ACC 202 Chapter 1
ACC 202 Chapter 1 ACC 202
Popular in Managerial Accounting (202, Wilhelm)
Popular in Accounting
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This 0 page Class Notes was uploaded by Marissa Sarlls on Sunday January 10, 2016. The Class Notes belongs to ACC 202 at University of Kentucky taught by Jana Wilhelm in Spring 2016. Since its upload, it has received 19 views. For similar materials see Managerial Accounting (202, Wilhelm) in Accounting at University of Kentucky.
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Date Created: 01/10/16
Chapter 1 Managerial Accounting an Overview Managerial Accounting 0 Use within organization 0 Focus on future relevance timeliness and segment 0 Does not need to follow GAAPIFRS Not mandatory 0 Planning controlling decision making 0 Plans are accompanied by a budget 0 Controlling involves feedback evaluation Performance report 0 Decision makingn What Who How Why does managerial accounting matter to your career 0 Managerial accountants partner with coworkers to improve performance CMA exam improves credibility plan control DM CPA exam focuses on rulebased compliance IMA has standard ethics code for managerial accountants amp managers 0 Competence con dentiality integrity credibility Beyond the numbers Strategy quotgame plan to succeed amp beat competition 0 Focal point is to target customers Customer value propositions 0 Customer intimacy Nordstrom RitzCarlton Virtuoso 0 Operational excellence SW Airlines Walmart Google 0 Product leadership Apple Cisco Systems WL Gore 0 Enterprise risk management identify risks and develop responses 0 Doesn t eliminate risks but helps manage them 0 Companies use controls to reduce the risk that their plans will not be achieved 0 Also important for decision making 0 Corporate social responsibility consider the needs of all stakeholders in decision making and extends beyond legal compliance 0 Departments have a quotchain of command 0 Business processl managers cooperate across departments aka value chain 0 Lean production lean thinkingl AKAjust In Time production JIT means only producing in response to customer orders 0 For this number of units produced tends to equal number of units sold 0 Less inventory but better quality Leaders must unit employees around 2 themes 0 1 Pursuing strategic goals 0 2 Making optimal decisions 0 Must understand how intrinsic motivation extrinsic incentives and cognitive bias affect human behavior 0 Intrinsic motivation comes from within us respect and credibility o Extrinsic incentives highlight goals amp provide incentives like a bonus 0 Cognitive bias distorted thought process EX in infomercials they say it s a quot200 value so seller relies on anchoring bias which is a false assertion but many believe Corporate governance enhances stockholders con dence that a company is being run in their best interests rather than in the interests of top managers 0 It s a system by which a company is directed and controlled 0 There were a bunch of scandals with Enron SarbanesOxley Act of 2002 protect the interests of those who invest in publically traded companies 0 Requires that both CEO amp CFO certify in writing that their company s nancial statements and accompanying disclosures fairly represent the results of operations o It established the Public Company Accounting Oversight Board to provide additional oversight over audit profession Can hire re etc the audit company Important restrictions on audit rms 0 Must have internal control report 00
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