Management and Standard Costs

Topics: Management, Cost accounting, Cost Pages: 3 (617 words) Published: August 20, 2013
Chapter 20 Through 22
ACC 561 - Accounting

Team Reflection
This week’s team reflection is on Chapters 20-22 of our textbook titled Accounting Tools for Business Decisions. The team discussed each chapter and summarized the issues they believed were important for them in the future. Budgetary Planning, Budgetary Control and Responsibility Accounting, and Incremental Analysis and Capital Budgeting were discussed on how they impacted business, the benefits of each, ………… Chapter 20

This chapter is titled Budgetary Planning with the primary focus on how budgeting is used as a planning tool by management (Kimmel, Weygandt and Kieso, 2011). The issue we identified as the most important aspect of the chapter was the benefits associated with budgetary planning. There are numerous benefits, the first of which is the requirement for all levels of management to plan ahead with defined goals. The next benefit is that these goals or objectives provide a method for evaluating the performance of management while also providing an early warning system to warn of budgetary issues. It also assists the company in coordinating its activities to defined goals. Another benefit is it results in greater management awareness of overall operations and how it is being impacted by outside factors. The last benefit is the motivation that it provides for all personnel to reach the goals assigned by the company (Kimmel, Weygandt and Kieso, 2011). Each of these benefits provides direction for the company to be successful. Knowing the benefits of budgetary planning will benefit us in our future careers. We can use this knowledge to help motivate our subordinates by including them in the process. Spreading knowledge about the company’s goals, budget restrictions, and overall health will motivate all employees to strive for better performance. Also having this knowledge will benefit us by providing guidance on our performance and keeping the company on track. Chapter 22

In...

References: Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2011). Accounting Tools for Business Decision Making (4th ed.). Hoboken, NJ: John Wiley & Sons, Inc.
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