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Accounting
Prof. Pamela Gonzalez
Source: Cornerstones of Managerial Accounting, 5e
Managerial Accounting
Managerial accounting is providing accounting information for a companys
internal users.
Objectives:
1
2
3
Planning
The detailed formulation of action
to achieve a particular end.
Setting
Objectives
Identifying
methods to
achieve those
objectives
Controlling
The managerial activity of
monitoring a plans
implementation and taking
corrective action as needed.
Actual
Performance
Expected
Performance
Decision Making
The process of choosing among
competing alternatives.
Financial
Accounting
Managerial
Accounting
Customer Orientation
Customer value is a key focus
Firms can establish a competitive
advantage by creating better customer
value for the same or lower cost than
competitors
Strategic Positioning
Cost Leadership: Provide the same or better value to customers at a lower cost
than competitors.
Superior products through differentiation: Increase customer value by
providing something to customers not provided by competitors.
Value Chain
Set of activities required to design,
develop, produce, market, and deliver
products and services, and provide
support services to customers.
Efficiency
For efficiency measures to be of value, costs
must be properly defined, measured, and
assigned
Role of Managerial
Accountant
Assist those who are responsible for
carrying out an organizations basic
objectives.
Positions that have direct responsibility for the
basic objectives of an organization are line
positions
Positions that are supportive in nature and
have only indirect responsibility for an
organizations basic objectives are staff
positions
The controller supervises all accounting
functions and reports directly to the general
manager and chief operating officer.
Certification
Three major forms of certification for managerial accountants:
o Certificate in Management Accounting
o Certificate in Public Accounting
o Certificate in Internal Auditing
Each certification offers particular advantages to a managerial accountant.
All three certifications offer proof of achievement at a minimum level of
professional competence.
Questions!