This document provides an overview of managerial accounting. It begins by outlining seven key differences between financial and managerial accounting, such as users, time focus, and rules. It then discusses the three main functions of management: planning, decision making, and controlling. The rest of the document expands on these topics, including defining managerial accounting roles, certifications, measurement skills, and perspectives managers should take including ethics, strategic management, risk management, social responsibility, process management, and leadership.
Petty cash is a unique account because it is often immaterial in amount. The account is verified because of the potential for defalcation and the client's expectation of auditor consideration when the amount is immaterial.
this presentation is about accounting theory and accounting research (chapter 2) from accounting theory book, eight edition (conceptual issues in a political and economic environment) by Harry I. Wolk, James L. Dodd and John J. Rozycki
The presentation is part of a lecture series on Management Information Systems. It is an overview of the General Ledger and Financial Reporting System (GLFRS) as part of the Accounting Information system (AIS). It also covers an assessment of the role of accounting software and Extensible Business Reporting Language (XBRL).
DOI: http://dx.doi.org/10.13140/RG.2.2.22328.47369
Updated at: https://www.researchgate.net/publication/353851801_General_Ledger_and_Financial_Reporting_System_GLFRS
financial accounting theory by Craig Degan 3rd edition chapter 2
prepared by: Dewan Mahbood Hossain
Assistant Professor, dept. of A.I.S
UNIVERSITY OF DHAKA
Petty cash is a unique account because it is often immaterial in amount. The account is verified because of the potential for defalcation and the client's expectation of auditor consideration when the amount is immaterial.
this presentation is about accounting theory and accounting research (chapter 2) from accounting theory book, eight edition (conceptual issues in a political and economic environment) by Harry I. Wolk, James L. Dodd and John J. Rozycki
The presentation is part of a lecture series on Management Information Systems. It is an overview of the General Ledger and Financial Reporting System (GLFRS) as part of the Accounting Information system (AIS). It also covers an assessment of the role of accounting software and Extensible Business Reporting Language (XBRL).
DOI: http://dx.doi.org/10.13140/RG.2.2.22328.47369
Updated at: https://www.researchgate.net/publication/353851801_General_Ledger_and_Financial_Reporting_System_GLFRS
financial accounting theory by Craig Degan 3rd edition chapter 2
prepared by: Dewan Mahbood Hossain
Assistant Professor, dept. of A.I.S
UNIVERSITY OF DHAKA
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2. 1-2
Financial and Managerial
Accounting: Seven Key Differences
Financial Accounting Managerial Accounting
1. Users External persons who Managers who plan for
make financial decisions and control an organization
2. Time focus Historical perspective Future emphasis
3. Verifiability Emphasis on Emphasis on
versus relevance objectivity and verifiability relevance
4. Precision versus Emphasis on Emphasis on
timeliness precision timeliness
5. Subject Primary focus is on Focus on
companywide reports segment reports
6. Rules Must follow GAAP / IFRS Not bound by GAAP / IFRS
and prescribed formats or any prescribed format
7. Requirement Mandatory for Not
external reports Mandatory
5. 1-5
Controlling
The control function gathers feedback to
ensure 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.
6. 1-6
Decision Making
Decision making involves
making a selection among
competing alternatives.
What should
we be selling?
Who should
we be serving?
How should
we execute?
7. 1-7
Managerial accounting for Accounting
and Auditing Majors
Employers expect accounting/auditing
majors to have strong financial
accounting skills, but they also expect
application of the planning, controlling,
and decision making skills that are the
foundation of managerial accounting.
The IMA estimates that more than
80% of professional accountants in
the U.S. work in non-public
accounting environments.
80%
8. 1-8
Certified Management Accountant
A management accountant
who has the necessary qualifications
and who passes a rigorous professional
exam earns the right to be known as a
Certified Management Accountant
(CMA).
9. 1-9
Managerial Accounting: Beyond the
Numbers
Controlling
Planning
Decision
Making
The primary purpose
of this course is to
teach measurement
skills that managers
use to support
planning, controlling,
and decision making
activities.
10. 1-10
Managerial Accounting: Beyond the
Numbers
What net income should my company
report to its stockholders?
Measure and report historical data
that complies with applicable rules.
How will my company serve its customers?
Measure and analyze mostly non-
financial, process-oriented data.
Will my company need to borrow money?
Measure and analyze estimated
future cash flows.
Measurement
skills help
managers
answer
important
questions.
11. 1-11
Managerial Accounting: Beyond the
Numbers
To be successful, managers must complement
their measurement skills with six business
management perspectives that “go beyond the
numbers” to enable intelligent planning, control,
and decision making.
