BMGT221 Notes

BMGT221 Notes - Chapter 1: I ntroduction to Managerial...

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Unformatted text preview: Chapter 1: I ntroduction to Managerial Accounting Mangers Responsibilities- Decision Making o Planning, ->Setting goals and objectives o Directing -> Overseeing day to day operations o Controlling -> Evaluating results of operation Objective 2: Financial accounting vs. Managerial accounting Financial:- External, Users make investing and lending decisions- Used to asses, not for decision making- General Purpose Financial Statements- GAAP determines what is in reports- Based on historical transactions with external parties- Data must be reliable and objectives Managerial- Internal repots for management- Plan, Direct, Control, Decide - Management decides what to include in reports- Based on internal and external transactions, focuses on future- Data must be relevant Objective 3: Describe organizational structure of companies 1. Board of Directors 2. Chief Executive Officer 3. Chief Operating officer i. Vice Presidents b. Chief Financial Officer i. Treasurer, Controller, Internal Audit Changing Roles of Management Accountants- Ensuring accurate financial records o Helping to design information systems o Recording non-routine transactions o Making adjustments to financial records- Planning, analyzing, and interpreting accounting data- Providing decision support Required Skills- Knowledge of financial and managerial accounting- Analytical skills- Knowledge of how a business functions- Ability to work on a team- Oral and written communications skills I MA- Professional association for management accountants- Goal o Advance Managerial accounting profession through Certification Practice Development Education Networking- Certifications o Certified Management Accountant (CMA) (CFM) Summary of Ethical Standards- Competence, Confidentiality, Integrity, Officially Ethical Dilemmas- Follow companys policies for reporting unethical behavior- If not resolved o Discuss with immediate supervisor o Discuss with objective advisor/IMA Ethics counselor...
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BMGT221 Notes - Chapter 1: I ntroduction to Managerial...

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