Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn

صفحه 1:
Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn 0 000 7 Chapter 1 Introduction to Cost Accounting 

صفحه 2:
* Describe the relationships among financial, management, and cost accounting * Identify two common organizational strategies * Describe the value chain and the major value chain functions 

صفحه 3:
ie. ۰ 5 * Explain how a balance scorecard is used to implement an organization’s strategy ٠ Explain why accountants must understand the organization’s ‏اور 0106177 12 اناك ناتاه‎ effectively 

صفحه 4:
ie. ۰ 5 * Identify the sources of ethical standards for cost accountants + List the sources of authoritative pronouncements for the practice of cost accounting 

صفحه 5:
ie. ۰ 5 * Provide information to external تتا - Stockholders, creditors, regulators * Estimate the cost of products produced and services provided * Provide information to internal decision makers ~ To plan, control, and evaluate ‎baec‏ ا ا 

صفحه 6:
Managerial + External focus * Internal focus Segments or divisions Current/projected * Quantitative/qualitative ‏وس‎ ea a ۰ ۰ آمنه‌صمصز۴ * Whole organization * Historical * Quantitative * Monetary Sa (Sater eC * GAAP * Formal 

صفحه 7:
Relationship of Financial, Management, and Cost Accounting 

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- 0 ers, ‏ةم ,5ه نل م02‎ - For investment and credit decisions - Complies with GAAP - Enterprise focus ٠ Internal parties ‏ا ات‎ CcCotsCon end etile) - Evaluating performance - Includes upstream and downstream costs - Disaggregated pW ee Olek TCs 

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1. Develop Mission Statement. 2. Implement strategy 3. Measure and control the value chain and managers’ ‏2م سرعم‎ 4. Set balance scorecard goals, objectives, and targets pW ee Olek TCs 

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ie. ۰ 5 1 ees Mission Statement What an organization wants to accomplish - How its products/services can meet ‏تا ات‎ - Why the organization exists - Used to develop an organization’s - Modify over time 

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2. Implement strategy Strategy - A plan to fulfill goals and objectives by deploying resources to create value for customers and shareholders Organization strategy is supported by business unit strategies pW ee Olek TCs 

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۹ ۰ 5 ٠ Cost leadership strategy - Undercut competitor prices ° Product differentiation strategy - Superior quality products or unique services sold at a premium ° Core competency - critical function or activity providing a competitive advantage 

صفحه 13:
3. Measure and control the value chain and managers’ performance Set of -adding functions and tt convert inputs into ‏مت‎ processes products/: 65 Research and Development Product Design Communicate strategy to all members of the — ‏ا‎ . . ,.. 

صفحه 14:
Balanced Scorecard et balance scorecard goals, objectives, and targets Business outcomes are evaluated against performance tal Learning Internal andGrowth | Business ‎Financial‏ وتان لكلف 22/013 ‎ ‎ 

صفحه 15:
* Learning and Growth * Internal Business ‏ته كنات‎ 61 6 Bt noon ۰ Hines ‏لها‎ ‎- How well the orga erect 5 0 i a“ 5 Mr oe aera ee ۱۳ ‏مره‎ es ional gro 0 

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ie. ۰ 5 ٠ Distribution of authority and responsibility in an organization - Authority - right to use resources to accomplish a task or achieve an objective - ‏انز تعصمح و۴‎ obligation to accomplish a task or achieve an objective 

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۱ Act - CEOs and CFOs personally accountable for the accuracy of their organization’s financial reporting * Foreign Corrupt Practices Act - prohibits bribes to obtain/retain business ° False Claims Act - whistle-blower protection 0 ۳ ۳ 2 ae tion of Economic Cooperation ind Development See 0 crime to offer, promise, give bribes to _ obtain/retain Aes business deals a By ‏کب‎ 

صفحه 18:
Ethics & Management 2225 * Standards of Ethical Conduct for Management Accountants - Competence - Confidentiali - Integrity - Objectivity 

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00 Management ۱ pene Oh (sass ohne * IMA 0270 ‏ا‎ sree lames 1 ‏تاصمصه وقع۷1‎ Accountants of Exchange Commission (SEC) Canada SPREE ASSUMING, oF (Olois /Neteerrinann ‏ی ا‎ (CASB) 

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۹ ۰ 5 IMA Statements on Management Accounting (not legally binding) Society of Management Accountants of Canada Management Accounting Guidelines (not legally binding) — Cost Accounting Standards Board (CASB) Government contracting standards (legally binding) 

صفحه 21:
ie. ۰ 5 * What is the relationship among financial, management, and cost accounting? * How is the balance scorecard used to. implement an organization’s strategy? ¢ Where can an accountant find ethical standards for cost accountants?