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accounting

financial accounting systems
must follow GAAP rules
creditors & shareholders
financial accounting develops reports for external parties such as…
controlling role of management
when managers evaluate the companies performance compared to the plan, they are performing the…
managers
decision makers inside a company
financial accounting
provides information on a company’s past performance to external parties
managerial accounting systems
not restricted by GAAP
planning function of management
choosing goals & the means to achieve them is the…
managerial accounting systems
report on various segments or business units of the company
financial accounting statements…
of public companies are audited annually by CPA’s
potential shareholders
financial
loan officer at a company’s bank
financial
manager of the sales department
managerial
bookkeeping department
financial
managers at regional offices
managerial
IRS agent
financial
current shareholders
financial
wall street analyst
financial
news reporter
financial
company controller
both financial & managerial
board of directors
both financial & managerial
SEC employee
financial
external auditor
financial
internal auditor
both financial & managerial
COO & CFO
report to the CEO
CEO & audit committee
the internal audit function reports to the CFO or…and the…
controller
directly responsible for financial accounting, managerial accounting, & tax reporting
board of directors
the CEO is hired by the…
treasurer
directly responsible for raising capital & investing funds
COO
is directly responsible for the company’s operations
cross-functional teams
management accountants often work with
audit committee
a subcommittee of the board of directors is called the
IMA
is the professional association for management accountants
CMA
institute offers a professional certification which focuses on managerial accounting topics, economics, & business finance
CMA & 25%
the institute finds that people holding the…certification earn on average… more than those without the certification
strategic finance
the institute’s monthly publication, addresses current topics of interest to management accountants
85%
the institute says that approximately… of accountants work in organizations rather than at CPA firms
XBRL
a language that utilizes a standard coding system companies use to tag each piece of financial & business information in a format that can be quickly and efficiently accessed over the internet
supply-chain management
involves the exchange of information with suppliers to reduce costs, improve quality, & speed delivery of goods & services from suppliers to the company & it’s customers
sarbanes-oxley act of 2002
enacted to restore trust in publicly traded corporations, their management, their financial statements, & their auditors
lean production
meet customers’ expectations by providing them with superior products & services by eliminating defects & waste throughout the value chain
throughput time
time between buying raw materials & selling the finished products
ERP
serves the information needs of people in accounting as well as people in marketing & in the warehouse
e-commerce
firms adopt this to conduct business on the internet
ISO9001:2008
firms acquire this certification to demonstrate their commitment to quality
lean production
philosophy that embraces the concept that the lower the company’s waste is, the lower the company’s cost
XBRL
data tagging system that enables companies to release financial & business information in a format that can be quickly, efficiently, & cost-effectively accessed, sorted, & analyzed over the internet
IFRS
the SEC is expected to require the adoption of … for all publicly traded companies within the next few years, which differs from the GAAP that companies are currently required to use
just in time
toyota first pioneered an inventory philosophy in which a product is manufactured …to fill customer orders
total quality management
a management philosophy of delighting customers with superior products & services by continually setting higher goals & improving the performance of every business function
management companies
produce their own inventory
merchandising companies
typically have a single category of inventory
service companies
do not have tangible products intended for sale
merchandising companies
resell products they previously purchased ready-made from suppliers
manufacturing companies
use their workforce & equipment to transform raw materials into new finished products
retailers
sell to consumers
wholesalers
buy in bulk from manufacturers & sell to retailers

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