The Changing Role of Managerial Accounting in a Dynamic Business Environment

2210 Words Apr 10th, 2014 9 Pages
CHAPTER 1

THE CHANGING ROLE OF MANAGERIAL
ACCOUNTING IN A DYNAMIC BUSINESS ENVIRONMENT

Learning Objectives

1. Define managerial accounting and describe its role in the management process.

2. Explain four fundamental management processes that help organizations attain their goals.

3. List and describe five objectives of managerial accounting activity.

4. Explain the major differences between managerial and financial accounting.

5. Explain where managerial accountants are located in an organization, in terms of formal organization, deployment in cross-functional teams, and physical location.

6. Describe the roles of an organization's chief financial officer (CFO) or controller, treasurer, and
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Management accountants 1. Chief financial officer (CFO) or controller 2. Treasurer 3. Internal auditor

C. Cross-functional deployment

D. Location within the organization

V. Major Themes of Managerial Accounting A. Information and incentives B. Behavioral issues C. Costs and benefits D. Management of Capacity and Capacity Costs

Evolution and Adaptation in Managerial Accounting

A. E-business

B. Growth of the service sector

C. Global competition

D. Cross-functional teams

E. Product life cycles and diversity F. Information and communication technology G. Just-in-time inventory management H. Total quality management I. Continuous improvement J. Cost management systems

VII. Strategic Cost Management and the Value Chain

VIII. Business, Ethics, and the Accountant A. Nature and causes of corporate scandals B. Corporate and accounting reform

IX. Managerial Accounting as a Career A. Professional certification B. Professional ethics 1. Competence 2. Confidentiality 3. Integrity 4. Credibility

Key Lecture Concepts

1. ORGANIZATIONS

Types of organizations include manufacturers, retailers, service providers, agribusinesses, and nonprofit firms. These

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