Professional Documents
Culture Documents
McGraw-Hill/Irwin
Learning
Objective
1
McGraw-Hill/Irwin
1-3
Learning
Objective
2
McGraw-Hill/Irwin
Acquires Resources
Decision
Making
Organized set
of activities
Controlling
Planning
Hires People
1-5
Learning
Objective
3
McGraw-Hill/Irwin
Learning
Objective
4
McGraw-Hill/Irwin
Financial Accounting
Interested parties, outside the organization.
Required and must conform to generally accepted
accounting principles. Regulated by the Financial
Accounting Standards Board, and, to a lesser
degree, the Securities and Exchange
Commission.
Source of Data The organization's basic accounting system, plus Almost exclusively drawn from the organization's
various other sources, such as rates of effective basic accounting system, which accumulates
products manufactured, physical quantities of
financial information.
material and labor used in production, occupancy
rates in hotels and hospitals, and average take-off
delays in airlines.
Nature of Reports and Reports often focus on subunits within the
Reports focus on the enterprise in its entirety.
Procedures organization, such as departments, divisions,
Based almost exclusively on historical transaction
geographical regions, or product lines. Based on a data.
combination of historical data, estimates, and
projections of future events.
1-9
Learning
Objective
5
McGraw-Hill/Irwin
1-11
Learning
Objective
6
McGraw-Hill/Irwin
Controller
The chief managerial and financial accountant
responsibility for:
Supervising accounting personnel
Preparation of information and reports, managerial
and financial
Analysis of accounting information
Planning and decision making
1-13
Treasurer
Responsible for raising capital and safeguarding the
organizations assets.
Supervises relationships with financial institutions.
Work with investors and potential
investors.
Manages investments.
Establishes credit policies.
Manages insurance coverage
1-14
Internal Auditor
Responsible for reviewing accounting procedures,
records, and reports in both the controllers and the
treasurers area of responsibility.
Expresses an opinion to top
management regarding the
effectiveness of the
organizations accounting
system.
1-15
Learning
Objective
7
McGraw-Hill/Irwin
Costs and
Benefits
Information
and Incentives
Evolution and
Adaptation
Managerial
Accounting
1-17
Service vs.
Manufacturing Firms
Emergence of New
Industries
Global Competition
Focus on the Customer
Cross-Functional Teams
Change
Information and
Communication
Technology
Just-in-Time Inventory
Total Quality Management
Continuous Improvement
1-18
Cost
Management
System
1-19
Learning
Objective
8
McGraw-Hill/Irwin
Start
Marketing
Distribution
Customer
Service
1-21
Learning
Objective
9
McGraw-Hill/Irwin
1-23
Learning
Objective
10
McGraw-Hill/Irwin
Managerial Accounting as a
Career
Professional Organizations
Institute of Management Accountants (IMA)
Publishes
Management
Accounting
and research
studies.
Administers
Certified
Management
Accountant
program
Develops
Standards of
Ethical
Conduct for
Management
Accountants
1-25
Professional Ethics
Competence
Confidentiality
Integrity
Credibility
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End of Chapter 1
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