The accountant’s role in the organization

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The Accountant’s Role in the Organization Chapter ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1-1 Learning Objective Describe how cost accounting supports management accounting and financial accounting ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1-2 Management Accounting It measures and reports financial and nonfinancial information that helps managers make decisions to fulfill the goals of an organization ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1-3 Financial Accounting Its focus is on reporting to external parties It measures and records business transactions It provides financial statements based on generally accepted accounting principles ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1-4 Cost Accounting It provides information for both management accounting and financial accounting It measures and reports financial and nonfinancial data ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1-5 Cost Management It describes the activities of managers in planning and control of costs It includes the continuous reduction of costs It is a key part of general management strategies and their implementation ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1-6 Learning Objective Understand how management accountants affect strategic decisions ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1-7 Strategic Cost Management Developing strategy Building resources and capabilities Implementing strategy ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1-8 Strategic Cost Management Building resources and capabilities Current Assets Long-Term Productive Assets Intangible Assets ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1-9 Learning Objective Distinguish between the planning and control decisions of managers ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 10 Value Chain Functions Distribution It is the delivery of products or services to the customer ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 39 Value Chain Functions Service It is the after-sale support activities provided to customers ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 40 Learning Objective Describe three ways management accountants support managers ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 41 Key Guidelines Cost-benefit approach Full recognition of behavioral as well as technical considerations Using different costs for different purposes ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 42 Cost-Benefit Approach A cost-benefit approach should be used in order to spend resources if they promote decision making that better attains organization goals in relation to the costs of those resources ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 43 Behavioral and Technical Considerations A management accounting system should have two simultaneous missions for providing information: To help managers make wise economic decisions To help managers and other employees to aim and strive for goals of the organization ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 44 Different Costs for Different Purposes A cost concept used for the external reporting purpose need not be the appropriate concept for the purpose of internal routine reporting to managers ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 45 Learning Objective Understand how cost management accounting fits into an organization’s structure ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 46 Line and Staff Relationships Line management is directly responsible for attaining the objectives of the organization Staff management exists to provide advice and assistance to line management ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 47 Line and Staff Relationships B o a r d o f D ir e c to r s C h a ir m a n C h ie f E x e c u tiv e O ffic e r (C E O ) P r e s id e n t C h ie f O p e r a tin g O ffic e r (C O O ) C h ie f F in a n c ia l O ffic e r (C F O ) C o n tr o lle r A u d it Tax T reasu ry R is k M an agem en t ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster In v e sto r R e la tio n s - 48 Line and Staff Relationships C o n tr o lle r E x a m p le s o f F u n c tio n s : * * * * G lo b a l F in a n c ia l P la n n in g /B u d g e tin g O p e r a tio n s A d m in is tr a tio n P r o fita b ility R e p o r tin g In v e n to r y * * * * R o y a ltie s G en eral L ed ger A c c o u n ts P a y a b le a n d R e c e iv a b le S u b s id ia r y a n d L ia is o n A c c o u n tin g ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 49 Learning Objective Understand what professional ethics mean to management accountants ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 50 Professional Ethics Competence Integrity Confidentiality Objectivity ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 51 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 Ethical Conduct for Management Accountant ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 52 End of Chapter ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster - 53 [...]... functions in in the the value value chain chain as as an an essential essential and and valued valued contributor contributor 2 2 Integrate Integrate and and coordinate coordinate the the efforts efforts of of all all business business functions functions in in addition addition to to developing developing the the capabilities capabilities of of each each individual individual business business function... Objective 6 Describe the set of business functions in the value chain ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1 - 31 Value Chain The term “value chain” refers to the sequence of business functions in which usefulness is added to the products or services of an organization The term “value” is used because as the usefulness of the product or service is increased, so... reliably Innovation Innovation –– there there isis now now heightened heightened recognition recognition that that aa continuing continuing flow flow of of innovative innovative products products or or services services isis aa prerequisite prerequisite to to the the ongoing ongoing success success of of most most organizations organizations ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e,... Decision Making Customer Focus Value Chain and Supply Chain Analysis Key Success Factors: Cost and Efficiency, Time, Quality, Innovation Continuous Improvement and Benchmarking ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1 - 24 Customer Focus The The challenge challenge facing facing managers managers isis to to continue continue investing investing sufficient... Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1 - 26 Value Chain and Supply Chain Analysis Supply Supply chain chain –– describes describes the the flow flow of of goods, goods, services, services, and and information information from from cradle cradle to to grave, grave, regardless regardless of of whether whether those those activities activities occur occur in in the the same... same organization organization or or other other organizations organizations ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1 - 27 Key Success Factors These are operational factors that directly affect the economic viability of the organization Cost Quality Cost –– organizations organizations Quality –– customers customers are are are under under continuous continuous...Planning and Controlling Management Accounting System Planning Budgets Control Accounting System Performance Evaluation Performance Reports Feedback Management Decision ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1 - 11 Planning and Controlling What is planning? Setting goals Predicting results Deciding how to attain goals ©2003 Prentice Hall Business Publishing,... Distinguish among the problemsolving, scorekeeping, and attention-directing roles of management accountants ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1 - 19 Problem Solving This involves comparative analysis for decision making This role asks: Of the several alternatives available, which is the best? ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster... Gross margin $17,000 29 $16,600 28 ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1 - 17 Feedback This involves managers examining past performance and systematically exploring alternative ways to make better informed decisions in the future ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1 - 18 Learning Objective 4 Distinguish... Cost Accounting 11/e, Horngren/Datar/Foster 1 - 12 Planning and Controlling What is control? Deciding and taking actions Deciding on performance evaluation and feedback ©2003 Prentice Hall Business Publishing, Cost Accounting 11/e, Horngren/Datar/Foster 1 - 13 Planning and Controlling What are budgets? They are quantitative expressions of a proposed plan of action They aid in the coordination and implementation
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