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ACCT 226 , Week 1 Notes

by: Megan Ambrose

ACCT 226 , Week 1 Notes ACCT 226 - 001

Megan Ambrose
GPA 3.6
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About this Document

These are the notes for the classes dated 1/12 and 1/14.
Introduction to Managerial Accounting
Debbie Huguley Brumbaugh (P)
Class Notes
ACCT 226, Introduction to Managerial Accounting, Brumbaugh




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This 3 page Class Notes was uploaded by Megan Ambrose on Friday January 15, 2016. The Class Notes belongs to ACCT 226 - 001 at University of South Carolina taught by Debbie Huguley Brumbaugh (P) in Fall 2015. Since its upload, it has received 281 views. For similar materials see Introduction to Managerial Accounting in Accounting at University of South Carolina.


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Date Created: 01/15/16
  Accounting  226     Professor  Brumbaugh     Week  One     1/11  –  1/15       Financial  vs.  Managerial  Accounting     • Financial:  External                        Managerial:  Internal   vs.   • Financial:  Historical                vs.   Managerial:  Future   • Financial:  Objective,  Verifiable   vs.   Managerial:  Relevant   • Financial:  Precise       vs.   Managerial:  Timely   • Financial:  Company  Wide     vs.   Managerial:  Segments   • Financial:  Rules/Standards     vs.   Managerial:  No  Rules   • Financial:  Mandatory     vs.   Managerial:  Not  Mandatory     3  Pillars  of  Management   These  pillars  can  be  used  in  all  careers,  not  just  accounting     1. Planning:  determining  goal  involved  in  idea  you  have,  then  determining  the   steps  needed  to  a  achieve  that  goal   2. Controlling  :  taking  a  look  at  previous  projects  and  determining  what  went   well  that  could  be  used  again  in  future  projects  and  what  went  wrong  and   how  that  can  be  fixed  in  the  future   3. Decision-­‐Making:    Choosing  between  several  options  using  the  data   presented  by  all  parties       Certified  Management  Accountant  (CMA)   • A  management  accountant  who  has  the  necessary  qualifications  and  who   passes  a  rigorous  professional  exam  earns  the  right  to  be  known  as  a  CMA     6  Components  of  a  Successful  Manager     1. Ethical  Standards   a. Established  credibility   b. Guideline:  competence,  confidentiality,  integrity  and  credibility   c. Essential  for  smooth  functioning   d. Abandoning  ethics  would  negatively  impact  economy   e. Institute  of  Management  Acts  (IMA)  has  a  statement  of  Ethical   Behavior  Practice     2. Strategy   a. Strategy  =  game  plan  that  enables  a  company  to  attract  customers  by   distinguishing  itself  from  competitors   b. Focal  point  in  strategy  is  attracting  customers   c. First  part  of  any  strategy  is  determining  what  your  focus  is       d. Customer  Intimacy  Strategy:    responds  to  customer  needs   e. Operational  Excellence  strategy:  deliver  fast,  convenient  products     Accounting  226     Professor  Brumbaugh     Week  One     1/11  –  1/15       f. Product  Leadership  Strategy:  offer  higher  quality  products  for  a   higher  price     3. Risk   a. Risk  Management  =  process  used  by  a  company  to  proactively  identify   and  manage  risk   b. Reduce  risks  by  implementing  controls   EX)  Risk:  Someone  steals  computer  data                  Control:  Set  up  firewalls                  Risk:  Products  are  harming  customers                    Control:  Develop  a  new  testing  program     4. Social  Responsibility   a. Corporate  Social  Responsibility  (CSR)  =    concept  whereby   organizations  consider  the  needs  of  all  stakeholders  when  making   decisions   b. Stakeholders  =  anyone  who  is  affected  by  the  company;  customers,   employees,  suppliers,  communities,  environment,  stockholders  etc.   c. Extends  beyond  legal  compliance  to  include  voluntary  actions  that   satisfy  stakeholder  expectations   d. EX)  In  order  to  build  the  new  business  building  USC  had  to  cut  down  a   lot  of  trees.    In  order  to  be  responsible  to  the  environment  and  to   prevent  delays  in  construction  due  to  protests  USC  brought  in  local   environmental  groups  to  discuss  the  issue  and  come  to  a  compromise     5. Process  Management   a. Business  Process  =  series  of  steps  that  are  followed  in  order  to  carry   out  some  task  in  business   b. All  departments  need  to  be  involved  in  order  to  produce  a  product   c. Value  Chain  =  Research  &  Design  à  Design  à  Manufacturing  à   Marketing  à  Distribution  à  Customer  Service   d. Lean  production  =  Just-­‐in-­‐Time  (JIT)  products  that  are  made  to  order   to  prevent  costs  associated  with  inventory   e. To  engage  in  lean  production  a  company  needs  to  ensure  that  all   components  needed  to  make  product  are  present     6. Leadership  Perspective   a. Unite  behavior  of  employees  around  2  common  themes:  pursuing   strategic  goals  and  making  optimal     b. Factors  that  influence  behavior:  Motivation  (intrinsic)  ,  Incentive   (Extrinsic)  and  Cognitive  Bias     Accounting  226     Professor  Brumbaugh     Week  One     1/11  –  1/15       c. All  departments  need  to  be  included  in  the  decision  making  process   for  it  to  be  a  success  because  each  department  brings  a  unique   perspective  and  it  will  prevent  any  protests  down  the  road  that  might   delay  implementing  decisions    


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