The Importance of Accounting in Decision-Making for Businesses

Response#1 (2/6) : Hello Irma, I really enjoyed reading your post on the topic for this week. Your reaction to the summary provided some great ideas about the connection between accounting and decision-making. According to your article, you mentioned that "the purpose of accounting determines the content of accounting" and this is a great way to put it because the information received from accounting all depends on the objectives put in place by the company. As you also mentioned, there are many individuals involved within an organization and the objective is determined by this large group of people within a single organization, causing there to be multiple different ways to use accounting. The article I read also mentioned that the information provided by accounting helps decision makers because they provide information that can be used to sway the decision one way or the other. Great post!

Response #2 (2/7) : Hello Jordan, I really enjoyed reading your post on the topic for this week! From your summary, I am aware that the article discusses how the environment of current business requires companies to make significant decisions and changes. When implementing managerial accounting, these businesses are able to create changes while also having an advantage over the competitors in their market. By allowing managerial accounting information to influence decisions, it provides more feedback for decision-makers to make the best decision for the company overall. It is important for companies to use managerial accounting techniques such as budgeting, cost-benefit and variance analysis in order to best understand how to maximize the profits made while also minimizing the costs being spent. Great post!

Response #3 (2/8) : Hello Alexa, I really enjoyed reading your SWOT analysis for the topic this week! You did a great job creating a SWOT analysis on C&C Sports. As you mentioned, C&C Sports has many strengths, but we can also see that they have many weaknesses as well. Most of the weaknesses mentioned can be resolved if the company was more aware of how many units are being ordered or sold and figuring out how to improve production based on the information gathered about the units being sold. Overall, this would help the company because they would be able to better keep up with how many units are being purchased as well as keeping up with the supplies needed to keep the items being made. Overall, great post!