Management accounting provides information to managers for planning, control, and evaluation. It has become increasingly important as organizations face new trends like customer focus, quality focus, and short product life cycles. Management accounting is less regulated than financial accounting and provides decision support and control support. The goals of management accounting are to improve value and enhance decision making. It uses a single accounting system for multiple purposes like decisions, control, and taxes. Professional certifications in management accounting emphasize competencies like problem solving, communication, and ethics.
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To assist the management in promoting efficiency. Efficiency includes best possible services to customers, investors and employees.
To prepare budgets covering all functions of a business (i.e, production, sales, research and finance).
To analyze monetary and non-monetary transactions.
To compare the actual performance with plan for identifying deviations and their causes.
To interpret financial statement to enable the management to formulate future policies.
To submit to the management at frequent intervals operating statements and short term financial statements.
To arrange for the systematic allocation of responsibilities.
To provide a suitable organization for discharging the responsibilities.
Response 1:
Part 1
Memo:
Understanding Similarities and Differences between Financial and Managerial Accounting
Attention
: Susan Thompson
Susan-
In an effort to get you up to speed on our expectations, I wanted to provide some details on the differences you can expect to see between managerial and financial accounting and provide you some examples from both areas.
Financial accounting is the backbone of the day-to-day functions of accounting. From payables, to receivables to collections, this area ensures all of the outstanding bills and debts are paid so the organization can operate. The details received from the day to day management of financial accounting are provided to stakeholders’, creditors, vendors and management to ensure the organization is being forthcoming and so management can use the data to further the position of the company(MUSE: Financial and Managerial Accounting). Reports provided within financial accounting include the following:
Income Statement
Statement of Owners Equity
Balance Sheet
Cash Flow Statement
Each of these documents is used by managerial accounting team members to help make decisions about the future of the organization.
Managerial accounting is optional. This is a team of managers who are trying to plan for future business and need to understand the ebbs and flows of the business itself and how any of the business segments or areas can function more productivity. One thing to note is that Financial Accounting is handled by external persons who try to ensure the strength of financial decisions whereas Managerial Accounting is managed by internal managers responsible for the success of the organizations. Financial Accounting Reporting for the IRS is mandatory and GAAP accounting rules must be adhered too. Managerial Accounting has no set rules nor are they bound to any oversight group and are not required to provide any sort of mandatory reporting.
Additional reports used to analyze the health of an organization are horizontal and vertical analyzes.
Horizontal analysis is where we take a series of reports year over year and try to determine what trends were in assets, equity, cash flow, etc. Using these reports allows the management team to better understand the business and what could be coming in the future. Vertical analysis is where we analyze financial statements based on entries for assets, accounts, liabilities and equities. We review each of these as a proportion of the total account and try to understand what led to any inconsistencies.
If you need any further clarification regarding these concepts, reporting or analysis, please reach out to me directly.
Thank You
Part 2
Attn: Board of Directors
MEMO
In an effort to help our team better understand how we can use our current and previous accounting information to help plan and control for future business, I have broken down details on four key financial reports we receive regularly. These reports include the income sta ...
To assist the management in promoting efficiency. Efficiency includes best possible services to customers, investors and employees.
To prepare budgets covering all functions of a business (i.e, production, sales, research and finance).
To analyze monetary and non-monetary transactions.
To compare the actual performance with plan for identifying deviations and their causes.
To interpret financial statement to enable the management to formulate future policies.
To submit to the management at frequent intervals operating statements and short term financial statements.
To arrange for the systematic allocation of responsibilities.
To provide a suitable organization for discharging the responsibilities.
Response 1:
Part 1
Memo:
Understanding Similarities and Differences between Financial and Managerial Accounting
Attention
: Susan Thompson
Susan-
In an effort to get you up to speed on our expectations, I wanted to provide some details on the differences you can expect to see between managerial and financial accounting and provide you some examples from both areas.
