Running Head: BUSINESS 1

Starbucks Corporation

Name

Institutional Affiliation
BUSINESS 2

Starbucks Corporation

Company products and services

Starbucks corporation is a firm that begun in 1971 as a roaster and retailer of tea and

coffee. The company began as a single store in Seattle’s Pike Market. Currently, the company

operates more than 30,000 stores in about 80 distinct markets [ CITATION Sta20 \l 1033 ]. Starbucks

Corporation offers a wide range of products including;

 More than thirty different brands of premium coffee

 Handcrafted beverages such as freshly brewed coffee, Teavana tea, Starbucks Refresher

beverages and cold beverages

 Fresh food such as hot and cold sandwiches, baked pastries oatmeal’s and salads

 Merchandise that includes tea and coffee brewing equipment, books, mugs and

accessories.

Difference between accounting for financial information and managerial accounting

The main difference between the financial information provided by the company and the

managerial accounting system adopted by the managers is in users of the information. The main

objective of undertaking managerial accounting is for the development of useful information for

the internal use by the company [ CITATION Yah20 \l 1033 ]. The business managers to this end

normally collect information using the managerial accounting system to encourage strategic

planning, effective directing and management of the company resources as well as setting of

realistic goals.

On the other end, the financial accounting may to some extent be used to internal

purposes. However, the financial accounting is more concerned about the information that the
BUSINESS 3

company wishes to share with the external stakeholders. The financial accounts produced

through the income statement are designed to disclose the business performance and financial

health of the company.

Additional information needed to make business decisions

For effective business decision making, the managers will also require to have knowledge

on budget preparation. As a manager, this is a necessary skill since it helps the organization to

better quantify their resources in line with the set objectives. Furthermore, the development of

the budget is an important task for the managers to have knowledge of since is helps the

organization to easily make plans about their future. Finally, have the proper knowledge of the

budget preparation technique helps the organizations to better strategize the business spending

and action plans aligned with the company’s strategic plan.

BUSINESS 4

References

Starbucks. (2020). Starbucks Company Profile. Retrieved August 15, 2020, from Starbucks:

https://www.starbucks.com/about-us/company-information/starbucks-company-

profile#:~:text=Our%20Products&text=Handcrafted%20Beverages%3A%20Fresh

%2Dbrewed%20coffee,beverages%2C%20and%20Teavana%C2%AE%20teas.

Yahoo Finance. (2020). Starbucks Corporation (SBUX). Retrieved August 15, 2020, from Yahoo

Finance: https://finance.yahoo.com/quote/SBUX/financials/