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Managerial Accounting Overview: Chapter 1 Notes

by: Dalia Szkolnik

Managerial Accounting Overview: Chapter 1 Notes ACC 212

Marketplace > University of Miami > ACC 212 > Managerial Accounting Overview Chapter 1 Notes
Dalia Szkolnik
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About this Document

These note are from our week one lecture which cover the introduction of what managerial accounting is and how it differs from financial accounting.
Managerial Accounting 212
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This 4 page Class Notes was uploaded by Dalia Szkolnik on Thursday January 21, 2016. The Class Notes belongs to ACC 212 at University of Miami taught by Quintana in Spring 2016. Since its upload, it has received 32 views.

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Date Created: 01/21/16
Chapter 1 Notes Managerial Accounting: An Overview Financial vs. Managerial Accounting Financial accounting: reporting financial information to external parties (ex: stockholders, creditors, and regulators) Managerial accounting: providing information to managers for use within the organization Financial Accounting Managerial Accounting • Reports to those outside the • Reports to managers inside the organization: owners, creditors, tax organization for: planning, authorities, regulators controlling, decision making • Focuses on financial consequences • Focuses on decisions affecting the of past activities future • Objectivity and verifiability • Relevance • Precision • Timeliness • Emphasizes companywide reports • Emphasizes segment reports • Has to follow GAAP/IFRS • Does not have to follow • Mandatory for external reports GAAP/IFRS • Not mandatory Practice: Identify whether each of the following are a part of financial or managerial accounting. 1. Tends to be detailed 2. Generally limited to presenting historical information 3. Information often includes future projections 4. Tends to include only a limited amount of detail * Answers in the last page What is the work of management? Planning • Establish goals  specify how the goals will be achieved  develop budgets Example: You are in charge of recruitment for a company. These are some of the questions that you would ask yourself in the planning stage. o What ages are we going to focus on for recruitment? o When will the interviews be conducted? o How much money can we spend on recruitment efforts? o What salary and benefits will we provide to our new hires? • There are many questions that must be answered in the planning process and all plans are focused on a budget o Budget: detailed plan for the future that is usually express in formal quantitative items Controlling • Gathering, evaluating, and responding to feedback in order to ensure that the processes meet expectations Example: Once you plan how you will recruit new members for the company, you move to the control process. This helps search for new ways to fun more effective recruitment processes and campaigns for following years. o Did we succeed in hiring the right number of members? o Did all of our employees in the recruitment process perform how they should have? o Did the interviews run smoothly? o Did we stay within our budged in the process? • The control process includes preparing performance reports o Performance report: compares budget data to actual data in an effort to identify and learn from excellent performance and to identify and eliminate sources of unsatisfactory performance Decision Making • This process includes three main questions: What should we be selling? Who should we be serving? How should we execute? Business Management Perspectives IMA (Institute of Management Accountant’s) provides a Statement of Ethical Professional Practice, which includes guidelines for ethical behavior Ethics Perspective Competence Confidentiality Integrity Credibility • Recognize and • Don’t disclose • Resolve • Communicate communicate confidential conflicts of information professional information interest and fairly and limitations unless legally advise of objectively • Follow laws, obligated potential • Disclose regulations, and • Don’t use conflicts deficiencies in standards confidential • Avoid information • Provide information for conduct that timeliness, accurate, clear, unethical or would processing, and concise, and illegal prejudice internal controls timely advantage performing • Disclose all information duties relevant ethically information and • Avoid could influence activities that user could discredit profession Customer Value Propositions • Customer intimacy strategy  understand and respond to individual customer needs • Operation excellence strategy  deliver products and services faster, more conveniently, and at lower prices • Product leadership strategy  offer higher quality products Corporate Social Responsibility Perspective (CSR) • It is the responsibility of the managers of a company to consider the needs of all stockholders when making decisions Answers to the practice: 1. Managerial 2. Financial 3. Managerial 4. Financial


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