Chapter+1+Review

Chapter+1+Review - • Value Chain – set of activities...

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Chapter 1 Review Management Accounting is: Internally focused Not bound by GAAP – no mandatory rules Emphasis on the future Tracks financial and non-financial information The broad objectives of Management Accounting are: 1. Planning, 2. Controlling 3. Decision Making Position Types include: 1. Line Positions – direct responsibility of carrying out basic objectives of the organization 2. Staff Positions – indirect responsibility; support and assist Current Focus of Management Accounting: Customer Value – difference between what a customer pays for a product Strategic Positioning – low cost or superior product
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Unformatted text preview: • Value Chain – set of activities required from design to delivery • Cross Functional Perspective – need to understand areas other than accounting • Total Quality Management – continuous improvement • Time & Efficiency – eliminate non-value added items; how well are we performing Sarbanes-Oxley Act of 2002 – led to increased attention to corporate ethics Ethical Conduct – actions that are right, just & proper; 10 core values Code of Conduct – • Professional Competence • Confidentiality • Personal Integrity • Objective in Disclosure Certifications-CPA, CIA, CMA Review multiple choice exercises, class exercises 1-12, 1-14, and chapter quizzes....
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