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1 Introduction to Managerial Accounting © 2007 Pearson Education Canada Slide 1-1 Management Accounting for Managers • Management accounting exists because managers require information to make decisions • Primary focus of management accounting is towards users within an organization • Management accounting does not exist to generate data, but it exists because managers require information for decisions Framework for Management Accounting Strategic Planning Focus on organization’s objectives Management Control Effectiveness and efficiency of resource use Operational Control Effectiveness and efficiency of tasks © 2007 Pearson Education Canada Slide 1-2 Frameworks for Management Accounting OPERATIONAL MANAGEMENT STRATEGIC CONTROL CONTROL PLANNING Accounts receivable Budget analysis Tanker fleet mix Structured SemiStructured Order entry Short-term forecasting Warehouse and factory location Inventory reordering Inventory control Engineered costs Variance analysis Mergers and acquisitions Production scheduling Bond trading Cash management Overall budget Budget preparation Capital acquisition analysis New product planning Sales and production R and D planning Unstructured PERT COST systems © 2007 Pearson Education Canada Slide 1-3 Management Decision Process Identify the problem Perform the necessary quantitative and qualitative analyses Identify alternative solutions to the problem Evaluate the alternative solutions Recommend one of the alternative solutions Implement the recommendation © 2007 Pearson Education Canada Slide 1-4 Management Major Means: Accounting Information Major Ends: Helping Decisions Problem-solving information Managers for long-range planning and special decisions Attention-directing information Managers for planning and controlling routine operations Scorekeeping information Outsiders for investors, tax collectors, regulators & others © 2007 Pearson Education Canada Slide 1-5 Planning and Controlling Planning Evaluation Action • Planning involves setting objectives and the means to their attainment • What is desired? • When and how is it to be accomplished? • How is success to be evaluated? • Controlling involves the implementation of plans and the use of feedback to monitor achievements © 2007 Pearson Education Canada Slide 1-6 Product Life Cycle • The various stages through which a product passes, from conception and development through introduction into the market through maturation and, finally, withdrawal from the market Sales over Typical Product Life Cycle Product Development © 2007 Pearson Education Canada Introduction to Market Mature Market Phase-Out of Product Slide 1-7 The Value Chain • Value chain is the set of business functions that add value to the products or services of an organization Research and Development Product & Service Process Design Customer Service CUSTOMER FOCUS Distribution Production Marketing © 2007 Pearson Education Canada Slide 1-8 Distinctions Between Management Accounting and Financial Accounting Management Accounting Financial Accounting Organization managers External parties Costs versus benefits G.A.A.P Behavioural Implications Influence on managerial behaviour Measurement of economic activity Time Focus Future orientation Past orientation Time Span Flexible Less flexible Reports Detailed Summary reports Less sharply defined More sharply defined Primary Users Choices Activities © 2007 Pearson Education Canada Slide 1-9
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