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Managerial Accounting and the Business Environment

Managerial Accounting and the Business Environment. Class One. Comparison of Financial and Managerial Accounting. Strategy. A strategy is a “game plan” that enables a company to attract customers by distinguishing itself from competitors.

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Managerial Accounting and the Business Environment

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  1. Managerial Accounting and the Business Environment Class One

  2. Comparison of Financial and Managerial Accounting

  3. Strategy A strategyis a “game plan”that enables a companyto attract customersby distinguishing itselffrom competitors. The focal point of acompany’s strategy shouldbe its target customers.

  4. CustomerIntimacyProposition Understand and respond toindividual customer needs. OperationalExcellence Proposition Deliver products and servicesfaster, more conveniently,and at lower prices. ProductLeadership Proposition Offer higher quality products. Customer Value Propositions

  5. Work of Management Planning Directing and Motivating Controlling

  6. Select alternative that does the best job of furtheringorganization’s objectives. Develop budgets to guideprogress toward theselected alternative. Planning Identifyalternatives.

  7. Directing and Motivating Directing and motivating involves managing day-to-day activities to keep the organization running smoothly. • Employee work assignments. • Routine problem solving. • Conflict resolution. • Effective communications.

  8. Controlling The control function ensuresthat plans are being followed. Feedback in the form of performance reportsthat compare actual results with the budgetare an essential part of the control function.

  9. Planning and Control Cycle Formulating long-and short-term plans (Planning) Begin Comparing actualto planned performance (Controlling) Implementing plans (Directing and Motivating) DecisionMaking Measuringperformance (Controlling)

  10. Organizational Structure Corporate Organization Chart

  11. Code of Conduct forManagement Accountants The Institute of Management Accountant’s (IMA) Standards of Ethical Conduct for Practitionersof Management Accounting and Financial Management have two major parts offering guidelines for:  Ethical behavior.  Resolution for an ethical conflict.

  12. Ethical Behavior Four broad areas of responsibility: • Maintain a high level of professional competence • Treat sensitive matters with confidentiality • Maintain personal integrity • Be objective in all disclosures

  13. Resolution of an Ethical Conflict • Follow established policies. • For unresolved ethical conflicts: • Discuss the conflict with immediate superior. • Make reference to the Sarbanes-Oxley Act passed by Congress in 2002 in part to give legal protection to those reporting corporate misconduct. • Consider the board of directors orthe audit committee. • The last resort is to resign.

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