Managerial Accounting and the Business Environment

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1 Managerial Accounting and the Business Environment Chapter 1

2 1-2 Managerial accounting is concerned with providing information to manager that is, people inside organization who direct and control its operation. Managerial accounting provides the essential data that are needed to run organization. Managerial accountant prepare a variety of reports

3 1-3 The managerial accounting system has three broad objectives: 1. To provide information for costing out services, products, and other objects of interest to management. 2. To provide information for planning, controlling, evaluating, and continuous improvement. 3. To provide information for decision making.

4 1-4 Type of Management Accounting Information System 1. Full Accounting Information 2. Differential Accounting Information 3. Responsibility Accounting Information

5 1-5 Management Accounting Information System Economic Events Inputs Collecting Measuring Storing Analyzing Reporting Managing Processes Outputs Users

6 1-6 GLOBALIZATION Internet Usage The Internet fuels globalization by providing companies with greater access to geographically dispersed customers, employees, and suppliers. The number of internet users more than doubled during the first four years of the new millennium.

7 1-7 Strategy A strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors. The focal point of a company s strategy should be its target customers.

8 1-8 Customer Value Propositions Customer Intimacy Strategy Understand and respond to individual customer needs. Operational Excellence Strategy Deliver products and services faster, more conveniently, and at lower prices. Product Leadership Strategy Offer higher quality products.

9 1-9 Work of Management Planning Directing and Motivating Controlling

10 1-10 Planning Identify alternatives. Select alternative that does the best job of furthering organization s objectives. Develop budgets to guide progress toward the selected alternative.

11 1-11 Directing and Motivating Directing and motivating involves managing day-to-day activities to keep the organization running smoothly. Employee work assignments. Routine problem solving. Conflict resolution. Effective communications.

12 1-12 Controlling The control function ensures that plans are being followed. Feedback in the form of performance reports that compare actual results with the budget are an essential part of the control function.

13 1-13 Planning and Control Cycle Exhibit 1-2 Formulating longand short-term plans (Planning) Begin Comparing actual to planned performance (Controlling) Decision Making Implementing plans (Directing and Motivating) Measuring performance (Controlling)

14 1-14 Learning Objective 1 Identify the major differences and similarities between financial and managerial accounting.

15 1-15 Comparison of Financial and Managerial Accounting Financial Accounting Managerial Accounting 1. Users External persons who Managers who plan for make financial decisions and control an organization 2. Time focus Historical perspective Future emphasis 3. Verifiability Emphasis on Emphasis on relevance versus relevance verifiability for planning and control 4. Precision versus Emphasis on Emphasis on timeliness precision timeliness 5. Subject Primary focus is on Focuses on segments the whole organization of an organization 6. GAAP Must follow GAAP Need not follow GAAP and prescribed formats or any prescribed format 7. Requirement Mandatory for Not external reports Mandatory

16 1-16 Learning Objective 2 Understand the role of management accountants in an organization.

17 1-17 Organizational Structure Decentralization is the delegation of decisionmaking authority throughout an organization. Corporate Organization Chart Board of Directors President Purchasing Personnel Vice President Operations Chief Financial Officer Treasurer Controller

18 1-18 Line and Staff Relationships Line positions are directly related to achievement of the basic objectives of an organization. Example: Production supervisors in a manufacturing plant. Staff positions support and assist line positions. Example: Cost accountants in the manufacturing plant.

19 1-19 The Chief Financial Officer (CFO) A member of the top management team responsible for: Providing timely and relevant data to support planning and control activities. Preparing financial statements for external users.

20 1-20 Learning Objective 3 Understand the basic concepts underlying Lean Production, the Theory of Constraints, and Six Sigma.

21 1-21 Process Management A business process is a series of steps that are followed in order to carry out some task in a business. Product Customer R&D Design Manufacturing Marketing Distribution Service Business functions making up the value chain

22 1-22 Process Management There are three approaches to improving business processes... Lean Production Theory of Constraints (TOC) Six Sigma

23 1-23 Traditional Push Manufacturing Company Forecast Sales Order components Store Inventory Make Sales from Finished Goods Inventory Store Inventory Produce goods in Anticipation of Sales

24 1-24 Traditional Push Manufacturing Company Traditional push manufacturing Large inventories Raw materials Work in process Finished goods Materials waiting to be processed. Completed products awaiting sale. Partially completed products requiring more work before they are ready for sale.

25 1-25 Lean Production Exhibit 1-6 Identify value in specific products/services. Identify the business process that delivers value. The lean thinking model is a five step approach. Organize work arrangements around the flow of the business process. Continuously pursue perfection in the business process. Create a pull system that responds to customer orders.

26 1-26 Lean Production The five step process results in a pull manufacturing system that reduces inventories, decreases defects, reduces wasted effort, and shortens customer response times. Customer Places an Order Create Production Order Generate Component Requirements Goods Delivered when needed Production Begins as Parts Arrive Components are Ordered

27 1-27 Lean Production Lean thinking may be used to improve business processes that link companies together. The term supply chain management refers to the coordination of business processes across companies to better serve end consumers.

28 1-28 Theory of Constraints A constraint (also called a bottleneck) is anything that prevents you from getting more of what you want. The Theory of Constraints is based on the observation that effectively managing the constraint is the key to success. The constraint in a system is determined by the step that has the smallest capacity.

29 1-29 Theory of Constraints Only actions that strengthen the weakest link in the chain improve the process. 1. Identify the weakest link. 2. Allow the weakest link to set the tempo. 3. Focus on improving the weakest link. 4. Recognize that the weakest link is no longer so.

