible for all activities in an organization or only for their area? Managers should only be held responsible for activities they can control. For example, if a manager is in charge of a production department, that manager should be responsible for what is produced as well as the labor and materials needed for production. However, the manager should not be responsible for whether the items produced are sold, as that is the responsibility of the sales department. Using these resources, you will examine various types of responsibility centers.

· Franklin, M., Graybeal, P., & Cooper, D. (2019). 9.3 describe the types of responsibility centersLinks to an external site. . In Principles of accounting, volume 2: Managerial accounting . OpenStax. https://openstax.org/books/principles-managerial-accounting/pages/9-3-describe-the-types-of-responsibility-centers

· Franklin, M., Graybeal, P., & Cooper, D. (2019). 9.4 describe the effects of various decisions on performance evaluation of responsibility centersLinks to an external site. . In Principles of accounting, volume 2: Managerial accounting . OpenStax. https://openstax.org/books/principles-managerial-accounting/pages/9-4-describe-the-effects-of-various-decisions-on-performance-evaluation-of-responsibility-centers

· Walden University, LLC. (2024). The differences between cost centers, profit centers, and investment centers [PDF] Download The differences between cost centers, profit centers, and investment centers [PDF] . Walden University Canvas. https://waldenu.instructure.com