Accounting 226 week 1 notes
Accounting 226 week 1 notes ACCT 226 - 001
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ACCT 226 - 001
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This 1 page Class Notes was uploaded by Joe Wise on Sunday January 17, 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 88 views. For similar materials see Introduction to Managerial Accounting in Accounting at University of South Carolina.
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Date Created: 01/17/16
January 14, 2016 Chapter 1 Managerial accounting is more focused on planning for the future of a company by the managers while financial accounting is more focused on the past and is usually done by external agents. Financial accounting is bound by GAAP while managerial accounting is not. The three pillars of management are planning, controlling, and decision making. Budget is a tool of planning. Performance reports are tools of controlling. It’s estimated that more than 80% of professional accountants work in nonpublic accounting environments. A Certified Management Accountant or CMA must pass a rigorous professional exam and meet certain qualifications. A good manager should possess skills that go beyond numbers including Ethical behavior Strategic management Enterprise risk management Corporate responsibility Process management Leadership perspective Competence, Confidentiality, Integrity, and Credibility make up one’s ethical behavior. A customer intimacy strategy is used to understand and respond to customers’ needs. An operational excellence strategy is used to produce and deliver products more efficiently. A product leadership strategy is used to produce higher quality products. Corporate responsibility requires organizations to consider the needs of all stakeholders in a business when making decisions. A stakeholder is anyone with an interest in what is being done by a company. Lean production or just in time production is when production doesn’t start until a customer places an order for the product.
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