2009 Foster Business School Cost Accounting L.DuCharme 1 Introduction to Accounting 311 Student information sheets Syllabus Chapter 1 in text Words of.
Post on 20-Dec-2015
214 Views
Preview:
Transcript
12009 Foster Business School Cost Accounting L.DuCharme
Introduction to Accounting 311
• Student information sheets
• Syllabus
• Chapter 1 in text
• Words of wisdom for life & business
22009 Foster Business School Cost Accounting L.DuCharme
My Office Fees*
Answers: 5 cents
Solutions: 25 cents
Advice: Priceless
* Effective 1/1/2009
32009 Foster Business School Cost Accounting L.DuCharme
Advice
• Four things you need for business success:– 1) Hard work– 2) Network of relationships– 3) A little luck– 4) Reasonable intelligence
42009 Foster Business School Cost Accounting L.DuCharme
Cell Phones
• Turn cell phones OFF before class
• 1st offense = $1
• 2d offense = $5
• You cannot afford a 3d offense.
• During tests = $20/offense
52009 Foster Business School Cost Accounting L.DuCharme
Accounting
Is hard to do/understand without proper training/knowledge.
takes extensive exposure/practice to learn.
62009 Foster Business School Cost Accounting L.DuCharme
Accounting Areas (“Specialties”)
• Financial• Audit• Managerial• Tax• AIS• Not-for-profit, GovernmentalAll are interrelated. However, managerial is most important.
Financial gets your foot in the door; managerial is needed in order to advance to the top of an organization!
72009 Foster Business School Cost Accounting L.DuCharme
Cost versus Managerial Accounting
• The same?
• Managerial Accounting:– Product/service costing– Planning & Control– Decision making
82009 Foster Business School Cost Accounting L.DuCharme
Financial versus ManagerialAccounting
What is the difference between the two?
92009 Foster Business School Cost Accounting L.DuCharme
Strategic Cost Management
Developing strategy
Building resources and capabilities
Implementing strategy
102009 Foster Business School Cost Accounting L.DuCharme
Planning and Controlling
Management Decision Management Accounting System
Planning
Control
PerformanceEvaluation
Budgets
AccountingSystem
PerformanceReports
Fee
db
ack
112009 Foster Business School Cost Accounting L.DuCharme
Planning and Controlling
What is planning?
Settinggoals
Predictingresults
Deciding howto attain goals
122009 Foster Business School Cost Accounting L.DuCharme
Planning and Controlling
What is control?
Decidingand
takingactions
Deciding onperformanceevaluation
and feedback
132009 Foster Business School Cost Accounting L.DuCharme
Planning and Controlling
What are budgets?
They arequantitativeexpressions
of a proposedplan of action.
They aid in thecoordination
andimplementation
of the plan.
142009 Foster Business School Cost Accounting L.DuCharme
Planning and Controlling
What are performance reports?
These are reports thatcompare actual results
with budgeted amounts.
A single report that contains both financial and nonfinancial measures of performance is called a Balanced Scorecard.
152009 Foster Business School Cost Accounting L.DuCharme
Performance Report Example
Budget Actual VarianceRevenues $59,000 $60,000 $1,000 FCost of goods sold 42,000 43,400 1,400 UWages 6,700 7,000 300 UGeneral 1,300 900 400 FFixed costs 5,000 5,000 0 Operating income $ 4,000 $ 3,700 $ 300 U
Boone Shop, July 2008
162009 Foster Business School Cost Accounting L.DuCharme
Key Themes in ManagementDecision Making
Customer Focus
Value Chainand
Supply ChainAnalysis
Key Success Factors:Cost and Efficiency,
Time, Quality,Innovation
ContinuousImprovement
andBenchmarking
172009 Foster Business School Cost Accounting L.DuCharme
Value Chain
The term “value chain” refers to the sequence ofbusiness functions in which usefulness is addedto the products or services of an organization.
The term “value” is used because as the usefulnessof the product or service is increased, so is its value
to the customer.
182009 Foster Business School Cost Accounting L.DuCharme
Typical Value Chain
R & D Design Production
Marketing Distribution Service
Management Accounting
192009 Foster Business School Cost Accounting L.DuCharme
3-Key Management Accounting Guidelines
1. Cost-benefit approach
2. Full recognition of behavioral as well as technical considerations
3. Using different costs for different purposes
202009 Foster Business School Cost Accounting L.DuCharme
Professional Ethics (very important to Management Accountants)
Confidentiality
Integrity
Objectivity
Competence
212009 Foster Business School Cost Accounting L.DuCharme
Ethical Guidelines
The Institute of Management Accountants (IMA)is the largest association of management
accountants in the United States.
The IMA has issued a Standards of EthicalConduct for Management Accountants.
See Exh. 1-7 in text
top related