Managerial Accounting and the Business Environment Class One.

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Presentation transcript:

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. The focal point of a company’s strategy should be its target customers.

Customer Value Propositions Understand and respond to individual customer needs. Customer Intimacy Proposition Operational Excellence Proposition Deliver products and services faster, more conveniently, and at lower prices. Product Leadership Proposition Offer higher quality products.

Work of Management Planning Controlling Directing and Motivating

Planning Identify alternatives. Select alternative that does the best job of furthering organization’s objectives. Develop budgets to guide progress toward the selected alternative.

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.

Controlling The control function ensures that plans are being followed. Feedback in the form of performance reports that compare actual results with the budget are an essential part of the control function.

Planning and Control Cycle Decision Making Formulating long- and short-term plans (Planning) Measuring performance (Controlling) Implementing plans (Directing and Motivating) Comparing actual to planned performance (Controlling) Begin

Organizational Structure Board of Directors President SalesPersonnel Vice President Operations Chief Financial Officer TreasurerController Corporate Organization Chart

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

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

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 or the audit committee.  The last resort is to resign. Resolution of an Ethical Conflict

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