Podcast
Questions and Answers
Which step of the decision-making process involves comparing actual outcomes to what was planned?
Which step of the decision-making process involves comparing actual outcomes to what was planned?
What is the main purpose of formulating long and short-term plans in the cycle of planning and controlling?
What is the main purpose of formulating long and short-term plans in the cycle of planning and controlling?
In the decision-making process, what is the step that involves laying down different alternative courses of actions?
In the decision-making process, what is the step that involves laying down different alternative courses of actions?
Which activity falls under the 'Directing and Motivating' phase in the cycle of planning and controlling?
Which activity falls under the 'Directing and Motivating' phase in the cycle of planning and controlling?
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What is the primary focus of 'Controlling' in the cycle of planning and controlling?
What is the primary focus of 'Controlling' in the cycle of planning and controlling?
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What is the primary focus of managerial accounting?
What is the primary focus of managerial accounting?
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Which phase of the decision-making process involves anticipating possible future outcomes?
Which phase of the decision-making process involves anticipating possible future outcomes?
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What is the primary purpose of financial accounting?
What is the primary purpose of financial accounting?
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In the decision-making process, what comes after identifying problems and obtaining necessary information?
In the decision-making process, what comes after identifying problems and obtaining necessary information?
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Which branch of accounting primarily focuses on preparing financial statements for external use?
Which branch of accounting primarily focuses on preparing financial statements for external use?
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What does the 'comparison of actual vs. budgeted costs' help in determining?
What does the 'comparison of actual vs. budgeted costs' help in determining?
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Study Notes
The Cycle of Planning and Controlling
- The cycle consists of planning, controlling, directing, and motivating
- Planning involves formulating long and short-term plans
- Controlling involves comparing actual to planned performance and measuring performance
- Directing and motivating involves implementing plans
The Decision Making Process
- Identify problems or issues
- Obtain necessary information to solve problems
- Anticipate possible outcomes in the future
- Lay down alternative courses of actions and choose the best
- Implement the decision
- Evaluate performance by comparing planned to actual outcomes
Accounting Branches
Financial Accounting
- Concerned with recording business transactions and preparing financial statements
- Intended for external use
- Adheres to Generally Accepted Accounting Principles (GAAP)
Note
- No additional information on Managerial and Cost Accounting is provided in the given text
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Description
Explore the decision-making process in managerial accounting based on the cycle of planning and controlling. Learn about steps like identifying problems, obtaining necessary information, and evaluating alternatives.
