Management has been described as a social process involving responsibility for economical and effective planning & regulation of operation of an enterprise in the fulfillment of given purposes. It is a dynamic process consisting of various elements and activities. These activities are different from operative functions like marketing, finance, purchase etc. Rather these activities are common to each and every manger irrespective of his level or status. Show
Different experts have classified functions of management. According to George & Jerry, “There are four fundamental functions of management i.e. planning, organizing, actuating and controlling”. According to Henry Fayol, “To manage is to forecast and plan, to organize, to command, & to control”. Whereas Luther Gullick has given a keyword ’POSDCORB’ where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting. But the most widely accepted are functions of management given by KOONTZ and O’DONNEL i.e. Planning, Organizing, Staffing, Directing and Controlling. For theoretical purposes, it may be convenient to separate the function of management but practically these functions are overlapping in nature i.e. they are highly inseparable. Each function blends into the other & each affects the performance of others.
Related ArticlesView All Articles Which of the following functions is an example of the management activity referred to as planning?Which of the following is an example of the management activity referred to as planning? Controlling. The primary objective of managerial accounting is: To provide management with information useful for planning and control of operations.
Which primary management responsibility includes the process of comparing the budget to actual results quizlet?Terms in this set (185) Evaluating operations by comparing actual results to budgeted results is a part of the controlling responsibility of management. Controlling means overseeing the company's dayminus−tominus−day operations.
Which of the following is a responsibility of managerial accounting?As a managerial accountant you may be responsible for: Producing and analyzing financial statements. Managing the accounting staff. Reporting back to the company's CFO.
Which of the following statements is true regarding management accounting?Answer: a.
Management accounting is one of the branches of accounting which is associated with the presentation of accounting data for use by management of a company.
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