Kế toán, kiểm toán - Chapter 01: Managerial accounting: an overview

Managerial Accounting: An OverviewChapter 01McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.Financial and Managerial Accounting: Seven Key DifferencesWork of Management PlanningDecision MakingControllingPlanningEstablish Goals.Specify How Goals Will Be Achieved.Develop Budgets.ControllingThe control function gathers feedback to ensure that plans are being followed. Feedback in the form of performance reportsthat compare actual results with the budgetare an essential part of the control function.Decision MakingDecision making involves making a selection among competing alternatives.What should we be selling?Who should we be serving?How should we execute?Certified Management AccountantA management accountantwho has the necessary qualifications and who passes a rigorous professional exam earns the right to be known as a Certified Management Accountant (CMA).Strategic Management SkillsA strategyis a “game plan”that enables a companyto attract customersby distinguishing itselffrom competitors.The focal point of acompany’s strategy shouldbe its target customers.Enterprise Risk ManagementA process usedby a company toproactively identifyand manage risk.Once a company identifies its risks, perhaps themost common risk management tactic is to reduce risks by implementing specific controls.Should I try to avoid the risk, accept the risk, or reduce the risk? Process ManagementBusiness functions making up the value chain Product Customer R&D Design Manufacturing Marketing Distribution ServiceA businessprocess is a series ofsteps that are followed in order tocarry out some task ina business.Lean ProductionCustomer places an orderCreate Production OrderGenerate component requirementsProduction begins as parts arriveGoods delivered when neededComponents are orderedLean Production is often called Just-In-Time (JIT) production. A constraint (also called a bottleneck) is anything that prevents you from getting more of what you want. The Theory of Constraints (TOC) is based on the observation that effectively managing the constraint is the key to success. The constraint in a system is determinedby the step that has the smallest capacity.Theory of ConstraintsMeasurement SkillsA good manager compliments an understanding of strategy, risks, and business processes with data-driven analysis.The key to effective analysis is to understand that the question you are addressing defines what you measure and how you analyze the data.Measurement SkillsControllingPlanningDecisionMaking The primary purpose of this course is to teach measurement skills that managers use to support planning, controlling, and decision making activities.End of Chapter 01