Managerial Accounting - 792 Words

Not everything that can be counted counts, and not everything that counts can be counted. Albert Einstein LG Electronics, Inc established in 1958 and has its headquarter in Seoul, South Korea is one of the leading companies in the world which produces electronic and communication devices, IT productions. LG which stands for â€Å"Life’s Good† determines what the company is striving for. One of the main aim of LG Electronics is ensuring to make the dgigtal life better for its customers. Eco- Friendly â€Å"Life’s Good- When It’s Green†- this is a program of LG Electronics which includes two parts of procedures: pre- production and post-production. In thir vision, it is estimated that 15, 000 tons of pre-production and 30, 000,000 tons of†¦show more content†¦They held Customer Voice program, and tried to respond their customers within 13 days from the initial day. It could be improved by 40%, which was only 20% in previous year. Besides, they have customer-point-deparment which solves the problem of customers. All up, Samsung is planning to go on with this development in the future to improve the satisfaction rate and decrease the number of complaints. LG is trying to have a philosophical approach here. According to Chang Ma, the head of the Marketing Strategy Team who directed the LG Chocolate’s successful global launch, LG’s â€Å"industrial designs will incorporate a balance between concept creation and lifestyle creation, so that the needs, desire and dream of the customers must feature prominently in the overall value innovation process† (Screenshots, 2007/ source: Strategic Management of Technology Professor Woody Wu ) Employee Human resource , or any are- be it marketing, finance, or manufacturing- deserves more attention and resources if and only if it creates value. (Prof. Dave Ulrich, 2005). In is article he said that human capital is important intangible asset for creating a value. A company can influence, but not control, employee’s expectations and perceptions of the firm- two factors that largely drive their behavior, how hard they work, how well their actions support the firm’s interest and ultimately whether they will continue working for the firm. In order to meetShow MoreRelatedManagerial Accounting608 Words   |  3 PagesH. Xue Managerial Accounting 2015 Spring Homework 1 (Individual Assignment, Due on 02/11) 1. Das Doors Inc. has recorded the following costs at various volumes of production: Production Volume Total Costs 600,000 $700,000 400,000 500,000 200,000 300,000 Determine the fixed cost and per-unit variable cost using High-Low method. 2. Adams Company sells a single product. The product sells for $100 per unit. The company’s variable expenses are 80% of sales and its fixed expenses total $150Read MoreRole Of Managerial And Managerial Accounting1029 Words   |  5 PagesThe role of managerial accounting has played a significant role in the success of businesses dating as far back as the 19th century. Service and production operations during the days of the industrial revolution were not nearly as sophisticated then as they are today. The current initial purpose of managerial accounting is comparable to its purpose throughout history. Managerial accounting has historically been useful in assisting managers with the information they need to make important decisionsRead MoreManagerial Accounting2802 Words   |  12 Pages1. Basic Concepts Product cost = Direct Labor (DL) + Direct Materials (DM) + Manufacturing Overhead (MOH) Financial accounting Managerial Accounting + Sales + Sales - COGS - Variable Costs = Gross Profit = Contribution Margin - SGA - Fixed Costs = Net Profit = Net Profit COGS (Cost of Goods Sold) is an â€Å"inventoriable cost† ( recorded in the Balance Sheet as inventory and expensed (Income Statement) when goods are sold SGA (Selling, General Administrative) areRead MoreFinancial Accounting And Managerial Accounting1613 Words   |  7 PagesIntroduction: Both financial accounting and managerial accounting provide important information about the business process. On the one hand, financial accounting provides only financial information to its internal users and external users. On the other hand, managerial accounting basically communicates about financial and non-financial information with internal users such as managers, employees and owners of the company. In other words, managerial accounting provides information to managers who directRead Moremanagerial accounting Essay946 Words   |  4 Pages Managerial Accounting Chapter # 01 Homework 1 01) How does managerial accounting differ from financial accounting? A: Managerial accounting is concerned with providing information to managers for use inside the organization. Financial accounting is con ¬cerned with providing information to stockhold ¬ers, creditors, and others outside of the organi ¬zation. 02) Pick any major television network and describe some planning and control activities that its managers would engage in. A: FiveRead MoreManagerial Accounting1054 Words   |  5 Pagesï » ¿CHAPTER 1 (Introduction to Management Accounting) P-1-4A The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2014. Raw Materials Factory Insurance $ 4600 Inventory 7/1/13 $ 48000 Factory Machinery Raw Materials Depreciation 16,000 Inventory 6/30/14 39,600 Factory Utilities 27,600 Finished Goods Office Utilities Expenses 8,650 Inventory 7/1/13 96,000 Sales Revenue 534,000 Finished Goods Sales DiscountsRead MoreManagerial Accounting And Its Techniques2715 Words   |  11 PagesRunning head: MANAGERIAL ACCOUNTING AND ITS TECHNIQUE 1 MANAGERIAL ACCOUNTING AND ITS TECHNIQUES 12 Managerial Accounting and Its Techniques Melissa Reppert BUS 630: Managerial Accounting Dr. Veliota Drakopoulou May 11, 2015 Introduction Management Accounting is an important activity within an organization. It plays several functions in any organization through the actions undertaken by management accountants. AccordingRead MoreIssues of Managerial Accounting1047 Words   |  5 PagesINTRODUCTION : Managerial accounting is concerned with providing information to managers – that is , people inside an organization who direct or control it’s operations. Via managerial accounting managers understood that good business results come from dynamic processes , procedures and practices that are well designed and properly implemented and managed. Certified management accountants are qualified to help their fellow managers achieve good business results because they have earned an advancedRead MoreImportance of Managerial Accounting1005 Words   |  5 PagesIntroduction The purpose of management accounting in the organization is to support competitive decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategy. The interesting thing about management accounting is that it is rare to find an individual within a company with the title of â€Å"management accountant.† Often many individuals function as accountants within the organization, but these individualsRead MoreThe Purpose Of Managerial Accounting2785 Words   |  12 PagesManagerial accounting is helpful to the managers in of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of organization’s goals. It contrast with financial accounting in that later is aimed to provide information to external user of accounting information while managerial accounting it’s aimed at helping the mangers to make decision in the organization. Purpose of managerial accounting The purpose of management accounting in the organization is to support