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Acc 212 Chp 1 Lecture 1

by: Harley Dante

Acc 212 Chp 1 Lecture 1 ACC 212

Marketplace > University of Miami > ACC 212 > Acc 212 Chp 1 Lecture 1
Harley Dante
GPA 3.86
Managerial Accounting 212

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My class notes from Sicre's lecture on Chapter one. Easy to follow & understand!
Managerial Accounting 212
Class Notes
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This 2 page Class Notes was uploaded by Harley Dante on Tuesday February 3, 2015. The Class Notes belongs to ACC 212 at University of Miami taught by Sicre in Spring2015. Since its upload, it has received 27 views.

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Date Created: 02/03/15
Chapter 1 1 2 Financial accounting deals with external users emphasis on GAAP Managerial Accounting management accounting a Deals with employers b Segmentanything isolated you want to keep track of c GAAPDUS based generally accepted account principles d lFRSljinternational nancial reporting standards Three pillars of managerial accounting a Planningestablish goals amp specify how to achieve them b Controlling monitoring amp keeping track of employees quotdoing what they shouldquot c Decisionmakingselecting a course from alternatives i Data driven decisions Budgetquanti ed plan for future a Activity cost cost of production vs period cost pay no matter what ex Salaryutilities b Fixed cost constant in total but changes per unit as activity increases i Teacher salary is xed number of student is not ii Only changes if cannot t anymore students in a class c Flexible budgethow results should have been based on ongoing budget d Performance report i Decide bonuses if exceed goal ii Management by exception only focuses on the nega ve Decision making a What to sell b Who to sell to c How it should be executed Ethics doing the right thing when no one is looking a Allow economy to function b Moral compass Strategymake a game plan amp how will you be able to reach your goals a Distinguish from competitors Customer value propositionreason to choose one competitor over another Enterprise risk management Customers as a whole a 3 steps i Identify risk ii Develop procedures iii Eliminate obstacles minimize risk b Proactiver manage 10 Number one goal for companies MAXMZE SHAREHOLDERS WEALTH 11 Corporate social responsibility 12 Stakeholdersanyone who has supply in a speci c company 13 Balanced score cardlook at all factors 14 Business processsteps followed to carry out tasks 15 Value Chain a Research amp development b Product design c Manufacturing d Marketing e Distribution f Customer service 16 Lean product avoiding excess inventory by ordering it quotjust in timequot a Careful who you select to partner with b Makes company more efficient amp pro table 17 Diver employee based a Difficult to mold in one direction b Criteria i Strategic goa ii Optimal decisions 18 Intrinsic motivation do the best you can do 19 Extrinsic incentive reward staff to motivate them to achieve 20 Cognitive bias a Not everything is a negative b Difficult to control 21 EVERYTHING HAS TWO COMPONENTS a Quality b Cost 22 Acronyms a CPAcerti ed public accounting b CMA certi ed management accounting c IMAinstitute of management accounts i All CPA s amp hod licenses


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