Accouting 305

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ebonyprep
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133161
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Accouting 305
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2012-02-06 00:38:26
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  1. Financial Accounting
    Takes economic event and transactions and turns info into something management can understand
  2. ERP
    Accounting systems that collects data useful for different departments.
  3. Management accounting
    measures analyzes and reports fin and non fin info to help managers make decisions to fulfill the goals of an organization.
  4. Cost accounting
    provides info for management and fin accounting. measures analyzes and reports fin and nonfin info relating to costs of acquiring or using resources in an org

    ex: calculating the cost of a product answers fin and nonfin info
  5. Cost management
    activities of managers to use resources to increase value to customers and to achieve organiztional goals.
  6. Rules of measurement for Management Accounting
    internal measurements and reports based on cost benefit
  7. Management accounting is designed to influence
    managers and other employees
  8. financial accounting influences
    behavior through managers compensation based on reported financial results.
  9. Strategy
    how organization matches capabilities with its opportunities
  10. Strategic cost management
    cost mangement that specifcally focus on strategic issues
  11. Value chain
    sequence of business functions in which a customers usefulness is added to products:

    • Research and development
    • design of product
    • Production
    • Marketing
    • Distribution
    • Customer Service
  12. Supply Chain
    describes the flow of goods and services from initial resource material to delivery of product
  13. Key Success Factors within the value chain and supply chain
    • Cost and efficiency
    • Quality
    • Time (new product time)
    • Innovation
  14. 5 Step Decision Making Process
    • Identify Problem/Uncertainty
    • Obtain infor/gain a better understanding
    • Make predictions about future
    • Make decision about choosing alternatives
    • Implementation/Evaluation
    • *Budget is the most important tool in plan
  15. Cost Benefit Approach
    relying on accounting info to quantify cost and expected benefits
  16. Behavioral & Technological Considerations
    • Technical- economic decisions
    • Behavioral- human side better collabortions
  17. Different cost for diff purpose
    costs can be diff for fin and management one internal or external
  18. Line Management
    deals w/ production, marketing & manfacturing responsible for attaining goals
  19. Staff Management
    IS, HR & accounting assist line management
  20. CFO
    executive oversees fin operations of org also includes these:

    • Controllership- fin info for reports/operation of accounting system
    • Treasury- banking and short term financing
    • Risk Management- includes risk of int rate and exchange
    • Taxation- sales, income, and international
    • investor relations
    • internal audit- review financial reports
  21. Controller
    • chief accounting officer
    • global fin planning
    • operations admin
    • profitability reporting
    • inventory
    • royalties
    • general ledger
    • ap/ar
    • subsidary ledger
  22. Sarbnes Oxley
    improving internal control, corp gov, monitor of managers and disclosure practice for public corps
  23. Code of Ethics principal/practice
    • honesty, fairness, objectivity and responsibility
    • shall behave ethically
  24. 4 standards for ethical behavior code
    competence, confidentiality, integrity, credibility
  25. Competence
    • continous knowledge of feild
    • professional duties performed in accordance with laws and regulations
    • recognize and communicate professional limitations
  26. Confidentiality
    • inform relevant parties of confidential
    • refrain from using confidential information or unethical and illegal advantage
  27. Integrity
    • mitgate conflict of interest
    • refrain from conduct engaging in prejudice
    • refrain from supporting any activity that might discredit the profession
  28. Credibility
    • communicate information fairly and objectively
    • disclose info that would influence users
    • disclose delays/denfencies
  29. iewFinancial AccountingTakes economic event and transactions and turns info into something management can understandERPAccounting systems that collects data useful for different departments.Management accountingmeasures analyzes and reports fin and non fin info to help managers make decisions to fulfill the goals of an organization.Cost accountingprovides info for management and fin accounting. measures analyzes and reports fin and nonfin info relating to costs of acquiring or using resources in an org ex: calculating the cost of a product answers fin and nonfin infoCost managementactivities of managers to use resources to increase value to customers and to achieve organiztional goals.Rules of measurement for Management Accountinginternal measurements and reports based on cost benefitManagement accounting is designed to influencemanagers and other employeesfinancial accounting influencesbehavior through managers compensation based on reported financial results.Strategyhow organization matches capabilities with its opportunitiesStrategic cost managementcost mangement that specifcally focus on strategic issuesValue chainsequence of business functions in which a customers usefulness is added to products:Research and development design of product Production Marketing Distribution Customer ServiceSupply Chaindescribes the flow of goods and services from initial resource material to delivery of productKey Success Factors within the value chain and supply chainCost and efficiency Quality Time (new product time) Innovation5 Step Decision Making ProcessIdentify Problem/Uncertainty Obtain infor/gain a better understanding Make predictions about future Make decision about choosing alternatives Implementation/Evaluation *Budget is the most important tool in planCost Benefit Approachrelying on accounting info to quantify cost and expected benefitsBehavioral & Technological ConsiderationsTechnical- economic decisions Behavioral- human side better collabortionsDifferent cost for diff purposecosts can be diff for fin and management one internal or externalLine Managementdeals w/ production, marketing & manfacturing responsible for attaining goalsStaff ManagementIS, HR & accounting assist line managementCFOexecutive oversees fin operations of org also includes these:Controllership- fin info for reports/operation of accounting system Treasury- banking and short term financing Risk Management- includes risk of int rate and exchange Taxation- sales, income, and international investor relationsinternal audit- review financial reportsControllerchief accounting officer global fin planning operations admin profitability reporting inventory royalties general ledger ap/ar subsidary ledgerSarbnes Oxleyimproving internal control, corp gov, monitor of managers and disclosure practice for public corpsCode of Ethics principal/practicehonesty, fairness, objectivity and responsibility shall behave ethically4 standards for ethical behavior codecompetence, confidentiality, integrity, credibilityCompetencecontinous knowledge of feildprofessional duties performed in accordance with laws and regulationsrecognize and communicate professional limitationsConfidentialityinform relevant parties of confidential refrain from using confidential information or unethical and illegal advantageIntegritymitgate conflict of interest refrain from conduct engaging in prejudice refrain from supporting any activity that might discredit the professionCredibilitycommunicate information fairly and objectively disclose info that would influence users disclose delays/denfencies

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