Management and Organizational Studies 3370A/B Chapter Notes - Chapter 1-6: Financial Accounting, Fixed Cost, Regression Analysis

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3370A/B
• Professor: Bill Dawson

Document Summary

The process of selecting a course of action and specifiying how the action will be implemented is referred to as planning. The process of mobilizing people to carry out plans and run routine operations is known as directing and motivating. Employees must be guided toward the attainment of organization goals. The control function is performed to ensure that employees stay focused on organizational goals in spite of changing circumstances. Managerial accounting provides financial data for internal use within the organization, whereas financial accounting provides data to external users. False these employees are directly involved in the attainment of organizational objectives and are therefore considered line employees. True these employees are not directly involved in the attainment of organizational objectives and are therefore considered staff employees. The larger the organization, the greater the need for decentralization. True as organizations increase in size, fewer operational decisions are made at the top as managers become more involved with strategic issues.