Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn
اسلاید 1: Chapter 1Introduction to Cost AccountingCost AccountingFoundations and EvolutionsKinney, Prather, Raiborn
اسلاید 2: Learning Objectives (1 of 3)Describe the relationships among financial, management, and cost accountingIdentify two common organizational strategiesDescribe the value chain and the major value chain functions
اسلاید 3: Learning Objectives (2 of 3)Explain how a balance scorecard is used to implement an organization’s strategyExplain why accountants must understand the organization’s structure in order to perform effectively
اسلاید 4: Learning Objectives (3 of 3)Identify the sources of ethical standards for cost accountantsList the sources of authoritative pronouncements for the practice of cost accounting
اسلاید 5: AccountantsProvide information to external partiesStockholders, creditors, regulatorsEstimate the cost of products produced and services providedProvide information to internal decision makersTo plan, control, and evaluate performance
اسلاید 6: Accounting DifferencesFinancialExternal focusWhole organizationHistoricalQuantitativeMonetaryVerifiableGAAPFormal recordkeepingManagerialInternal focusSegments or divisionsCurrent/projectedQuantitative/qualitativeMonetary and nonmonetaryTimely/reasonable estimateBenefits exceed costsFormal and informal recordkeeping
اسلاید 7: Relationship of Financial, Management, and Cost Accounting FINANCIALACCOUNTING MANAGEMENTACCOUNTINGCOSTACCOUNTING Product Costs
اسلاید 8: Product Cost InformationExternal parties - stockholders, creditors, regulatorsFor investment and credit decisionsComplies with GAAPEnterprise focusInternal partiesPlanning, controlling, decision makingEvaluating performanceIncludes upstream and downstream costsDisaggregated
اسلاید 9: Organizational StrategyDevelop Mission StatementImplement strategyMeasure and control the value chain and managers’ performanceSet balance scorecard goals, objectives, and targets
اسلاید 10: Organizational StrategyDevelop Mission StatementWhat an organization wants to accomplishHow its products/services can meet customer needsWhy the organization existsUsed to develop an organization’s strategyModify over time
اسلاید 11: Organizational StrategyImplement strategyStrategy - A plan to fulfill goals and objectives by deploying resources to create value for customers and shareholdersOrganization strategy is supported by business unit strategies
اسلاید 12: Organizational StrategiesCost leadership strategy - Undercut competitor pricesProduct differentiation strategy - Superior quality products or unique services sold at a premium Core competency – critical function or activity providing a competitive advantage
اسلاید 13: Value ChainMeasure and control the value chain and managers’ performanceSet of value-adding functions and processes that convert inputs into products/servicesResearch and DevelopmentProduct DesignSupplyProductionMarketingDistributionCustomer ServiceCommunicate strategy to all members of the value chain
اسلاید 14: Balanced ScorecardFinancialCustomerValueInternal BusinessLearning and Growth Set balance scorecard goals, objectives, and targets Business outcomes are evaluated against performance targets
اسلاید 15: Balance ScorecardLearning and GrowthInternal BusinessThings to do well to meet customer needs and expectationsCustomer ValueHow well the organization is doing relative to important customer criteriaFinancial PerformanceStockholders/stakeholders concerns about profitability and organizational growth
اسلاید 16: Organizational StructureDistribution of authority and responsibility in an organizationAuthority – right to use resources to accomplish a task or achieve an objectiveResponsibility – obligation to accomplish a task or achieve an objective
اسلاید 17: Ethics and LegislationSarbanes-Oxley Act – CEOs and CFOs personally accountable for the accuracy of their organization’s financial reportingForeign Corrupt Practices Act – prohibits bribes to obtain/retain businessFalse Claims Act – whistle-blower protectionOrganization of Economic Cooperation and Development Convention – crime to offer, promise, give bribes to obtain/retain internal business deals
اسلاید 18: Ethics & Management AccountantsStandards of Ethical Conduct for Management AccountantsCompetenceConfidentialityIntegrityObjectivityCompetenceConfidentialityIntegrityObjectivity
اسلاید 19: Accounting BodiesFinancialPublic Company Accounting Oversight Board (PCAOB)Securities and Exchange Commission (SEC)Financial Accounting Standards Board (FASB)ManagementIMASociety of Management Accountants of CanadaCost Accounting Standards Board (CASB)
اسلاید 20: Management Accounting OrganizationsIMAStatements on Management Accounting (not legally binding)Society of Management Accountants of CanadaManagement Accounting Guidelines (not legally binding)Cost Accounting Standards Board (CASB)Government contracting standards(legally binding)
اسلاید 21: QuestionsWhat 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?
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