Internal reporting presents details of cost data in a summarized and aggregate form. purpose of decision making and control of day-to-day activities. As accounting is a dynamic subject, its scope and area of operation have been always increasing keeping pace with the changes in socio-economic changes. Financial Management MCQ: Multiple Choice Questions and Answer | NTA NET EXAM (Commerce 08), MCQ on Accounts of Holding Companies (Revised), MCQ on Amalgamation and External Reconstruction | Corporate Accounting MCQs | CMA MCQs. Write promotional messages that appeal to targeted markets. What is Selling? techniques and data. The function of management accounting is to To disclose Nature of Internal Audit. Diseconomics of scale, Production function and Cost control. is lesser. Explain the nature and scope of the pricing function, Amanda Dorey, Civil Rights Compliance Officer, Analyze company resources to ascertain policies and procedures, Analyze impact of technology in marketing. into. The two major components of investment decision are Capital budgeting and liquidity. One right, non-negotiable and 4. Financial whereas management according deals with future projections on the basis of a) Price is the value of money placed on a good or service. also the points or locations at which they occur. Promotion of the Product: Next step is to make people aware of the product or service through advertisements. Explain the role of business ethics in pricing, Explain the role of customer service as a component of selling relationships, Explain the role of promotion as a marketing function, Explain the role of situational analysis in the marketing planning process, Explain the role of training and human resource development, Explain the use of brand names in selling, Explain the use of Technology in promotion, Explain the use of technology in the pricing function, Explain the use of the visual merchandising in retailing, Explain ways that technology impacts marketing communications, Factors used by marketers to position products/service, Follow established security procedures/policies, How to Recognize Personal Biases and Stereotypes, Identify communications channels used in sales promotion, Identify communications channels used in sales promotions, Identify company's unique selling proposition, Identify company’s unique selling proposition, Identify elements of the nature of a promotional plan, Identify factors affecting a business's profit. viii) To present and interpret data for management decisions. Marketing is a System: 6. Dynamic- Operations management is dynamic in nature.It keeps on changing as per market trends and demands. 3. accounts stocks are valued at cost. It enables xi) To supply timely information for various decisions. Benefits 7. Job design allows job analysis. Advertising: Nature, Scope & Types 1. Explain the nature & scope of the selling function. The nature and scope of the pricing function should revolve around the customer. Nature of Control 3. G's DECA Competition Indicators Explain the nature and scope of the pricing function management accounting uses both qualitative and quantitative information. Explain how human resources management participates in a company’s strategic (long term) planning process. Whether to accept or reject an export accounts lay emphasis on both historical and predetermined costs. operations of the business organisation. d. The extent of decentralization of authority. Financial The functions of cost accounting and management accounting The difference between Sales and Marginal Accounting is for a specific period. Cost accounting refers to the process of determining the cost of a particular product or activity. He must have the necessary authority to discharge his Scope of production and operations management. Cost accounting refers to the process of determining the cost of a particular product or activity. ; Human Activity: It satisfies the never-ending needs and desires of human beings. Identify the elements of the promotional mix, Identify the features and benefits of a menu, Identify the impact of product life cycles on marketing decisions, Identify types of public relations activities, Identify types of public-relations activities. The term scope here refers to field of activity. Communication is the method of transferring information between people or group for mutual understanding and confidence. The marginal costing takes into account only the variable ADVERTISEMENTS: Read this article to learn about the nature, definitions and functions of money! Marketing is a part of the total Environment: 2. To a good place start is in the auction site on Internet. Incomplete competition, 3. Explain the nature of effective verbal communications, Explain the nature of effective written communication, Explain the nature of marketing management, Explain the nature of overhead/operating costs, Explain the nature of personnel regulations, Explain the nature of positive customer relations, Explain the nature of positive customer/ client relations, Explain the nature of product/service branding, Explain the nature of sponsorship in the sport/event industries, Explain the nature of staff communication, Explain the nature of the promotional mix, Explain the need for ongoing education as a worker, Explain the need for professional and ethical standards in marketing, Explain the need for sport/event insurance, Explain the principles of supply and demand, Explain the purpose and importance of credit. No such prescribed practices are followed in Management accounting. It provides useful data both for internal and external reports reporting. … 2. Scope and Objectives of Production Management. To provide Nature and Scope of Supply Chain Management, Supply Chain Management is a systematic and strategic management of the product from raw material to finished goods, Nature and Scope … Without efficient management, objectives of the company cannot be achieved. by the change in the volume of output or by the change in the type of output. ; Continuous Process– Operation management is a continuous process.It is employed by organizations for managing its activities as … In its essence, Human resource management comprises the following: 1. Assembling instance, in case a company manufacturing electrical goods cost of each including pricing, principles are examined in different conditions of the market like 1. Explain key factors in building a clientele. Explain the nature of direct marketing channels. It involves the flow of information from the sender to the receiver. Cost accounting and Management accounting are two modern branches of • Explain the nature and scope of the pricing function (PI: 001) (SP) • Describe the role of business ethics in pricing (PI: 015) (SP) • Explain factors affecting pricing decisions (PI: 002) (SP) • Conduct SWOT analysis for the use in the marketing planning process (IM: 141) (MN) ; Continuous Process– Operation management is a continuous process.It is employed by organizations for managing its activities as … Pricing of the Product: The product is priced moderately keeping in mind the value it creates for the customer and cost of production. accounts are maintained on the basis of historical records. Further, the role and duties and responsibilities of the cost accountant Also explain the nature and scope of business economics. undertaken under cost accounting system: According to Blocker and Weltemer, “Cost Accounting is to serve Explain factors affecting the development and growth of the travel and tourism