An Ethics Perspective
• A Strategic Management Perspective
• An Enterprise Risk Management Perspective
• A Corporate Social Responsibility Respective
• A Process Management Prospective
• A Leadership Perspective
12. 1-12
An Ethics Perspective
Competence
Follow applicable
laws, regulations,
and standards.
Maintain
professional
competence.
Provide accurate, clear, concise, and
timely decision support information.
Recognize and communicate professional
limitations that limits responsible judgment.
The Institute of Management Accountant’s (IMA)
Statement of Ethical Professional Practice provides
guidelines for ethical behavior.
13. 1-13
Confidentiality
Do not disclose confidential
information unless legally
obligated to do so.
Ensure that subordinates do
not disclose confidential
information.
Do not use
confidential
information for
unethical or illegal
advantage.
IMA Guidelines for Ethical Behavior
14. 1-14
Mitigate conflicts of
interest and advise others
of potential conflicts.
Avoid from activities that
might discredit the
profession.
Refrain from
conduct that
would prejudice
carrying out
duties ethically.
Integrity
IMA Guidelines for Ethical Behavior
15. 1-15
Communicate information
fairly and objectively.
Disclose all relevant
information that could
influence a user’s
understanding of reports
and recommendations.
Credibility
IMA Guidelines for Ethical Behavior
Disclose delays or
deficiencies in information
timeliness, processing, or
internal controls.
16. 1-16
Abandoning ethical standards in business would
lead to a lower quality of life with less
desirable goods and services at higher prices.
Why Have Ethical Standards?
Without ethical standards in business, the
economy, and all of us who depend on it for
jobs, goods, and services, would suffer.
Ethical standards in business are essential for a
smooth functioning economy.
17. 1-17
A Strategic Management Perspective
A strategy
is a “game plan”
that enables a company
to attract customers
by distinguishing itself
from competitors.
The focal point of a
company’s strategy should
be its target customers.
18. 1-18
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.
19. 1-19
An Enterprise Risk Management
Perspective
A process used
by a company to
proactively identify
and manage risk.
Once a company identifies its risks, perhaps the
most common risk management tactic is to reduce
risks by implementing specific controls.
Should I try to avoid the
risk, accept the risk, or
reduce the risk?
20. 1-20
An Enterprise Risk Management
Perspective
Examples of Controls to
Examples of Business Risks Reduce Business Risks
● Intellectual assets stolen from ● Create firewalls that prohibit com-
computer files puter hackers from corrupting or
stealing intellectual property
● Products harming customers ● Develop a formal and rigorous
new product testing program
● Losing market share due to the ● Develop an approach for legally
unforeseen actions of competitors gathering information about
competitors' plans and practices
● Poor weather conditions shutting ● Develop contingency plans for
down operations overcoming weather-related
disruptions
● Website malfunction ● Thoroughly test the website
before going "live" on the Internet
● Financial statements unfairly ● Count the physical inventory on
reporting the value of inventory hand to make sure that it agrees
with the accounting records
● An employee accessing ● Create password-protected barriers
unauthorized information that prohibit employees from
obtaining information not needed
to do their jobs
21. 1-21
A Corporate Social Responsibility
Perspective
CSR extends beyond legal compliance
to include voluntary actions that satisfy
stakeholder expectations.
Corporate social responsibility (CSR) is a concept
whereby organizations consider the needs
of all stakeholders when making decisions.
Customers Employees Communities
Suppliers Stockholders
Environmental
& Human Rights
Advocates
22. 1-22
Corporate Social Responsibility
Companies should provide customers with: Companies and their suppliers should provide
● Safe, high quality products that are fairly employees with:
priced ● Safe and humane working conditions
● Competent, courteous, and rapid delivery ● Non-discriminatory treatment and the
of products and services right to organize and file grievances
● Full disclosure of product-related risks ● Fair compensation
● Easy to use information systems for ● Opportunities for training, promotion,
shopping and tracking orders and personal development
Companies should provide suppliers with: Companies should provide communities with:
● Fair contract terms and prompt payments ● Payment of fair taxes
● Reasonable time to prepare orders ● Honest information about plans such as
● Hassle-free acceptance of timely and plant closings
complete deliveries ● Resources that support charities, schools,
● Cooperative rather than unilateral and civic activities
actions ● Reasonable access to media sources
Companies should provide stockholders with: Companies should provide environmental
● Competent management and human rights advocates with:
● Easy access to complete and accurate ● Greenhouse gas emissions data
financial information ● Recycling and resource conservation data
● Full disclosure of enterprise risks ● Child labor transparency
● Honest answers to knowledgeable ● Full disclosure of suppliers located in
questions developing countries
Examples of Corporate Social Responsibility
23. 1-23
A Process Management Perspective
Business functions making up the value chain
Product Customer
R&D Design Manufacturing Marketing Distribution Service
A business
process is a series of
steps that are followed in order to
carry out some task in
a business.
