Chapter 1 the accountant’s role in the organization

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Chapter The Accountant’s Role in the Organization Copyright © 2003 Pearson Education Canada Inc Slide 1-1 Management Accounting • Management accounting measures and reports financial and non-financial information that helps managers make decisions to fulfill the goals of an organization • Managers use management accounting information to • choose, communicate and implement strategy • coordinate product design, production and marketing decisions • Management accounting focuses on internal reporting • Management accounting is future oriented Copyright © 2003 Pearson Education Canada Inc Pages 2-3 Slide 1-2 Financial Accounting • Financial accounting measures and records business transactions and provides financial statements that are based on generally accepted accounting principles (GAAP) • Managers are responsible for the financial statements issued to investors, government regulators, and other parties outside the organization • Financial accounting focuses on external parties • Financial accounting reports on what happened in the past Copyright © 2003 Pearson Education Canada Inc Pages 2-3 Slide 1-3 Cost Accounting and Cost Management • Cost accounting measures and reports information relating to the cost of acquiring and utilizing resources • Cost accounting provides information for management and financial accounting • Cost management describes the approaches and activities of managers in short-run and long-run planning and control decisions • These decisions increase value of customers and lower costs of products and services • Cost management is an integral part of a company’s strategy Copyright © 2003 Pearson Education Canada Inc Pages 3-4 Slide 1-4 Management Accountants and Strategy • Strategy specifies how an organization matches its own capabilities with opportunities in the marketplace to accomplish its objectives • Strategy examples • Quality products or services at low prices (WestJet) • Unique products or services at higher prices (Clublink) • Management accountants provide information to management such as • Who are our customers and suppliers • Sensitivity of market to price, quality and service • Industry characteristics (size, growth) Copyright © 2003 Pearson Education Canada Inc Pages 4-6 Slide 1-5 Planning and Control Management Decisions Management Accounting System PLANNING Budgets Feedback • increase advertising rates • pages sold, rates per page, revenue Financial representation of plans CONTROL Action • implement rate increase Performance Evaluation • comparison of actual and budgeted revenues Copyright © 2003 Pearson Education Canada Inc Accounting System • invoices / receipts recorded in ledger Performance Reports • pages sold, rate per page, revenue Recording transactions in accounts Comparing budgeted and actual results Pages 6-8 Slide 1-6 Key Management Accounting Guidelines Cost-Benefit Approach • spend resources if they promote decision making that better attains the organization’s goals in relation to the cost of these resources Behavioural and Technical Considerations • systems are not confined exclusively to technical matters • always consider the influences of human activity Different Costs for Different Purposes • define”cost” depending on the situation under consideration Copyright © 2003 Pearson Education Canada Inc Pages - Slide 1-7 Line and Staff Relationships • Line management is directly responsible for attaining the objectives of the organization • manager in a manufacturing division • Staff management exists to provide advice and assistance to line management • management accountant • Chief financial officer (CFO) oversees • Controllership, Treasury, Tax, and Internal Audit functions in the organization Copyright © 2003 Pearson Education Canada Inc Pages - 10 Slide 1-8 Functions of Management Accounting • Management accountants perform three functions Scorekeeping • accumulate data and report reliable results to all levels of management Attention-directing • make visible opportunities and problems on which managers need to focus Problem-solving • conduct comparative analysis to identify the best alternatives in relation to the organization’s goals Copyright © 2003 Pearson Education Canada Inc Page 11 Slide 1-9 Four Themes of Value Enhancement Customer Focus • attract and retain profitable customers Value-chain and supply-chain analysis • manage these critical functions Key success factors (KSFs) • keep attention focused on critical factors relative to our competitors Continuous improvement and benchmarking • never-ending search for higher levels of performance Copyright © 2003 Pearson Education Canada Inc Page 12 - 15 Slide 1-10 Key Themes in Management Decision Making Customer Focus Value-Chain and Supply-Chain Analysis Key Success Factors • Cost and Efficiency • Quality • Time • Innovation Copyright © 2003 Pearson Education Canada Inc Continuous Improvement And Benchmarking Page 13 Slide 1-11 The Value Chain • Sequence of business functions in which utility (usefulness) is added to the products or services of an organization • Management accounting helps managers to administer each of these business functions Research and Development Product, Service Process Design Production Customer Marketing Distribution Service Management Accounting Copyright © 2003 Pearson Education Canada Inc Page 14 Slide 1-12 E-Business Value Matrix Business Criticality (Importance of the application to the success of the business) High Operational Excellence Breakthrough Strategies Low New Fundamentals Rational Experimentation Low High Practice Innovation (Creating new markets or new ways of doing business) Copyright © 2003 Pearson Education Canada Inc Page 16 Slide 1-13 Ethical Guidelines • Professional accounting organizations play an important role in promoting high standards of ethics in the accounting profession • Code of Professional Ethics • Society of Management Accountants of Canada (SMAC) • Act in a responsible manner • Maintain independence • Maintain confidentiality of information • Serve with courtesy and good faith • Maintain standards of competence Copyright © 2003 Pearson Education Canada Inc Pages 15 - 20 Slide 1-14 [...]... Practice Innovation (Creating new markets or new ways of doing business) Copyright © 2003 Pearson Education Canada Inc Page 16 Slide 1- 13 Ethical Guidelines • Professional accounting organizations play an important role in promoting high standards of ethics in the accounting profession • Code of Professional Ethics • Society of Management Accountants of Canada (SMAC) • Act in a responsible manner • Maintain...Key Themes in Management Decision Making Customer Focus Value-Chain and Supply-Chain Analysis Key Success Factors • Cost and Efficiency • Quality • Time • Innovation Copyright © 2003 Pearson Education Canada Inc Continuous Improvement And Benchmarking Page 13 Slide 1- 11 The Value Chain • Sequence of business functions in which utility (usefulness) is added to the products or services of an organization. .. • Management accounting helps managers to administer each of these business functions Research and Development Product, Service Process Design Production Customer Marketing Distribution Service Management Accounting Copyright © 2003 Pearson Education Canada Inc Page 14 Slide 1- 12 E-Business Value Matrix Business Criticality (Importance of the application to the success of the business) High Operational... Professional Ethics • Society of Management Accountants of Canada (SMAC) • Act in a responsible manner • Maintain independence • Maintain confidentiality of information • Serve with courtesy and good faith • Maintain standards of competence Copyright © 2003 Pearson Education Canada Inc Pages 15 - 20 Slide 1- 14
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