Financial accounting is the backbone of the day-to-day functions of accounting. From payables, to receivables to collections, this area ensures all of the outstanding bills and debts are paid so the organization can operate. The details received from the day to day management of financial accounting are provided to stakeholders’, creditors, vendors and management to ensure the organization is being forthcoming and so management can use the data to further the position of the company(MUSE: Financial and Managerial Accounting). Reports provided within financial accounting include the following:
Income Statement
Statement of Owners Equity
Balance Sheet
Cash Flow Statement
Each of these documents is used by managerial accounting team members to help make decisions about the future of the organization.
Managerial accounting is optional. This is a team of managers who are trying to plan for future business and need to understand the ebbs and flows of the business itself and how any of the business segments or areas can function more productivity. One thing to note is that Financial Accounting is handled by external persons who try to ensure the strength of financial decisions whereas Managerial Accounting is managed by internal managers responsible for the success of the organizations. Financial Accounting Reporting for the IRS is mandatory and GAAP accounting rules must be adhered too. Managerial Accounting has no set rules nor are they bound to any oversight group and are not required to provide any sort of mandatory reporting.
Additional reports used to analyze the health of an organization are horizontal and vertical analyzes.
Horizontal analysis is where we take a series of reports year over year and try to determine what trends were in assets, equity, cash flow, etc. Using these reports allows the management team to better understand the business and what could be coming in the future. Vertical analysis is where we analyze financial statements based on entries for assets, accounts, liabilities and equities. We review each of these as a proportion of the total account and try to understand what led to any inconsistencies.
If you need any further clarification regarding these concepts, reporting or analysis, please reach out to me directly.
Thank You
Part 2
Attn: Board of Directors
MEMO
In an effort to help our team better understand how we can use our current and previous accounting information to help plan and control for future business, I have broken down details on four key financial reports we receive regularly. These reports include the income sta ...
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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3. Chapter 1
What is Management Accounting?
Accounting for Planning,
Control, and Evaluation
4. Key Learning Objectives
• Discuss the differences between
financial and management
accounting information.
• Describe eight modern management
trends changing the role of
accounting in organizations.
• Contrast the four accounting
certifications and discuss the role of
ethics in management accounting.
• Define the four types of accounting
systems and relate them to their four
organizational roles.
• Explain stewardship and why the
dominant goal of accounting
systems historically has been
financial reporting.
5. Why Do We Have Accounting Systems?
Accounting systems are artifacts. They are created by
men to help accomplish tasks. Audited statement
reduce investors risk.
Audited statements allow a company to borrow capital from
someone else.
Records and internal financial controls safeguard the
company’s assets
Balance Sheets allow the comparison of Assets, Liabilities
and Owner’s Equity.
Income Statements describe the change in Owners’ Equity
from operations.
6. Needs Determine the Form of
Accounting Data
Managers need changing information to meet
changing needs!
Types of Accounting Systems
Financial Accounting
Rules and procedures
Accounting information systems and internal controls
Auditing
Cost Accounting
Product costing
Activity-based costing
7. Management Accounting
Decision support
Organizational control
Cost management
Profit management
Investment management
Tax Accounting
Individuals
Partnerships and corporations
Estate and trusts
International taxation
Special tax issues and topics
8. Regulated Accounting Systems
Financial Accounting or Generally Accepted Accounting
Principles (GAAP). Provide the basis for traditional
accounting information systems and internal controls.
Tax Accounting. This is the collection of data to meet rules
set by Congress and enforced by the Internal Revenue
Service (IRS).
Fund Accounting. An accounting system designed to provide
governance information for government agencies and not-
for-profit organizations.
Cost Accounting. This aspect of cost accounting is to
comply with rules set by the Federal government for
government contractors. Rules set by the Cost Accounting
Standards Board (CASB).
9. The Goal of Good Management is to
Create Value
Cost Management is applying the value criteria to
every decision we make, every activity we perform,
and every process we complete.
Modern accounting systems do not just evaluate
good stewardship but must provide managers with
the information managers need to improve value.
Management accounting systems are used to
enhance both decision making and management
control.
Management accounting systems do not need to be
perfect, only ‘good enough’ to increase value.
