WSU ACCTG 231 - Exam 1 Study Guide (9 pages)

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Exam 1 Study Guide



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Exam 1 Study Guide

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Exam 1 Study Guide


Pages:
9
Type:
Study Guide
School:
Washington State University
Course:
Acctg 231 - Introduction to Managerial Accounting

Unformatted text preview:

ACCTG 231 Exam 1 Study Guide Lectures 1 6 Lecture 1 August 26 Work of Management Planning o Establish Goals Specify how goals will be achieved Develop budgets Controlling o The control function gathers feedback to ensure that plans are being followed o Feedback in the form of performance reports that compare actual results with the budget are an essential part of the control function Decision Making o Decision making involves making a selection among competing alternatives 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 Strategic Management 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 Customer Value Propositions Customer intimacy strategy o Understand and respond to individual customer needs Operational excellence strategy o Deliver products and services faster more conveniently and at lower prices Product Leadership strategy o Offer higher quality products Enterprise Risk Management 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 Process Management o A business process is a series of steps that are followed in order to carry out some task in business o Business functions making up the value chain R D Product Design Manufacturing Marketing Distribution Customer Service Lean Production o Customer places an order Create production order generate component requirements Components ordered Production begins as parts arrive goods delivered when needed o This approach also results in fewer defects less wasted effort and quicker customer response times than traditional production methods Lecture 2 August 28 Theory of Constraints A



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