Presentation is loading. Please wait.

Presentation is loading. Please wait.

Management Accounting 1 Syllabus--Read this carefully. It is a contract.

Similar presentations


Presentation on theme: "Management Accounting 1 Syllabus--Read this carefully. It is a contract."— Presentation transcript:

1 Management Accounting 1 Syllabus--Read this carefully. It is a contract.

2 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Professor Daly’s Website Syllabus, lecture notes, quiz and test grades, etc. /12.php /12.php

3 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Classroom Conduct Class starts promptly at:  10:30 for sections A  1:30 for sections A

4 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Classroom Conduct You are expected to prepare for class:  Read the chapter in textbook  Write answers to assigned questions, exercises and problems.

5 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Classroom Conduct Bring your textbook and a calculator to class. No computer use during class. Show respect for me and your classmates by turning off your cell phone prior to class.

6 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Required text : Managerial Accounting, 13th Edition, Garrison Noreen, and Brewer, International Edition Connect, online program, access code included on postcard inserted in textbooks sold at university bookstore

7 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill To Register for Connect On the worldwide web, go to the online address (URL) for your section of the course. (Address distributed in class) Enter the access code, and other items requested

8 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Connect URL for assistance hp hp This site provides instructions for registration and using Connect

9 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Connect Assignments Assignments preceded by a barbell symbol are for Practice. These may be completed at any time, may be re-worked with different fact patterns, and are ungraded. Practice with these before attempting the graded assignments.

10 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Connect Assignments Assignments preceded by a “page” symbol are graded. Must be completed by the end date indicated in the Availability column--- only 1 attempt permitted. Due by midnight on Friday of the week in which assigned.

11 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Additional Online Learning For supplemental material such as: chapter outlines videos practice quizzes

12 Managerial Accounting and the Business Environment Chapter 1

13 Managerial Accounting and Financial Accounting Managerial accounting provides information for managers of an organization who direct and control its operations. Financial accounting provides information to stockholders, creditors and others who are outside the organization.

14 Expanding Role of Managerial Accounting Increasing complexity and size of organizations Rapid development and implementation of technology Regulatory environment World-wide competition Increased emphasis on quality Factors that increase the need for managerial accounting information

15 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Traditional “Push” Manufacturing Company Forecast Sales Order components Produce goods in Anticipation of Sales Make Sales from Finished Goods Inventory Store Inventory

16 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Traditional “push” manufacturing Traditional “Push” Manufacturing Company Large inventories Finished goods Raw materials Work in process Materials waiting to be processed. Completed products awaiting sale. Partially completed products requiring more work before they are ready for sale.

17 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Lean Production Exhibit 1-6 The lean thinking model is a five step approach.  Identify value in specific products/services.  Identify the business process that delivers value.  Organize work arrangements around the flow of the business process.  Create a pull system that responds to customer orders.  Continuously pursue perfection in the business process.

18 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill Customer Places an Order Create Production Order Generate Component Requirements Production Begins as Parts Arrive Goods Delivered when needed Components are Ordered Lean Production The five step process results in a “pull” manufacturing system that reduces inventories, decreases defects, reduces wasted effort, and shortens customer response times.

19 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill A constraint (also called a bottleneck) is anything that prevents you from getting more of what you want. The Theory of Constraints is based on the observation that effectively managing the constraint is the key to success. The constraint in a system is determined by the step that has the smallest capacity. Theory of Constraints

20 © The McGraw-Hill Companies, Inc., 2000 Irwin/McGraw-Hill 4. Recognize that the weakest link is no longer so. 1. Identify the weakest link. 2. Allow the weakest link to set the tempo. 3. Focus on improving the weakest link. Only actions that strengthen the weakest link in the “chain” improve the process. Theory of Constraints

21 Importance of Ethics in Accounting Ethical accounting practices build trust and promote loyal, productive relationships with users of accounting information. Many companies and professional organizations, such as the Institute of Management Accountants (IMA), have written codes of ethics which serve as guides for employees.

22 IMA Code of Ethics for Management Accountants Competence Confidentiality Integrity Credibility Resolution of Ethical Conflict

23 IMA Code of Ethics for Management Accountants Follow applicable laws, regulations and standards. Prepare complete and clear reports after appropriate analysis. Maintain professional knowledge and skills. Competence

24 IMA Code of Ethics for Management Accountants Do not disclose confidential information unless legally obligated to do so. Ensure that subordinates do not disclose confidential information. Do not use confidential information for personal advantage. Confidentiality

25 IMA Code of Ethics for Management Accountants Avoid conflicts of interest and advise others of potential conflicts. Recognize and communicate personal and professional limitations. Do not subvert organization’s legitimate objectives. Integrity

26 IMA Code of Ethics for Management Accountants Integrity Avoid activities that could affect your ability to perform duties. Communicate unfavorable as well as favorable information. Refrain from activities that could discredit the profession. Refuse gifts or favors that might influence behavior.

27 IMA Code of Ethics for Management Accountants Credibility Disclose deficiencies or delays in information, timeliness, or internal controls

28 IMA Code of Ethics for Management Accountants Credibility Communicate information fairly and objectively. Disclose all information that might be useful to management.

29 Resolution of Ethical Conflict  Follow established policies.  For unresolved ethical conflicts:  Discuss the conflict with immediate superior.  If immediate superior is the CEO, consider the board of directors or the audit committee.  Except where legally prescribed, maintain confidentiality. IMA Code of Ethics for Management Accountants

30 Resolution of Ethical Conflict  Clarify issues in a confidential discussion with an objective advisor.  Consult an attorney as to legal obligations.  The last resort is to resign. IMA Code of Ethics for Management Accountants


Download ppt "Management Accounting 1 Syllabus--Read this carefully. It is a contract."

Similar presentations


Ads by Google