1 / 17

A325 Cost Accounting

A325 Cost Accounting. January 9, 2012. What we will do today. Introduce the course and ourselves Go over the syllabus Have an abbreviated discussion of chapters 1 and 2. Get started with Chapter 3. Syllabus. Syllabus - materials. Cost Management: A strategic emphasis

jayden
Download Presentation

A325 Cost Accounting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. A325Cost Accounting January 9, 2012 A325 - Reed Smith

  2. What we will do today • Introduce the course and ourselves • Go over the syllabus • Have an abbreviated discussion of chapters 1 and 2. • Get started with Chapter 3 A325 - Reed Smith

  3. Syllabus A325 - Reed Smith

  4. Syllabus - materials Cost Management: A strategic emphasis Blocher, Chen, Cokins, and Lin (5ed) A325 - Reed Smith

  5. Syllabus - the way things work • Regular updates/modifications to they syllabus will be on ONCOURSE • YOU ARE RESPONSIBLE FOR THESE A325 - Reed Smith

  6. Syllabus A325 - Reed Smith

  7. A little about me… Reed Smith Accounting (BS, MAcc Tennessee) (PhD, Ohio State) (Faculty: Texas, Oregon, SUNY-Buffalo, Indiana University) e-mail: jrsmith2@iupui.edu I am a big college football enthusiast. I also like to sail and swim. I play Zimbabwean music on Marimba and Mbira. I used to play guitar, but don’t find much time to do that any more. A325 - Reed Smith

  8. Four Functions of Management Strategicmanagement Planning anddecision making Management and operational control Preparation offinancial statements A325 - Reed Smith

  9. Strategic cost management is the development of cost management information to facilitate the principal management function, strategic management Strategic Cost Management A325 - Reed Smith

  10. Strategic Management Strategic management requires: • Anticipating changes • Understanding the business andcompetitive environment • Ability to make changes quickly • Ability to identify and solve problemsfrom a cross-functional view A325 - Reed Smith

  11. Wholesalers Retailers Types of Organizations Merchandisers Manufacturers Servicefirms Government and Not-for-profit A325 - Reed Smith

  12. Changes in Business Environment • Increase in global competition • Advances in manufacturing technologies • Advances in information technologies • Greater focus on the customer • New forms of management organization • Social, political, and cultural changes A325 - Reed Smith

  13. Target Costing Identify product opportunity. Determine price that wouldmake product competitive. Determine if product can be made at cost sufficiently low to provide a desired profit. A325 - Reed Smith

  14. The Value Chain • The value chain is an analysis tool firms use to identify the specific steps required to provide a product or service to the customer • An analysis of the firm’s value chain helps management discover: • which steps or activities are not competitive • where costs can be reduced • which activity should be outsourced A325 - Reed Smith

  15. The Balanced Scorecard The balanced scorecard is an accounting report that includes the firm’s critical success factors in four areas: • Financial performance • Customer satisfaction • Internal business processes • Innovation and learning A325 - Reed Smith

  16. The Balanced Scorecard Learning improvesbusiness processes. Improved businessprocesses improvecustomer satisfaction. Improving customersatisfaction improvesfinancial results. A325 - Reed Smith

  17. Strategic Positioning Firms arrive at one of two competitive strategies: • Cost leadership is a competitive strategy in which a firm succeeds in producing products or services at the lowest cost in the industry • Differentiation is a competitive strategy in which a firm succeeds by developing and maintaining a unique value for the product as perceived by consumers A325 - Reed Smith

More Related