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FIFTEENTH EDITION
4. Discuss the role accountants play in the companys value-chain functions. 5. Explain why accounting is important in a variety of career paths. 6. Identify current trends in management accounting. 7. Explain why ethics and standards of ethical conduct are important to accountants.
Learning Objective 1
Decision Making
Scorekeeping: Evaluate Organizational Performance Problem Solving: Assess Possible Courses of Action
Financial Statements
Learning Objective 2
Cost-benefit balance
Accounting information helps managers plan and control the organizations operations.
Planning: Setting objectives and outlining how the objectives will be obtained.
Control: Implementing plans and using feedback to evaluate the attainment of objectives.
Competitor analysis
Advertising impact New items report
Performance Reports
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Learning Objective 3
Performance reports: compare actual results with budgeted amounts provide feedback by comparing results with plans highlight variances
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Performance Reports
Mayfair Starbucks Store, March 31, 20X1
Sales Less: Ingredients Store labor Other labor Utilities, etc. Total expenses Operating income
Budget $50,000 22,000 12,000 6,000 4,500 $44,500 $ 5,500 Actual $50,000 24,500 11,600 6,050 4,500 $46,650 $ 3,350 Variance 0 $2,500 U 400 F 50 U 0 $2,150 U $2,150 U
Product life cycle refers to the various stages through which a product passes.
No Sales
Sales Growth
Product Development
Introduction to Market
Mature Market
Phase-out Product
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Service
Customer Focus
Distribution
Marketing
Production
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Learning Objective 4
Management
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Cross-functional teams: Found in modern, flatter organizations; Functional areas work together in decision-making process.
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Accounting Function
Chief Financial Officer (CFO)
Controller Functions
Planning for control Reporting and interpreting Evaluating and consulting Tax administration
Treasurer Functions
Provision of capital
Investor relations Short-term financing Banking and custody
Government reporting
Protection of assets Economic appraisal
Learning Objective 6
Shift from a manufacturing-based to a service-based economy Increased global competition Advances in technology Changes in business processes
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