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Exam 1 Study Guide

by: Callisa Ruschmeyer

Exam 1 Study Guide Acct 2210- 001

Callisa Ruschmeyer
GPA 4.0

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Chapter 2- Types of Costs Chapter 3- Job Order Costing
Managerial Accounting
Mr. Fetsch
Study Guide
fetsch, managerial accounting, costs, Chapter, Chapter3, chapter2, Auburn University
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This 5 page Study Guide was uploaded by Callisa Ruschmeyer on Thursday September 8, 2016. The Study Guide belongs to Acct 2210- 001 at Auburn University taught by Mr. Fetsch in Fall 2016. Since its upload, it has received 248 views. For similar materials see Managerial Accounting in Accounting at Auburn University.


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Date Created: 09/08/16
Exam 1 Review Chapter 1  Purpose of an organization o Traditional view- corporation meant to maximize profits and shareholder value o Modern (stakeholder approach) view- interests all work together for purpose of producing goods and services at a profit considering both shareholders and other constituencies  Triple Bottom Line- social, environmental, and economic  Two main job attitudes o Organizational commitment- employees who are not committed engage in withdrawal behavior  Three types of commitment  Affective- emotion based (I want to be here)  Continuance- cost based (I need to be here)  Normative- obligation based (I ought to be here) o Job satisfaction  P-O-L-C Framework o Planning- define goals and objectives o Organization- attracting people, specifying jobs, marshalling and allocation of resources, creating good work conditions o Leading- directing, motivating, and communication within the company; decision making o Controlling Chapter 2  Early Management Influencers o Henri Fayol  5 management functions and 14 management principles  Principles lead to motivation (equal better performance), commitment, and satisfaction o Frederick Taylor  Scientific management (Taylorism)  Concerned with productivity and efficiency --> laid groundwork for studies on efficiency  "time studies" using a stopwatch o Frank and Lillian Gilbreth  Time and motion studies  Developed "motion studies"- tried to figure out which movements to completely eliminate to increase productivity  Therbligs- 18 motions to maximize efficiency  Modern Management Influencers o Peter Drucker  Management as an art and science  Key contribution- knowledge worker (handling or using information), decentralization (increase labor's decision making), respect for the worker  Led the shift from traditional management to contemporary management styles Exam 1 Review o Tom Peters and Robert Waterman  Placed further emphasis on leadership, innovation, and valuing people o Simon Sinek  Defines what a leader is  Certain characteristics define a "leader", but one of the most important factors is the environment they are in  Ethical decision making process o Assess the situation o Consider the stakeholder's point of view o Consider all possible alternatives o Pay attention to how it makes you feel- would you feel proud or ashamed  Morality requires empathy o Make a decision o Monitor outcomes  Two Ethical Theories o Utilitarianism  Do whatever will bring the most benefit (intrinsic value) to all of humanity  The needs of many outweigh the needs of the few  Maximize the greater good  We do not care about the intensions, just about the consequences o Deontology  The theory of duty or moral obligation  Judges the morality of an action based on the action's adherence to a rule or rules  Intensions behind the decision matter  We can only control our motives- we cannot control the outcome or consequences Chapter 3  Personality vs. Values vs. Attitudes o Personality- relative stable feelings, thoughts, and behavioral patterns a person has  Affect our attitudes o Values- stable life goals held by individuals  Value attainment often determines: organizational commitment, turnover, etc  Stable like personality; both can impact attitude and behavior at work, job performance, and career choice o Attitudes  Job satisfaction and organizational commitment  Attitudes affect behaviors  Behaviors- performance and OCBs (organizational behaviors- going above and beyond, turnover, withdrawal)  Big 5 (OCEAN) o Openness to experience  How curious, original, intellectual, creative and open to new ideas you are Exam 1 Review o Conscientiousness  The degree to which a person is organized, systematic, achievement-oriented, and dependable o Extraversion  The degree to which a person is outgoing, talkative, and sociable o Agreeableness  The degree to which a person is affable, tolerant, sensitive, trusting, kind, and earnest o Neuroticism  The degree to which a person is anxious, irritable, and temperamental; difficult handling stress  Other useful personality traits o Self-monitoring  The extent to which a person is capable of altering one's actions and appearance in social situations o Proactive personality  A person's inclination to fix what is wrong, change things, and to use initiative to solve problems o Self-esteem  The degree to which an individual has overall positive feelings about his/herself o Self-efficacy  A belief that one can perform a specific task successfully  Work Outcomes o Organizational citizenship behaviors- additional "extras" that add value but which are not part of the formal job description; going above and beyond  OCB-I: helping behaviors aimed directly at specific persons  OCB-O: helping behaviors aimed at the system o Attitudes contribute to whether employees engage in behaviors  Organizational commitment and job satisfaction  Perception o Perception is the process with which individuals detect and interpret environmental stimuli; they are affected by individual values, needs, and emotions  Self-perception- errors and biases in perceiving oneself  Social perception- errors and biases in perceiving others o We pay selective attention to some aspects of the environment, and ignore other elements that may be immediately apparent to other people  Organizational Justice o Procedural- fairness in the way policies and process are carried out o Distributive- the allocation of resources or compensation and benefits o International- the degree to which people are treated with dignity and respect o The root of organizational justice is trust, something that is easier to break than to repair if broken Exam 1 Review In Class Review  Individual characteristics- aspects that are not easily changed; like your personality  Work attitudes- job satisfaction and organizational commitment  Work behaviors: OCBs- interpersonal and organizational  How are all of these related? They influence your work  Job satisfaction is not related to personality  Job satisfaction is weighted heavily on the nature of the work  Types of commitment o Continuance- I need to o Affective- I want to o Normative- I ought to  Individual-level performance o In-role: individuals are recruited, selected, and hired to take responsibility for fulfilling the job description o Extra-role: additional "extras" that add value but which are not part of the formal job description (like OCBs)  "Taylorism"- scientific management  The Gilbreths are known for motion studies and time studies  Centralization is the decision to concentrate decision-making among top managers should depend on the competency of the workers  There are limitations of early theorists- they dehumanize the work force and only apply to the Manuel labor force  Economies go through three stages: agricultural --> industrial --> service oriented  Ethical Theories o Utilitarianism- the greater good; actions do not matter, the consequences matter o Deontology- moral duty; intensions matter more than the consequences- you cannot control the consequences from your actions  Personality is the relative stable feelings, thoughts, and behavioral patterns a person has  The Big Five o Openness to experience o Conscientiousness o Extraversion o Agreeableness o Neuroticism  The Dark Triad o Narcissism: grandiosity, superiority o Machiavellianism- unprincipled and manipulative  Unprincipled means that they expect others to act this way so they do too o Psychopathy- impulsivity, malevolent o Impulsive- psychopathy and narcissism o All 3 lack empathy  Other traits o Self-monitory: can adapt to any given task o Self-efficacy: perform high on a particular task o Pygmalion affect- someone else believes in you so you perform better on a task Exam 1 Review  Perception o Organizational justice- how fair the organization treats its employees o Dimensions of organizational justice  Procedural- how fair policies and procedures are carried out  Distributive- how fair resources are distributive  Interactional- how fair people are treated


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