30 1-30 Six Sigma A process improvement method relying on customer feedback and fact-based data gathering and analysis techniques to drive process improvement. Refers to a process that generates no more than 3.4 defects per million opportunities. Sometimes associated with the term zero defects.

31 1-31 Six Sigma Exhibit 1-8 Stage Define Measure Analyze Improve Control The Six Sigma DMAIC Framework Goals Establish the scope and purpose of the project. Diagram the flow of the current process. Establish the customer's requirements for the process. Gather baseline performance data related to the existing process. Narrow the scope of the project to the most important problems. Identify the root cause(s) of the problems identified in the Measure stage. Develop, evaluate, and implement solutions to the problems. Ensure that problems remain fixed. Seek to improve the new methods over time.

32 1-32 TECHNOLOGY IN BUSINESS E-Commerce E-commerce refers to business conducted using the Internet. In addition to dot.com companies, traditional businesses, such as banks and retailers, continue to expand their Internet presence. The growth in e-commerce is occurring because the Internet has important advantages over more conventional marketplaces for many kinds of transactions.

33 1-33 Enterprise Systems A single software system that integrates data across an organization, thereby enabling all employees to have simultaneous access to a common set of data. All data are recorded only once in the company s centralized database. The unique data elements contained within a database can be linked together.

34 1-34 Learning Objective 4 Understand the importance of upholding ethical standards.

35 1-35 Code of Conduct for Management Accountants The Institute of Management Accountant s (IMA) Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management have two major parts, which offer guidelines for: Ethical behavior. Resolution for an ethical conflict.

36 1-36 IMA Guidelines for Ethical Behavior Recognize and communicate professional limitations that preclude responsible judgment. Maintain professional competence. Competence Follow applicable laws, regulations and standards. Provide accurate, clear, concise, and timely decision support information.

37 1-37 IMA Guidelines for Ethical Behavior Do not disclose confidential information unless legally obligated to do so. Do not use confidential information for unethical or illegal advantage. Confidentiality Ensure that subordinates do not disclose confidential information.

38 1-38 IMA Guidelines for Ethical Behavior Mitigate conflicts of interest and advise others of potential conflicts. Refrain from conduct that would prejudice carrying out duties ethically. Integrity Abstain from activities that might discredit the profession.

39 1-39 IMA Guidelines for Ethical Behavior Communicate information fairly and objectively. Credibility Disclose delays or deficiencies in information timeliness, processing, or internal controls. Disclose all relevant information that could influence a user s understanding of reports and recommendations.

40 1-40 IMA Guidelines for Resolution of an Ethical Conflict Follow employer s established policies. For unresolved ethical conflicts: Discuss the conflict with immediate supervisor or next highest uninvolved manager. If immediate supervisor is the CEO, consider the board of directors or the audit committee. Contact with levels above the immediate supervisor should only be initiated with the supervisor s knowledge, assuming the supervisor is not involved.

41 1-41 IMA Guidelines for Resolution of an Ethical Conflict Follow employer s established policies. For unresolved ethical conflicts: Except where legally prescribed, maintain confidentiality. Clarify issues in a confidential discussion with an objective advisor. Consult an attorney as to legal obligations.

42 1-42 Why Have Ethical Standards? Ethical standards in business are essential for a smooth functioning advanced market economy. Without ethical standards in business, the economy, and all of us who depend on it for jobs, goods, and services, would suffer. Abandoning ethical standards in business would lead to a lower quality of life with less desirable goods and services at higher prices.

43 1-43 Company Codes of Conduct Broad-based statements of a company s responsibilities to: Employees Customers Suppliers And to the communities in which the company operates.

44 1-44 Codes of Conduct on the International Level The Code of Ethics for Professional Accountants, issued by the International Federation of Accountants (IFAC), govern the activities of professional accountants worldwide. In addition to competence, objectivity, independence, and confidentiality, the IFAC s code deals with the accountant s ethical responsibilities in: Taxes Independence Fees and commissions Advertising and solicitation Handling of monies Cross-border activities.

45 1-45 Corporate Governance Board of Directors Incentives and monitoring for The system by which a company is directed and controlled. Top Management To pursue objectives of Stockholders

46 1-46 Corporate Governance An effective corporate governance system should also protect the interests of the company s other stakeholders. Employees Customers Creditors Suppliers And the communities in which the company operates.

47 1-47 Enterprise Risk Management A process used by a company to proactively identify and manage risk. Should I try to avoid the risk, share the risk, accept the risk, or reduce the risk? Once a company identifies its risks, perhaps the most common risk management tactic is to reduce risks by implementing specific controls.

48 1-48 Enterprise Risk Management Examples of Controls to Examples of Business Risks Reduce Business Risks Products harming customers Develop a formal and rigorous new product testing program Losing market share due to the Develop an approach for legally unforeseen actions of competitors gathering information about competitors' plans and practices Poor weather conditions shutting Develop contingency plans for down operations overcoming weather-related disruptions Website malfunction Thoroughly test the website before going "live" on the Internet A supplier strike halting the flow Establish a relationship with two of raw materials companies capable of providing raw materials Financial statements unfairly Count the physical inventory on reporting the value of inventory hand to make sure that it agrees with the accounting records An employee accessing Create passwords barriers that unauthorized information prohibit employees from obtaining information not needed to do their jobs

49 1-49 Certified Management Accountant A management accountant who has the necessary qualifications and who passes a rigorous professional exam earns the right to be known as a Certified Management Accountant (CMA). Information about becoming a CMA and the CMA program can be accessed on the IMA s website at or by calling

50 1-50 End of Chapter 1

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