Chapter 1 - Chapter 1 M anager ial Accounting and the...

Info iconThis preview shows pages 1–16. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Chapter 1 M anager ial Accounting and the Business Envir onment Managerial Accounting Concerned with providing information to managers people inside an organization who direct and control operations. Comparison of Financial and Managerial Accounting Imports into the United States- 50 100 150 200 250 300 Years US Imports (billions of $) Canada China Germany Japan Mexico United Kingdom 1990 1995 2000 2004 Exports from the United States- 20 40 60 80 100 120 140 160 180 200 Years US Exports (billions of $) Canada China Germany Japan Mexico United Kingdom 1990 1995 2000 2004 Internet Usage The Internet fuels globalization by providing companies with greater access to geographically dispersed customers, employees, and suppliers. The number of internet users more than doubled during the first four years of the new millennium. Strategy A strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors. The focal point of a companys strategy should be its target customers. Customer Value Propositions Understand and respond to individual customer needs. Customer Intimacy Strategy Operational Excellence Strategy Deliver products and services faster, more conveniently, and at lower prices. Product Leadership Strategy Offer higher quality products. Work of Management Planning Controlling Directing and Motivating Planning Identify alternatives . Select alternative that does the best job of furthering organizations objectives. Develop budgets to guide progress toward the selected alternative. Directing and Motivating Directing and motivating involves managing day-to-day activities to keep the organization running smoothly. Employee work assignments. Routine problem solving. Conflict resolution. Effective communications. Controlling The control function ensures that plans are being followed. Feedback in the form of performance reports that compare actual results with the budget are an essential part of the control function. Planning and Control Cycle Decision Making Formulating long- and short-term plans (Planning) Measuring performance (Controlling) Implementing plans (Directing and Motivating) Comparing actual to planned performance (Controlling) Begin Exhibit 1-2 Co rpo rat e Or ga ni zat ion Ch art Purchasi ng Personne l Vice President Operations Treasurer Controller Chief Financial Officer President Board of Directors Organizational Structure Decentralization is the delegation of decision- making authority throughout an organization. The Chief Financial Officer (CFO) A member of the top management team responsible for: Providing timely and relevant data to support planning and control activities....
View Full Document

This note was uploaded on 01/06/2012 for the course ACCT 285 taught by Professor Carver during the Spring '08 term at Iowa State.

Page1 / 45

Chapter 1 - Chapter 1 M anager ial Accounting and the...

This preview shows document pages 1 - 16. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online