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ACCT 152

An Overview 2/12/2013 7:21:00 AM Managing  Planning o Establish goals and objectives o Budget  Controlling o Gather feedback and ensuring execution o Ask questions and answer them about the process taken o Performance reports  compares budgeted data to actual data to learn from good/bad performance  Decision Making o Selecting course of action Strategic Management Skills  Strategy o Company’s game plan  Customer Value Proposition o Survive only if people chose you over competitors o Categories  Customer intimacy  Customize to personal  Operational excellence  Serve faster and better  Product leadership  Higher quality Enterprise Risk Management  Process used to identify risk and develop responses to them so goals can be met o Accepting o Avoiding o Reducing  Implement controls Process Management  Business process o Series of steps used to carry out business task  Value Chain o Major business functions that add value to business Lean Production (JIT)  Management approach that organizes resources around the flow of the business processes and that only produces units in response to customer orders Theory of Constraints  Constraint o Anything that prevents you from getting more of what you want  TOC o Managing constraints is key to success Measurement Skills  Need to answer questions on the table to be successful Leadership Skills  Technically competent  High integrity  Understand how to implement change  Communication skills  Motivating yourself and others  Manage team based decision process Code of Conduct for CMAs  IMA’s statement of ethical professional practices 2 parts 4 sections  High level of professional competence  Treat sensitive matters confidentially o Part 2  What to do if evidence of misconduct is noted Corporate Social Responsibility  Organizations consider needs of all stakeholders when making decisions Managerial Accounting and Cost Concepts 2/12/2013 7:21:00 AM Manufacturing/Product Costs  Direct Materials o Raw materials  Direct  Part of the finished good and traceable  Indirect  Part of good but not traceable (glue/solder)  PART OF MOH  Labor o Direct  Traced to the end good o Indirect  Needed to make good but not used to directly make good  PART OF MOH  MOH o all manufacturing except DL and DM o IDL, IDM, maintenance/repairs on production, heat and lighting, property tax, depreciation, insurance  Product o Assigned to an inventory account on balance sheet and when its sold it goes from inventory to an expense Nonmanufacturing Costs/Period Costs  Selling o Costs to secure customer orders and get product to customer  Admin Costs o Associated with general management of the company  Compensation to managers and people not part of production  Period Costs o Expensed on income statement in period which they are used to keep the matching principle Prime Costs  Sum of DL, DM, and MOH Conversion Cost  Sum of DL and MOH Cost Behavior  How a cost reacts to changes in level of activity Variable Costs  Changes in relation to production and activity  Activity Base/Cost Driver o Measure of whatever causes the incurrence of variable cost Fixed Cost  Remains constant in total regardless of change in activity o ex. Straight line depreciation, insurance, salary  Fixed cost per unit becomes progressively smaller with higher volume because same cost is spread out over more units Relevant Range  Range of activity within which the assumption that cost behavior is linear Mixed Costs  Y=a + bX o Y=total mixed cost o a=total fixed costs o b=cost per unit of activity o X=level of activity COGS  COGS=Begin Merch In + Purchases – End Merch End Quality Control  Quality Cost o All costs incurred to prevent defects or that result for defects  Prevention Costs o Supports activities whose purpose is to reduce number of defects  Development, engineering  Appraisal Costs o Identify defective products before shipped out  Tests and inspection  Internal Failure Cos
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