BUS 254 Study Guide - Midterm Guide: Management Accounting, Value Chain, Lean Manufacturing

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 254
• Professor: Hwee Cheng Tan

Document Summary

Study objectives: explain the distinguishing features of managerial accounting. Identify the three broad functions of management and the role of management accountants in an organizational structure: explain the importance of business ethics. Comparing managerial and financial accounting: similarities, they both deal with economic events, they both require economic events to be quantified and communicated to interested parties, differences. 3 broad management functions: planning, future-oriented (cid:499) looking ahead. It establishes objectives like: maximizes short-term profit and market share, commits to environmental protection, contributes to social programs, key objective: adds value to the business, directing. Just in time inventory methods: system where goods and created (cid:498)just in time(cid:499) for use, quality/total quality management (tqm) Implement a pull system: the product shouldn"t be made until a customer orders it: strive for perfection: deals with quality that the customer needs, balanced scorecard, performance-measurement approach that evaluates operations in an integrated faction.