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Managerial Accounting; Management styles

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by: Jordan Webb

Managerial Accounting; Management styles ACCT 2020-03

Marketplace > Southern Utah University > Business, management > ACCT 2020-03 > Managerial Accounting Management styles
Jordan Webb
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About this Document

These notes are the introduction into Managerial accounting and the beginning management strategies to a productive company
Managerial Accounting I
Mary Pearson
Class Notes
Accounting, Management




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"Almost no time left on the clock and my grade on the line. Where else would I go? Jordan has the best notes period!"
Dorthy Pagac

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This 2 page Class Notes was uploaded by Jordan Webb on Wednesday January 20, 2016. The Class Notes belongs to ACCT 2020-03 at Southern Utah University taught by Mary Pearson in Spring 2016. Since its upload, it has received 13 views. For similar materials see Managerial Accounting I in Business, management at Southern Utah University.


Reviews for Managerial Accounting; Management styles

Star Star Star Star Star

Almost no time left on the clock and my grade on the line. Where else would I go? Jordan has the best notes period!

-Dorthy Pagac


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Date Created: 01/20/16
Managerial Accounting 1/8-11/16 Management Styles: Chapter 1 1) What do accountants do? a. Check books / audits: Makes sure that what is recorded in statements is correct b. Taxes c. Consulting 2) Managerial (internal) accountants: making one specific company or organization better off. a. Planning i. Establish goals: Is acquired through budgets. b. Directing/Motivating i. Reallocating funds: If budgets are met, then benefits or incentives happen. c. Controlling i. Reallocating funds: If budgets aren’t meets, cuts need to happen. d. Decision making i. Product: After the year is done, these decisions whether to cut or have incentives are made and these decisions are used to look at the following years. 3) Six skills of an effective leader a. Technical competence b. High integrity c. Understanding how to implement organizational change d. Strong communication skills e. Capable of motivating and mentoring other people f. Effectively manage team-based decision processes 4) Corporate Social Responsibility (CSR) a. A concept where organizations consider the needs of all stakeholders when making decisions. i. This includes customers, employees, suppliers, communities, stockholders. b. The reason for this is specifically to make an image for said company. i. Whether it is to your employees or to another group of people, you as a company want to look good and seem trustworthy and likable to everyone. 5) Customer Value Propositions a. Customer intimacy strategy i. Understand and respond to individual customer needs. ii. Ex) Hilton suites b. Operational excellence strategy i. Deliver products and services faster, more conveniently, and at lower prices. ii. Ex) c. Product leadership strategy i. Offer higher quality products. ii. Ex) Apple 6) Ethics a. Credibility b. Confidentiality 7) Lean Production – inventory management a. This way of buying supplies made it so there was no extra inventory at the end of the year. b. To do this, there is a deal made with a supplier to product certain supplies for the company within a certain time relative to the order of said supply, and at a specific quality. c. What this does is make sure there isn’t any extra inventory for the company and keeps business with specific suppliers regardless of the products cost. 8) Theory of Constraints a. This theory shows what the one part of a production line or system that prevents the company for getting more of what it wants. b. This is called bottlenecking c. The theory shoes the constraint in a system by the step that has the smallest capacity d. Ex) If a production line had 5 parts to producing its product. 4 of th the parts can produce 100 items a day but the 5 part can only product 50 items a day. This means, you can only product 50 items a day no matter how you try to produce it because of this th 5 part.


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