ACCT 320- Chapter 1 2 3 Cheat Sheet

ACCT 320- Chapter 1 2 3 Cheat Sheet - Chapter 1: Strategic...

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Chapter 1: Strategic Positioning Cost Leadership —outperform competitors by producing at the lowest cost, consistent with quality demanded by the consumer Differentiation —creating value for the customer through product innovation, product features, customer service, etc. that the customer is willing to pay for IMA Statement of Ethical Professional Practice Commitment to competence, integrity, confidentiality, and credibility is necessary for the management accountant to provide a useful service to management When presented with an ethical issue that cannot be resolved through the organization’s established policies, the IMA suggests a three step process: Discuss the situation with a superior not involved in the issue Clarify the issue through discussion with an IMA Ethics Counselor or impartial advisor Consult your own attorney as to your legal obligations and rights The management accountant’s role: Provide strategically relevant cost management information to help the organization keep up with the ever-changing environment Thirteen Contemporary Management Techniques developed and employed by the management accountant Contemporary Management Techniques The Balanced Scorecard and Strategy Map The Value Chain Activity Based Costing and Management Business Intelligence Target Costing Life Cycle Costing Benchmarking Business Process Improvement Total Quality Management Lean Accounting The Theory of Constraints Enterprise Sustainability Enterprise Risk Management Competitive Strategies A firm succeeds by implementing a set of policies, procedures, and approaches to business called strategy Strategy must have a long-term focus and adapt to the changing environment Cost management information should be used to develop and monitor strategic information Professional Certifications There are two important certifications that are relevant for management accountants: Certified Management Accountant (CMA) Certified Public Accountant (CPA) Accountants Code of Ethics Competence: Maintain an appropriate level of professional competence by ongoing development of their knowledge and skills. Confidentiality: Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so. Integrity: Avoid actual or apparent conflicts of interest and advise all appropriate parties of any potential conflict. Credibility:
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This note was uploaded on 03/26/2012 for the course ANTHRO 320 taught by Professor Williams during the Spring '12 term at St. Mary MN.

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ACCT 320- Chapter 1 2 3 Cheat Sheet - Chapter 1: Strategic...

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