24. 1-24
Lean Production
Produce goods in
anticipation of Sales
Make Sales from
Finished Goods
Inventory
Traditional Manufacturing
Store
Inventory
25. 1-25
Lean Production
Customer places
an order
Create Production
Order
Generate component
requirements
Production begins
as parts arrive
Goods delivered
when needed
Components
are ordered
Lean Production is often called Just-In-Time (JIT) production.
26. 1-26
Lean Production
Because lean thinking only allows production in
response to customer orders, the number of units
produced tends to equal the number of units sold.
The lean approach also results in fewer defects,
less wasted effort, and quicker customer response
times than traditional production methods.
27. 1-27
A Leadership Perspective
Organizational leaders unite the
behavior of employees around
two common themes—pursuing
strategic goals and making
optimal decisions.
Factors that influence behavior
of employees:
• Intrinsic Motivation
• Extrinsic Incentives
28. 1-28
A Leadership Perspective…
• Intrinsic Motivation (Intrinsic motivation refers to
motivation that comes from within us.)
- an organization is more likely to prosper when its employees are
intrinsically motivated to pursue its interests. A leader, who employees
perceive as credible and respectful of their value to the organization, can
increase the extent to which those employees are intrinsically motivated to
pursue strategic goals.
• Extrinsic Incentives (Many organizations use
extrinsic incentives to highlight important goals and to
motivate employees to achieve them.)
• - For example, assume a company establishes the goal of reducing the
time needed to perform a task by 20%. In addition, assume the company
agrees to pay bonus compensation to its employees if they achieve the goal
within three months.
29. 1-29
A Leadership Perspective…
• Cognitive Bias A cognitive bias is a systematic
pattern of deviation from norm or rationality in
judgment. Individuals create their own
"subjective reality" from their perception of the
input. An individual's construction of reality, not
the objective input, may dictate their behavior in
the world
Managerial accounting helps managers perform three vital activities
Planning involves establishing goals and specifying how to achieve them. A budget is a detailed plan for
the future that is usually expressed in formal quantitative terms.
How many students do we need to hire in total and from each major?
• What schools do we plan to include in our recruiting efforts?
• Which of our employees will be involved in each school’s recruiting activities?
• When will we conduct our interviews?
• How will we compare students to one another to decide who will be extended job offers?
• What salary will we offer our new hires? Will the salaries differ by major?
• How much money can we spend on our recruiting efforts
A performance report compares budgeted data to actual data in an effort to
identify and learn from excellent performance and to identify and eliminate sources of
unsatisfactory performance. Performance reports can also be used as one of many inputs
to help evaluate and reward employees.Did we succeed in hiring the planned number of students within each major and at
each school?
• Did we succeed in hiring the planned number of students within each major and at
each school?
• Did we lose too many exceptional candidates to competitors?
Did each of our employees involved in the recruiting process perform satisfactorily?
• Is our method of comparing students to one another working?
• Did the on-campus and office interviews run smoothly?
• Did we stay within our budget in terms of total salary commitments to new hires?
• Did we stay within our budget regarding spending on recruiting activities?
Basic managerial skill is the ability to make intelligent, data-driven decisions.
What new products and services should we offer? B. Who should we start serving? C. How should we expand our capacity?
Air Asia must decide what ticket prices to establish for each of its thousands of flights per day
Institute of Management Accountants (IMA) USA
how well am I performing relative to my plan?
The Institute of Management Accountants (IMA) of the United States has adopted an ethical code called the Statement of Ethical Professional Practice that describes in some detail the ethical responsibilities of management accountants. Even though the standards were developed specifically for management accountants, they have much broader application.
Integrity = the quality of being honest and having strong moral principles.
Credibility = the quality of being trusted and believed in
A company can only succeed if it creates a reason for its target customers to choose it over a competitor.
These reasons, or what are more formally called customer value propositions, are the essence of strategy.
Every strategy, plan, and decision involves risks. Enterprise risk management is a process used by a toproactively identify and manage risk
Lean Production is a management approach that organizes resources such as people and machines around the flow of business processes and that only produces units in response to customer orders.
Many critics warn that they can also produce dysfunctional consequences. For example, suppose the employees mentioned above earned their bonuses by achieving the 20% time reduction goal within three months. However, let’s also assume that during those three months the quality of the employees’ output plummeted, thereby causing a spike in the company’s repair costs, product returns, and customer defections. In this instance, did the extrinsic incentive work properly?
For example, a leader’s judgment might be clouded by optimism bias (being overly optimistic in assessing the likelihood of future outcomes) or selfenhancement bias (overestimating ones strengths and underestimating ones weaknesses relative to others). Second, they should acknowledge the presence of cognitive bias in others and introduce techniques to minimize their adverse consequences.