Mcgraw Hill Connect Managerial Accounting Answers Chapter 3
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Accounting has several branches; the main problem area for several students is managerial accounting. Before diving into the explanation, it is crucial to define accounts. Accounting is a mode of study through which financial data is processed as well as communicated. Concepts like revenue, income, liabilities and assets are discussed here.
Now managerial accounting is a branch of accounts which deals with a few distinct concepts – Strategy building, performing and risk control. Now all these concepts are overseen by a class or group called managers. With mcgraw hill connect managerial accounting answers chapter 3 and our experts at myhomeworkhelp.com such ideas can be dealt with efficiently.
Areas of managerial accounts
Several areas are dealt by a student of management accounts, they are elaborated below:
- Strategic management –
To put it in simple words, this sub-topic deals with strategy making, implementation and evaluation. In the beginning a plan is made keeping in mind the immediate needs of a company, the next step is its implementation. While implementing a strategy there can be many obstacles that have to be overcome. Finally evaluating the idea which was implied to seek utility and negatives is pivotal too.
- Performance management –
As mcgraw hill connect managerial accounting answers chapter 3 indicate, this section analyses performance in two ways – efficiency of the workers or employees and working of the company. Each organization has a set of goals, only when all strata of employees work together can those be met.
- Risk management–
Risks are gambles which every company has to make from time to time. In management accounts it is made sure that those gambles which are taken have a strong chance of success. Only top level of management like board of directors makes such decisions keeping in mind statistical data and market analysis.
Role of manager
A company cannot be run without the managerial class. It is important to note how the managers ensure the wheels of the organization to run smoothly. The role of any manager is therefore many-folded; some common tasks expected from them are:
- Exercising effective control over the smooth functioning of the company. A manager tends to the employees and seeks to resolve their disputes and ensure that the best output can be obtained. Their task extends to making the client happy.
- Managers are the liaison between the upper strata of management and the lower strand employees. These persons communicate orders from above and send requests from below. With mcgraw hill connect managerial accounting answers chapter 3 greater clarity can be attained.
- Taking decisions becomes easy with the cooperation of any manager. If there need to be cuts in employee job or their salaries a manager can select those who are least efficient from high-yielding workers.
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