10. The Three Management Functions
Questions asked:
What do I want to do?
How can I do it?
Am I getting it done?
How well did I do it?
Management functions:
Planning for the future
(Strategic)
Planning for the future
(Operational)
Monitoring and
controlling the present
Evaluating the past
11. Data Characteristics of Financial vs.
Managerial Accounting
Financial Accounting rules are set by users who agree among
themselves on the regulations for (GAAP). This is hard data,
objectively verifiable, that must meet audit criteria to be
acceptable. It is therefore considered reliable.
Managerial Accounting rules are set within the company to
accomplish management objectives related to adding value to
the company. This is data that could be soft, or estimates, that
must only improve the value of decisions more than the cost of
information. Managerial accounting data must only be
relevant for management decisions.
12. Another Issue
‘The Invisible Hand of the market place’
assumes market prices can promote
efficiency. A perfect market reveals all the
information needed for purchasers to find the
‘best prices’ for goods or services. But what
are the prices managers use to run a
company? An example follows.
13. An Example
The Sudbury Redi Mix company purchased a new ready mix
truck last year. The following information pertains to this truck:
a. On the Balance Sheet:
Trucks and Equipment $200,000
less: Accumulated Depreciation* 40,000
Net Book Value $160,000
*This depreciation schedule is acceptable by the IRS for tax
purposes.
b. Blue Book Value: $150,000
c. Net cash flows expected from the additional truck over its
service life is $300,000.
14. Questions
Which financial numbers obey GAAP?
Why can these numbers be used by the IRS?
Why doesn’t the IRS use $300, 000 or $150,000 for tax
purposes?
For what kind of decisions would the $150,000 be relevant?
For what kind of decisions would the $300,000 be relevant?
Why do we call the Net Book Value data hard?
Why do we call the Blue Book Value data soft?
If you own shares in Sudbury Company, which information do
you want to use to estimate the value of your stock?
Different financial data is needed for different purposes
or decisions!!
15. New Management Trends to Create Value
Encourage Management Accounting Systems
Redesign, for example.
Customer focus
Quality focus
Delivery focus
Outsourcing and the virtual company
Communications
Shortening product life cycles
Team development
Deregulation in the service sector
16. Managerial Accounting Systems:
Unregulated
Decision Support — Management accounting data
has value if it improves management decisions.
Control Support — Management accounting data
reports the results of management actions, thus it is
useful for control if management behavior is
influenced by the accounting reports.
WHAT GETS MEASURED GETS DONE!
SUITABLE CONTROL MOTIVATES GOOD JUDGEMENT
GOOD JUDGMENT REQUIRES GOOD INFORMATION!
17. Characteristics of Management
Accounting Systems
Key Ideas:
The costs and benefits of better decisions
One set of books for many different uses
Enhanced information quality for better decisions
18. The Professional Management Accountant
Professional Certifications
Certified Public Accountant (CPA)
Certified Management Accountant (CMA)
Certified Internal Auditor (CIA)
Certified Information Systems Auditor (CISA)
Certified in Financial Management (CFM)
Chartered Accountant (CA)
19. Ethical Responsibilities of the CMA
Competence
Objectivity
Integrity
Confidentiality
Maintain professional knowledge and skills
Follow laws and regulations
Analyze all relevant data and provide complete
information
Communicate all information fairly
Fully disclose all relevant information
Communicate favorable as well as unfavorable
information including limitations of the information
Avoid apparent or actual conflicts of interest
Support attaining the legitimate goals of the
organization
Avoid activities that will discredit the profession
Do not disclose confidential information unless
legally obligated to do so
Do not allow subordinates to disclose confidential
information
20. Professional Characteristics of The
Management Accountant
Most Important
Work ethic
Analytical and problem solving skills
Interpersonal skills
Listening
Spreadsheet abilities
Understanding the business
Understanding bottom line implications of management
decisions
Writing
Familiarity with business processes
Least Important
Interpreting financial statements
Measuring and reporting revenues and expenses
Accruals, deferrals, and adjusting journal entries