Exam#1 Study Guide

Exam#1 Study Guide - BMGT 221 EXAM#1 Study Guide CH-1 A....

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BMGT 221 EXAM#1 Study Guide CH-1 A. Four primary Responsibilities (PPT) 1. Planning 2. Directing 3. Controlling 4. Decision making EX: B. Managerial VS, Financial Accounting (p6) 1. Users 2. Purpose of information 3. Primary accounting products 5. Underlying basis 6. Information characteristic 7. Business unit reported 8. Frequency of report 9. Verification of information 10.Outside group/agency requirement 11.Employee behavior influence EX:
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C. Role of management accountant a. Organization structure 1. Board of director-oversee the company 2. Chief executive officer (CEO)-manage the company on a daily basis 3. Chief operating officer(COO) 4. Chief financial officer (CFO) 5. Treasure-raising capital (issue stock and bond) and invest funds 6. Controller-general financial & management accounting and tax reporting 7. Internal auditor-internal control and risk management policies 8. Audit committee(by CPA)-oversees the internal audit function & financial statement 9. Cross-functional team EX: b. Changing roles of management accounts (PPT) -act as internal business advisor -provide the financial information and in-depth analysis
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c. Required skills (PPT) d. Institute of management accountants (IMF)(PPT) e. Ethics 1. IMF overarching ethical principles: Honesty Fairness Objectivity Responsibility 2. Standards (P13): Competence Confidentiality Integrity Credibility EX:
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D. Regulatory and business issues 1. Sarbanes-Oxley Act of 2002 (P17) 2. IFRS 3. XBRL 4. Shifting economics 5. Enterprise resource planning (ERP) 6. E-commerce 7. Supply-chain management 8. Lean production 9. Just in time INVETORY (JIT) 10.Total quality management (TQM) CH-2 A. Value chain -the activities that add value to the company’s products and service (P47) 1. Research and development 2. Design 3. Production or purchase 4. Marketing 5. Distribution 6. Customer service B. Service companies a. Characteristic: 1. Sell intangible service 2. Generally do not have inventory 3. NO inventory, NO inventorible product cost, and NO cost of goods sold
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C. Merchandising companies a. Characteristic: 1. Resell tangible products bought from suppliers 2. Wholesalers (middlemen) and retailers 3. Just one inventory-merchandise inventory b. Inventorible product cost -cost of purchasing + any incurred to get the merchandise D. Manufacturing companies a. Characteristic: 1. Use labor, plant, and equipment to convert raw materials into finished products 2. Three kinds of inventories: raw material, work in process, finished goods b. Inventorible product cost -include cost incurred only during production c. Three types of manufacturing costs 1. Direct materials 2. Direct labor 3. Manufacture/factory over head-all indirect manufacturing costs -indirect materials (invoice sticker)
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This note was uploaded on 09/25/2011 for the course BMGT 220 taught by Professor Bulmash during the Spring '08 term at Maryland.

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Exam#1 Study Guide - BMGT 221 EXAM#1 Study Guide CH-1 A....

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