Part 1: Analyze your organization or an organization that you are familiar with through a ...

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Part 1: Analyze your organization or an organization that you are familiar with through a Managerial Accounting lens. Compare and contrast the difference between the core principles, functions, and...

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Part 1: Analyze your organization or an organization that you are familiar with through a Managerial Accounting lens. Compare and contrast the difference between the core principles, functions, and usage of Managerial and Financial Accounting.

Identify and map how you might break down your organization by divisions/units and propose how managers might use this divisional financial mapping in organizational and departmental financial decision-making and strategy.

Part 2: Examine the role of GAAP in financial accounting. When, where, and for what purpose is GAAP used. Debate the ethical implications of a lack of centralized/standardized/governed financial standards in managerial accounting. What is gained and what is lost in this type of internally regulated financial decision-making environment?

Part 3: Construct a balance sheet for a department/unit within your organization. Critique the value of this department/unit within the larger organization.

Answered Same Day May 02, 2021

Sumit · Accepted Answer

Part 1:
Management Accounting is a branch of accounting which provides information to the managers of the company, so that the managers can take better decisions regarding how the company which function. Management Accounting helps the managers of the company to assist them in planning, controlling and evaluating the future of the company. Management Accounting is not governed by the rules established by any governing body. On the other hand, the financial accounting is governed by the rules established by the Financial Accounting Standard Board (FASB). Financial Accounting provides information to the stakeholders of the company regarding the performance of the company. 
Having a proper organizational structure is very important for any entity. Organizational structure gives clear goals and responsibilities and help in delegation of authorities which helps an organization to achieve its goals. Organizational structure Is divided into the reporting relationship within the company or the channel of communication exiting within the company.
Part 2:
Generally Accepted Accounting Principle (GAAP) are a common set of accounting principles that are mandatory for all the entities to follow in preparation of their financial statements.

Part 1: Analyze your organization or an organization that you are familiar with through a Managerial Accounting lens. Compare and contrast the difference between the core principles, functions, and...

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