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UNT ACCT 2020 - The Reconstruction
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I. Managerial Accounting: an OverviewII. Work of ManagementIII. Managerial Accounting Activities:IV. Strategic management skillsV. Customer value propositionsVI. Enterprise Risk managementVII. Process Management SkillsVIII. Theory of constraintsIX. Six skills of effective leadersX. The Importance of Ethics in businessXI. Corporate social responsibilityACCT 2020 1st Edition Lecture 1Outline of Last Lecture I. Syllabus discussionOutline of Current Lecture I. Managerial Accounting: an OverviewII. Work of ManagementIII. Managerial Accounting Activities:IV. Strategic management skillsV. Customer value propositionsVI. Enterprise Risk managementVII. Process Management SkillsVIII. Theory of constraintsIX. Six skills of effective leadersX. The Importance of Ethics in businessXI. Corporate social responsibility Current LectureI. Managerial Accounting: an Overview- Looking toward the future in managerial accounting. o Need to be able to show and measure to verity to an auditor. Managerial accounting has an emphasis on timeliness- Instead of on a financial basis, you can base it on whatever works best for us. Financial accounting required to public companies, while financial accounting is not required. - Lots of flexibilityII. Work of Management- Planningo Establish goals —> specify how goals will be achieved. —> Develop budget- Controllingo How are things going? 1000-dollar revenue goal, 2 weeks into the month… revenue only 200. Either they are doing something wrong or they have made an improper goal. o The controlling function gathers feedback to ensure plans are being followedThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o Feedback in the form of performance reports that compare actual results to projected goals- Decision Makingo What should we be selling? Who should we be serving? How should we execute?III. Managerial Accounting Activities: - Marketing Majorso Planning (how much should we budget for TV? print? advertising?)o Controlling (its he budget of price cut increasing unit sales as expected? are we accumulating too much inventory during the holiday shopping season?)o Decision-making (should we sell our service in a bundle or separately?) - Accounting majorso Many accounting graduates begin working for public accounting firms. However, most leave at some point to work in other organizations.o The IMA estimates that 80% of accountants are in an accountant role. IV. Strategic management skills- A strategy is a “game plan” that enables a company to attract customer by distinguishingitself from competitors.- The focal point of a company’s strategy should be its target customers.V. Customer value propositions- Customer intimacy strategyo Understand and respond to individual customer needs. o Ex luxury hotels and department stores. - Operational Excellence Strategyo Deliver products and services faster, more conveniently, and at lower prices.o Ex: Wal-Marto As fast, as low cost, as possible. Maybe not best customer service, but inventory always available- Product Leadership Strategyo Offers High quality products, not just standard. THE BEST. o Apple, Bose. Trying to offer innovative products to their customers. VI. Enterprise Risk management- Evaluate all risks for company, then mitigate and reduce risk by implementing controls. o Ex: harmful products = more rigorous testingo Poor weather conditions to shut down = develop contingency planso Losing market share due to new products = legally obtaining financial documents that will help to mitigate riskVII. Process Management Skills- A business process is a series of steps that are followed in order to carry out some task in business. They must understand their value chaino R&D → product design → manufacture → marketing→ distribution → customer service- Lean production: the components are not bought until ordered, the product not made until it was ordered. Often called JIT (just in time) production. - Contrasted to traditional manufacturingo Produce goods in anticipation→ store inventory→ make sales from finished goods inventory- Lean thinking allows production in response to customer s ONLY. Has very little or no inventory balance. VIII. Theory of constraints- A constraint, also called a bottleneck, is anything that prevents you from getting what you want.o The theory of constraints is based on the observation that effectively managing the constraint is the key to success. - A constrain in a system is determined by the step that has the smallest capacity. o An example would be the constraint on doctors would be surgery. Because they can only perform 15 a day, so that would be the constraint. - ONLY ACTIONS THAT STRENGTHEN THE WEAKEST LINK IN THE CHAIN CAN IMPORVE THE PROCESS1. Identify the weakest link2. Allow the weakest link to set the tempo 3. Focus on improving the weakest link 4. Recognize that the weakest link is strongerIX. Six skills of effective leaders1. Technical competence2. High integrity3. Understand how to implement organizational change4. Strong communication skills5. Capable of motivating and mentoring other people6. Effectively manage team-based decision processesX. The Importance of Ethics in business- Guidelines for Ethical behavioro Recognize and communicate professional limitations that preclude reasonable judgmento Maintain professional competenceo Provide accurate, clear, concise, and timely decision support informationo Follow laws and regulations- Confidentialityo Do not disclose confidential information unless legally obligated to do soo Do not use confidential information for unethical or illegal advantageo Ensure that subordinates do not disclose confidential information- Integrityo Do the right thing in the right way- Credibilityo Communicate information fairly and objectivelyo Disclose delays or deficiencies in information in timeliness, processing, or internal controls- Why ethics?o Ethical standards are essential for a smooth functioning economyo Without ethical standard in business, the economy, and all of us who depend on it would sufferXI. Corporate social responsibility- Becoming more and more important, especially when we talk about the environment. Can’t be ignored. Not enough to just reduce cost. Can’t reduce cost in expense of other factors like society, the environment or


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UNT ACCT 2020 - The Reconstruction

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