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Janurary 20 - Managerial Accounting TA Notes January 20...

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Managerial Accounting TA Notes, January 20 Cross-functional perspective ~management accountants must understand many functions of the business to manage the value chain ~a decision affecting one function affects the others ~this perspective allows management to see the big picture and ~increase quality, reduce time, and improve efficiency Total quality Management (TQM) ~"acceptable quality" attitude is unacceptable ~a philosophy of perfect products (0 defects) ~management accounting must provide both financial and non-financial information about quality ~continuous improvements in fundamental Time as a competitive element ~time is crucial in all phases of the value chain ~companies try to eliminate non-value-adding time ~managers must be able to respond quickly and decisively to changing market conditions Efficiency ~both financial and non-financial measures are needed ~cost is a critical measure of efficiency ~to be effective cost must be ~measured ~defined ~assigned Objective 4: describe the role of managerial accountants in an organization Structure of the Company ~staff position
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