braun_ma4_inppt_01

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Introduction to

ManagerialAccounting

Chapter 1


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Objective 1Identify managers three

primary responsibilities

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Managers Responsibilities



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Planning

Setting goals and objectives and howto achieve them

!amples of planning "enerate more sales via opening new

stores

Red#ce labor costs by red#cing storeho#rs

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%irecting

Overseeing companys day&to&dayoperations

!amples 'sing daily(wee)ly sales reports to

adj#st mar)eting strategies

'sing prod#ct cost reports to adj#st rawmaterial #sage

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Controlling

val#ating res#lts of operationsagainst plans and ma)ingadj#stments as needed

!amples Comparing b#dgeted sales with act#al

sales to ta)e corrective actions

Comparing b#dgeted prod#ct costsagainst act#al prod#ct costs to ta)e

corrective actions !Copyright 2015 Pearson Education, Inc.


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Objective *%isting#ish +nancial

acco#nting from managerialacco#nting

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Managerial vs, -inancial .cco#nting

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Objective /%escribe organi0ational str#ct#re and theroles and s)ills re#ired of management

acco#ntants within the organi0ation



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Organi0ational Str#ct#re



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Changing Roles of Management.cco#ntants

Impact of technology

ns#ring acc#rate +nancial records

Planning2 analy0ing2 and interpretingacco#nting data

Providing decision s#pport



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Re#ired S)ills of Managerial

.cco#ntants

15

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Objective 3%escribe the role of the

Instit#te of Management .cco#ntants

4IM.5 and #se its ethical standards toma)e reasonable ethical j#dgments



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Instit#te of Management

.cco#ntants 4IM.5

Professional association formanagement acco#ntants

IM.s f#nctions Certi+cation 4CM.5

-or#m for research

Practice development

d#cation

6nowledge sharing

thical standards

P#blic ed#cation

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S#mmary of IM. thical Standards

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thical $ehavior

Means doing the right thing2regardless of conse#ences

!amples of #nethical behavior .llowing reimb#rsement of false

e!pense reports

Manip#lating income

Performing tas)s not #ali+ed toperform

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Steps to Resolve thical%ilemmas

-ollow companys policies forreporting #nethical behavior

If not resolved %isc#ss with immediate s#pervisor

%isc#ss with objective advisor

Cons#lt an attorney



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'nethical vs, Illegal$ehavior

7ot all #nethical behavior is illegal2b#t all illegal behavior is #nethical,

'nethical behavior incl#des %ishonesty

'nfairness

8ac) of objectivity

Irresponsibility



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Objective 9%isc#ss and analy0e the

implications of reg#latory andb#siness trends



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Reg#latory and $#sinessIss#es

Sarbanes&O!ley .ct of *::* 4SO;5

International -inancial ReportingStandards 4I-RS5

!tensible $#siness Reporting8ang#age 4;$R85

S#stainability

Shifting economy



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Sarbanes&O!ley .ct of *::*4SO;5

Restore tr#st in p#blicly tradedcorporations2 management2 +nancialstatements2 and a#ditors

CO (C-O re#irements -inancial statements

Internal control str#ct#re

.nn#al assessment Independent a#dit committee

Increases white&collar crime penalties



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International -inancial Reporting

Standards 4I-RS5

Res#lts of globali0ation Consistent reporting standards needed

worldwide

SC is st#dying I-RS

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C#rrent I-RS information#st&in&time 4>I=5 =otal #ality management 4=@M5



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nterprise Reso#rce Planning 4RP5

System that integrates a companysf#nctions2 departments2 and data

.dvantages Streamline operations

Respond #ic)ly to changes

Replace separate software systems

%isadvantage< e!pensive



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8ean Operations

. philosophy and b#siness strategyof man#fact#ring witho#t waste 8owers costs

Increases competitive position



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>#st&in&=ime Inventory 4>I=5

Man#fact#re Aj#st in timeB to +llorders

Red#ces Raw materials inventory

-inished goods inventory

Storage costs

andling costs



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=@MD=otal @#alityManagement

"oal to provide c#stomers withs#perior prod#cts and services

Contin#o#sly set higher goals for#ality

International Organi0ation forStandardi0ation 4ISO5EISO F::1


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nd of Chapter 1



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$%% rights reser&ed. 'o part o( this pu)%ication *ay )e

reproduced, stored in a retrie&a% syste*, or trans*itted, in

any (or* or )y any *eans, e%ectronic, *echanica%,

photocopying, recording, or other+ise, +ithout the prior

+ritten per*ission o( the pu)%isher. Printed in the nited

-tates o( $*erica.

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