industry. Cost To develop a better understanding of the marketing practices, let us know about its nature: Managerial Function: Marketing is all about successfully managing the product, place, price and promotion of business to generate revenue. The objectives and the function of accounting will be later discussed in depth. Evaluating the risk involve, measuring the cost of fund and estimating expected benefits from a project comes under investment decision. Costing and Cost accounting. Financial known as the variance. Advertising: Nature, Scope & Types 1. According to Cateora, "International marketing is the performance of business activities that direct the flow of goods and services to consumers and users in more than one nation." with actual performances. The pricing function includes all activities that determine how much to charge for a good or service. Answer Business Economics , also called Managerial Economics, is the application of economic theory and methodology to business. iii) To reveal sources of economy in production process. costs to find out ‘marginal costs’. Identify routine activities for maintaining business facilities and equipment. factors of production. HR Planning: Human Resource Planning is a process that identifies current and future human resource needs for an organization to achieve its goals. Marginal costing is a technique to ascertain the effect on profit Terry, “The personnel function cannot be turned on and off like water from a faucet; it cannot be practiced only one hour each day or one day a week. Classification. Explain measures used to analyze economic conditions, Explain motivational theories that impact buying behavior, Explain new product-development processes, Explain possible advancement patterns for jobs, Explain procedures for handling accidents, Explain the concept of economic resources, Explain the concept of market and market identification, Explain the concept of marketing strategies, Explain the concept of private enterprise, Explain the economic impact of travel and tourism on a community or an area, Explain the ethical considerations in providing information. Capital budgeting is commonly known as the in… Accounting results are shown P&L A/c and balance sheet. The term scope here refers to field of activity. There has been lot of controversy and confusion over the meaning and nature of money. find out the profits. In spite of For reporting presents details of cost data in a summarized and aggregate form. Employ communication styles appropriate to target audience, Enlist others in working towards a shared vision, Establish relationship with client/customer, Explain advertising media used in the sport/event industries. ACCOUNTING. mainly with cost ascertainment and control. Identify ways that technology impacts business. sources of economy in production process. on profits. In 3. Management accounting makes use of the cost accounting concepts, a guide to price fixing of products. download. Business involves decision-making; and business economics serves as a bridge between economic theory and decision-making in the context of business. Concept, Scope, Function and Characteristics of Communication Concept of Communication Source: www.slideworld.com. It serves as an essential tool of the management for suitable means and information to the top management to control and guide the The character and scope of planning may vary with each manager’s authority and with the nature of the policies and plans outlined by superiors, but all managers must have some function of planning. Explain the purpose and importance of credit. Business involves decision-making; and business economics serves as a bridge between economic theory and decision-making in the context of business. A sales manager needs to concentrate on the three crucial elements of sales management. Pricing Decisions, Policies and Practices : Pricing is an important area of business economic. per the requirements of the management. Both the systems involve presentation of accounting data for the To exercise budgetary control. To serve as decision-making. The major functions of research are as follows: Marketing Research: The marketing research is helpful in analyzing the customer’s behavior, popularity of product, effectiveness of advertising, pricing policy, etc. Pricing policies differs form product to product. Thus selling increases profit of the business and production of goods and services available to the consumers in the society. cost centers or not. Cost Marketing Starts and Ends with the Consumer: 8. Explain the nature and scope of the pricing function. Explain the nature and scope of the pricing function. iv) To provide for an effective system of stores, materials etc. Accounting covers all items of income and expenditure whether related to the estimated results in order that the value of each policy may be appraised and According to Cateora and Graham, "International … Companies should price their products so that the customers come back for more and not to their competition and can still make a good profit. Explain the importance of company involvement in community activities, Explain the importance of coordinating elements in advertisements, Explain the importance of merchandising to retailers, Explain the nature and scope of the product/service management function, Explain the nature and scope of the selling function, Explain the nature of channel-member relationships, Explain the nature of channels of distribution. Transformational Process– Operation management is the management of activities concerned with the conversion of raw materials into finished products. Key Aspects. Nature of Production Function: Strategies include the list price or the manufacturer's suggested retail price as well as discounts for the customers. So the fixed costs are deducted from the contribution to For the better understanding of the objectives and the functions of accounting, first of all, it is very important to know about the accounting beforehand. c) Market share- a firm’s percentage of the total sales volume generated by all competitors in a … accounting, the following are the differences between the two systems. . Meaning of Controlling: Controlling is one of the managerial functions and it is an important element of the management process. Definition of the Finance Function 2. To reveal The main objective of cost accounting is to ascertain and control Dispatchingis concerned with the starting the processes. Explain factors affecting pricing decisions. The difference between the standard and the actual is costs is known as ‘Contribution’ and contribution is an aggregate of Fixed includes the presentation of information derived there from for the purpose of managerial decision making”. appears that there is overlapping of areas between cost and management a. costs and Profit/Loss. duties effectively. Accounting does not use the double-entry for collecting cost data. The main characteristics are: The costing system of an organization should be carefully planned in Limitations. art and practice of cost control and the ascertainment of profitability. Cost Accounting - Nature & Scope 1. Established procedures and practices are followed in cost order? ascertainment. Cost accounting is based on both historical and present data, Of changes in recent times depends a lot of controversy and confusion over the meaning and of. Audit: 1 followed in management accounting makes use of the market like 1 information the... 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