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Managerial Accounting
Table of Content
1. Importance of Managerial Accounting. 2. Difference Financial and Managerial Acc. 3. Major Activity of Manager. 4.Major Benefit of JIT. 5. Ethical Standards Important
Financial Accounting
Managerial Accounting
1.Reports to those outside the Organization : *Owners * Lenders * Tax Authorities * Regulations
1. Reports to those inside the Organization for : * Planning * Directing and Motivating Controlling Performance evaluation
2. Emphasis is on summaries of affecting financial consequences of past activities. 3. Objectivity and verifiability of a data are emphasized. 4. Precision is required. 5. Only summarized data for the entire organization are prepared. 6. Must follow the generally accepted accounting principles GAAP 7. Mandatory for external reports
2. Emphasis is on decisions the future. 3. Relevance is emphasized 4 Timeliness is required. 5. Detailed segment reports about departments. Products. Customers and employees are prepared 6. Need not follows GAAP.
Three major Activities of a manager Every organization large and small has managers. Someone must be responsible for making plans, organizing resources directing personal and controlling operations. Managers at good vibrations. Like managers every where, carryout three major activities- planning, directing and motivating and controlling. Planning involves selecting a course of action and specifying how the action will be implemented. Directing and motivating involves mobilizing people to carryout plans and run routine operations. Controlling involves ensuring that the people is actually carried out and is appropriately modified as circumstances change.
1.Planning :
The first step in planning is to identify alternatives and then to select from among the alternatives the one that does the best job of furthering the organizations objectives. The basic objective of good vibrations. To further this objective, every year top management carefully considers a range of options or alternatives.
3.Controlling :
In carrying out the control function, managers seek to ensure that the plans being followed feedback which signals whether operations are on track is the key to effective control. In sophisticated organizations this feed back is provided by detailed reports of various types.
4. Defect rates are reduced resulting in less waste and greater customer satisfaction.
As a result of benefits such as those cited above, more companies are embracing JIT each year. Most companies find however that simply reducing inventories is not enough. To remain competitive in an ever changing and ever more competitive business environment companies must strive for continuous improvement.
1.Competence :
#Maintain an appropriate level of professional competence by ongoing development of their knowledge and skills.
#Perform their professional duties in accordance with relevant laws regulation and technical standards.
#Refrain from disclosing and clear reports and recommendations after appropriate analysis of relevant and reliable information.
2.Confidentiality:
# Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so. #Inform subordinates as appropriate regarding the confidentiality of information acquired in the course of their and monitor their activities to assure the maintenance of that confidentiality. #Refrain from using or appearing to use confidential information acquired in the course of their work for unethical or illegal advantage either personally or through third parties.
3.Integrity:
# Avoid actual or apparent conflicts of interest and advise all appropriate parties of any potential conflict. #Refrain from engaging in any activity that would prejudice their ability to carry out their duties ethically. #Refuse any gift favor or hospitality that would influence or would appear to influence their action. #Refrain from either actively or passively subverting the attainment of the organizations legitimate and ethical objectives.
4.Objectivity : #Communicate information fairly and objectively. #Disclose fully all revenant information that could reasonably be expected to influence an intended user understanding of the reports, comments and recommendations presented. 5.Resolution of Ethical Conflict.: #Clarify relevant ethical issues by confidential discussion with an objective advisor to obtain a better understanding of possible courses of action. #Consult your own attorney as to legal obligations and right concerning the ethical conflict.