Acc 202, week1
Acc 202, week1 ACC 202
Popular in Managerial Accounting
Popular in Accounting
This 2 page Class Notes was uploaded by Mara Notetaker on Wednesday January 27, 2016. The Class Notes belongs to ACC 202 at University of North Carolina at Greensboro taught by Dr. Catherine Ann Davenport in Spring 2016. Since its upload, it has received 21 views. For similar materials see Managerial Accounting in Accounting at University of North Carolina at Greensboro.
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Yes YES!! Thank you for these. I'm such a bad notetaker :/ will definitely be looking forward to these
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Date Created: 01/27/16
Accounting 202 Chapter 1 Accounting information can be used for: Preparing financial statement ii) Guiding actions and decisions Managerial accounting focuses on providing internal management with information needed to run the company efficiently and effectively e.g. Chipotle. It focuses on the future and provides relevant information for profitable business decisions. Managerial accounting system reports on various segments or business unit. It measures the cost versus the benefits of the system. If the benefits are higher than the cost, the accounting is said to be profitable. The goal of a managerial accounting system is decision making. To make decisions, the manager has three primary responsibilities: Planning, Directing, Controlling Planning: This involves setting goals and objectives for the company and choosing the best way to achieve set goals. This could include setting budgets, budgets are quantitative expression of a plan Directing means overseeing the company’s day to day operations through the use of cost reports, sales information and data to run daily business operations. Controlling and Evaluating: Managers evaluate the company’s performance compared to the plan and make adjustments to keep the company pressing towards the goals. Difference between financial and managerial accounting. -Financial accounting provides information on a company’s past performance for external parties such as creditors, shareholders, potential investors, SEC - Financial accounting reports are prepared annually and quarterly - Financial accounting statements of public companies are audited by CPAs and restricted by GAAP and IFRS guidelines. IMA mission: to provide a forum for research, practice development, education, knowledge sharing and advocacy of the highest ethical and best practices in management accounting and finance. Institute of Management Accountants (IMA) is a professional organization that promotes the advancement of the management accounting profession. The IMA issues Certified Management Accountant (CMA) certification. Members of IMA should abide by overarching ethical principles, these are: Honesty Objectivity Fairness Responsibility IMA’S Statement of Ethical Professional Practice: Competence, Confidentiality, Integrity, Credibility Maintain their professional competence Preserve the confidentiality of the information they handle Uphold their integrity Perform their duties with credibility Enterprise Resource Planning (ERP) systems that can integrate all of a company’s worldwide functions, department and data. Lean thinking is a business strategy of operating without waste, this helps lower company cost (time and money spent). Sustainability is the ability of a system to meet its own needs without using all its resources, so they are not depleted or permanently damaged. Triple bottom line – company’s performance should not only be measured by its ability to generate profit for its owners but also by its impact on people (social) and the planet (environmental).
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