ACC2310_LAB_1 (2) - Protected View - Saved - O Search esign Layout virkjashne References Mailings Review View Help the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 1.1.1.2.1.3 1.4 1.5 1.6 1.7 1.89.1.10 11 12 13 14 15 1 16 Managerial Accounting Lab 1 EXERCISE 1-1 Differentiating Between Managerial and Financial Accounting (L01 - CC2] Classify the following activities as primarily managerial accounting or financial accounting: a. Preparing a cash budget for the next quarter. b. Analyzing the profitability of a request from a potential customer. C. Accumulating the transactions for the previous six months to prepare an income statement d. Preparing a weekly performance report for the branch manager. e. Preparing an announcement to be released to the financial analysts. dildiysts EXERCISE 1-2 Differentiating Between Planning, Implementation, and Control (L01 - CC1] Classify the following activities as primarily planning, implementation, or control: a. Doing a cost-benefit analysis of adding a new branch versus installing three new automated teller machines (ATMs). b. Estimating the cost of raw materials to be purchased during the next quarter. c. Analyzing market demand to assist in the preparation of the sales budget. d. Compiling the labour report for the past week. e. Outlining the changes to a process based on a process reengineering team report. f. Documenting the savings from reductions in raw materials inventory resulting from the adoption of a JIT inventory system. Chapter 1 1. The focus of this model is the elimination of waste. 2. Involves studying organizations that are among the best in the world at performing a particular task 3. Involves carrying out the day-to-day activities, making short and long term decisions and managing people by directing and motivating them. 4. The system by which an organization is directed and controlled 5. A hurdle that prevents people from getting more of what they want 6. Prepared annually and represents the plans of management in specific, quantitative terms. 7. Process of instituting procedures and obtaining feedback to ensure that all parts of the organization are functioning effectively and moving towards overall company goals 8. A radical approach to improvement that managers use to remove Waste from business processes 9. Involves selecting a course of action and specifying how the action will be implemented 10. This report compares budgeted results to actual results. t