Manerial accounting 11e garrison noreen brewer chap001

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11th Edition Chapter McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc Managerial Accounting and the Business Environment Chapter One McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc Work of Management Planning Planning Directing Directing and and Motivating Motivating Controlling Controlling McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc Planning Identify Identify alternatives alternatives Select Select alternative alternative that that does does the the best best job job of of furthering furthering organization’s organization’s objectives objectives Develop Develop budgets budgets to to guide guide progress progress toward toward the the selected selected alternative alternative McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc 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 McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc Controlling The The control control function function ensures ensures that that plans plans are are being being followed followed Feedback Feedback in in the the form form of of performance performance reports reports that that compare compare actual actual results results with with the the budget budget are are an an essential essential part part of of the the control control function function McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc Planning and Control Cycle Formulating Formulatinglonglongand andshort-term short-termplans plans (Planning) (Planning) Comparing Comparingactual actual to toplanned planned performance performance (Controlling) (Controlling) Decision Making Exh 1-1 Begin Implementing Implementing plans plans(Directing (Directing and andMotivating) Motivating) Measuring Measuring performance performance (Controlling) (Controlling) McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc Comparison of Financial and Managerial Accounting McGraw-Hill/Irwin Exh 1-2 Copyright © 2006, The McGraw-Hill Companies, Inc Organizational Structure Decentralization Decentralization is is the the delegation delegation of of decisiondecisionmaking making authority authority throughout throughout an an organization organization C o r p o te O rg a n iz a tio n C h a r t B o a r d o f D ir e c t o r s P r e s id e n t P u r c h a s in g P e rso n n e l V ic e P r e s id e n t O p e r a t io n s C h ie f F in a n c ia l O f f ic e r T re a su re r McGraw-Hill/Irwin C o n t r o lle r Copyright © 2006, The McGraw-Hill Companies, Inc 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 McGraw-Hill/Irwin Staff positions support and assist line positions  Example: Cost accountants in the manufacturing plant Copyright © 2006, The McGraw-Hill Companies, Inc Theory of Constraints Only actions that strengthen the weakest link in the “chain” improve the process 2.Allow Allowthe the weakest weakestlink linkto to set set the thetempo tempo 3.Focus Focus on on improving improving the theweakest weakest link link 1.Identify Identifythe the weakest weakest link link 4.Recognize Recognizethat that the theweakest weakest link link is isno nolonger longerso so McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc International Competition Increasing Increasing sophistication sophistication in in international international markets markets Fewer Fewer tariffs, tariffs, quotas, quotas, and and other other barriers barriers to to free free trade trade Competition has become worldwide in most industries Improvements Improvements in in global global transportation transportation systems systems An An excellent excellent management management accounting accounting system system is is needed needed to to succeed succeed in in today’s today’s competitive competitive global global marketplace marketplace McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc E-Commerce In recent years, many dot.com businesses failed that might have benefited from the application of managerial accounting tools:  Cost concepts (Chapter 2)  Cost estimation (Chapter 5)  Cost-volume-profit (Chapter 6)  Activity-based costing (Chapter 8)  Budgeting (Chapter 9)  Decision-making (Chapter 13)  Capital budgeting (Chapter 14) McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc 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 offering guidelines for:  Ethical behavior  Resolution for an ethical conflict McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc IMA Guidelines for Ethical Behavior Follow Follow applicable applicablelaws, laws, regulations regulations and and standards standards Maintain Maintain professional professional competence competence Competence Competence Prepare Preparecomplete complete and and clear clear reports reportsafter afterappropriate appropriate analysis analysis McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc IMA Guidelines for Ethical Behavior Do Donot notdisclose discloseconfidential confidential information informationunless unlesslegally legally obligated obligatedto todo doso so Do Donot not use use confidential confidential information informationfor for personal personal advantage advantage Confidentiality Confidentiality Ensure Ensure that that subordinates subordinatesdo not notdisclose discloseconfidential confidential information information McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc IMA Guidelines for Ethical Behavior Avoid Avoidconflicts conflictsof ofinterest interest and and advise adviseothers othersof of potential potentialconflicts conflicts Do Donot notsubvert subvert organization’s organization’s legitimate legitimate objectives objectives Integrity Integrity Recognize Recognize and and communicate communicatepersonal personaland and professional professionallimitations limitations McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc IMA Guidelines for Ethical Behavior Avoid Avoidactivities activitiesthat that could could affect affectyour yourability ability to to perform performduties duties Refrain Refrainfrom from activities activitiesthat that could could discredit discreditthe the profession profession Refuse Refusegifts gifts or orfavors favors that that might might influence influence behavior behavior Integrity Integrity Communicate Communicate unfavorable unfavorableas aswell wellas as favorable favorable information information McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc IMA Guidelines for Ethical Behavior Communicate Communicateinformation information fairly fairlyand andobjectively objectively Objectivity Objectivity Disclose Discloseall allinformation information that thatmight might be beuseful usefulto to management management McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc IMA Guidelines for Resolution of an Ethical Conflict • Follow established policies • For unresolved ethical conflicts:  Discuss the conflict with immediate superior or next highest uninvolved manager  Make reference to the Sarbanes-Oxley Act passed by Congress in 2002 in part to give legal protection to those reporting corporate misconduct  If immediate superior is the CEO, consider the board of directors or the audit committee McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc IMA Guidelines for Resolution of an Ethical Conflict • Follow 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  The last resort is to resign McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc Why Have Ethical Standards? Ethical Ethical standards standards in in business business are are essential essential for for aa smooth smooth functioning functioning advanced advanced market market economy 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 desireable goods and services at higher prices McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc Codes of Conduct on the International Level The The Guidelines Guidelines on on Ethics Ethics for for Professional Professional Accountants, Accountants, issued issued by by the the International International Federation Federation of of Accountants Accountants (IFAC), (IFAC), govern govern the the activities activities of of professional professional accountants accountants worldwide worldwide In In addition addition to to competence, competence, objectivity, objectivity, independence, independence, and and confidentiality, confidentiality, the the IFAC’s IFAC’s code code deals deals with with the the accountant’s accountant’s ethical ethical responsibilities responsibilities in: in: Taxes Taxes Fees Fees and and commissions commissions Advertising Advertising and and solicitation solicitation Handling Handling of of monies monies Cross-border Cross-border activities activities McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc Certified Management Accountant A A management management accountant accountant who who has has the the necessary necessary qualifications qualifications and and who who passes passes aa rigorous rigorous professional professional exam exam earns earns the the right right to to be be known known as as aa Certified Certified Management Management Accountant Accountant (CMA) (CMA) Information Information about about becoming becoming aa CMA CMA and and the the CMA CMA program program can can be be accessed accessed on on the the IMA’s IMA’s website website at at www.imanet.org www.imanet.org or or by by calling calling 1-800-638-4427 1-800-638-4427 McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc End of Chapter McGraw-Hill/Irwin Copyright © 2006, The McGraw-Hill Companies, Inc
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