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Summary Managerial Accounting 1 (MAC)

8 reviews
 19 purchases
  • Course
  • Managerial Accounting
  • Institution
  • Hanzehogeschool Groningen (Hanze)
  • Book
  • Horngren\\\'s Financial

This is a summary for the course Managerial Accounting 1. It refers to the Chapters 16, 17, 19, 20, 22, 24, and 25 of the book "Horngren's Financial and Managerial Accounting: the Managerial Chapters".

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Document information

  • No
  • Chapters 16, 17, 18, 19, 20, 22, 24, 25
  • September 2, 2019
  • 23
  • 2018/2019
  • Summary

Subjects

  • mac
  • managerial accouting
  • accounting
  • international business
  • international business year 1

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Written for

  • Hanzehogeschool Groningen (Hanze)
  • International Business and Management Studies
  • Managerial Accounting
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Managerial
Accounting 1
IB YEAR 1 PERIOD 3

,INTRODUCTION TO MANAGERIAL
ACCOUNTING

WHY IS MANAGERIAL ACCOUNTING IMPORTANT?



Managerial Accounting:

- Planning: choosing goals and deciding how to achieve them
- Budget: a financial plan that managers use to coordinate a business’s activities
- Controlling: implementing plans and evaluating the results of business operations
by comparing the actual results to the budget
- Cost/Benefit Analysis: weighing costs against benefits to help make decisions


Financial Accounting Managerial Accounting
Primary users External: investors, creditors, and Internal: the company’s managers
government authorities and employees
Purpose of Help investors and creditors make Help managers and employees
information investment and credit decisions plan and control operations
Focus and Relevant and faithfully Relevant information and focus on
time representative information and the future
dimension of focus on the past
the
information
Rules and Required to follow GAAP; public Not required to follow GAAP
restrictions companies required to be audited
by an independent CPA
Scope of Summary reports prepared Detailed reports prepared on parts
information primarily on the company as a of the company; often on a daily or
whole; usually on a quarterly or weekly basis
annual basis
Behavioral Concern about adequacy of Concern about how reports will
disclosures; behavioral affect employee behavior
implications are secondary



Management Accountability: the manager’s responsibility to wisely manage the
resources of an organization

, Stakeholders Provide Management Accountability
Operating Activities
Suppliers Products and Services Making timely payments to suppliers
Employees Time and expertise Providing a safe and productive work
environment and paying wages and
salaries
Customers Cash Providing products and services that
are safe and defect free; backing up
the products and services provided
Investing Activities
Asset vendors Long-term assets Making timely payments to vendors
Financing Activities
Investors Cash and other assets Providing a return on investment
Creditors Cash Repaying principal and interest
Actions that Affect
Society
Governments Permission to operate Obeying laws and paying taxes
Communities Human and physical Operating in an ethical manner to
resources support the community; ensuring the
company’s environmental impact does
not harm the community



Today’s Business Environment:

- Shift Toward a Service Economy
- Global Competition
- Time-Based Competition
- Enterprise Resource Planning (ERP): software system that can integrate
all of a company’s functions, departments, and data into a single system
- E-commerce
- Just-in-Time (JIT) Management: a cost management system in which a
company produces products just in time to satisfy needs. Suppliers deliver
materials just in time to begin production and finished units are completed
just in time for delivery to the customer
- Total Quality Management (TQM): a philosophy designed to integrate all
organizational areas in order to provide customers with superior products and
services, while meeting organizational goals throughout the value chain; continuous
improvements
- The Triple Bottom Line: evaluating a company’s performance by its economic
(profits), social (people), and environmental (planet) impact


Ethical Standards: developed by the Institute of Management Accountants (IMA)

- Maintain professional competence
- Preserve confidentiality of information
- Act with integrity and credibility

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