Discussing about the financial accounting system

Reference no: EM131798154

Question: Sarah Miracle has her own chain of music stores, Miracle Music. Her stores sell musical instruments, sheet music, and other related items. Music lessons and instrument repair are also offered through the stores. Miracle Music also has a website that sells music merchandise. The store has a staff of 80 people working in six departments: Sales, Repairs, Lessons, Web Development, Accounting, and Human Resources. Each department has its own manager.

Requirements: For each of the six departments, describe at least one decision/action for each of the three stages of management (planning, directing, and controlling). Prepare a table similar to the following for your answer:

	Planning	Directing	Controlling
Sales
Repairs
Lessons
Web Development
Accounting
Human Resources

For each of the decisions/actions you described in Part 1, identify what information is needed for that decision/action. Specify whether that information would be generated by the financial accounting system or the managerial accounting system at Miracle Music.

Reference no: EM131798154

Questions Cloud

How your choice impacts the world of real estate finance : how your choice impacts the world of real estate finance.What is the role of the federal government in real estate finance?

Determine the amount of gross profit and loss : Assume that Baccio prepares their financials on a quarterly basis. How much revenue will they report on their income statement

Problem on the risk free arbitrage : Risk free arbitrage is important to all areas of finance and particularly capital budgeting? Most activities in reality that are called "arbitrage".

Calculate the value of the test statistic : a. Specify the competing hypotheses that determine whether the median differs from 100.

Discussing about the financial accounting system : For each of the decisions/actions you described in Part 1, identify what information is needed for that decision/action.

What was the company cost of goods sold for the month : The company's beginning merchandise inventory was $15,000 and its ending merchandise inventory was $13,000. What was the company's cost of goods sold

Calculate the value of the test statistic t : a. Specify the competing hypotheses that determine whether the median is less than 10.

Address professional ethics and loyalty of managers : Explain professional ethics and responsibilities of intermediaries. Address professional ethics, responsibilities, and loyalty of managers.

How much must set aside each year : You are saving for retirement. To live comfortably, you decide you will need to save $2 million by the time you are 65.

User Account

All Pages