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The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summary or detailed. [10] Risk register – is a tool commonly used in project planning and organizational risk assessments.
This tool is used to plan the appropriate sequence or schedule for a set of tasks and related subtasks. It is used when subtasks must occur in parallel. The diagram helps in determining the critical path (longest sequence of tasks). The purpose is to help people sequentially define, organize, and manage a complex set of activities.
The project schedule is a calendar that links the tasks to be done with the resources that will do them. It is the core of the project plan used to show the organization how the work will be done, commit people to the project, determine resource needs, and used as a kind of checklist to make sure that every task necessary is performed.
According to the Institute of Management Accountants (IMA), "Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization ...
Capital budgeting in corporate finance, corporate planning and accounting is an area of capital management that concerns the planning process used to determine whether an organization's long term capital investments such as new machinery, replacement of machinery, new plants, new products, and research development projects are worth the funding of cash through the firm's capitalization ...
A ledger account is created for each account in the chart of accounts for an organization and is classified into account categories, such as income, expense, assets, liabilities, and equity; the collection of all these accounts is known as the general ledger. The general ledger holds financial and non-financial data for an organization. [3]
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
Management accounting for use inside an organization must reflect the reality of the operations and resources used by the organization in monetary terms. Unlike financial reporting, where the objective focuses on external investors and creditors seek to compare investment options across the capital markets, management accounting focuses on the ...