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ManagementAccounting InformationThatCreatesValue Chapter1 ManagementAccountingInformation TheinstituteofManagementAccountantshasdefinedmanagementaccountingas Avalue addingcontinuousimprovementprocessofplanning designing measuringandoperatingbothnonfinancialinformationsystemsandfinancialinformationsystemsthatguidesmanagementaction motivatesbehavior andsupportsandcreatestheculturalvaluesnecessarytoachieveanorganization sstrategic tacticalandoperatingobjectives ManagementAccountingInformation ManagementaccountingprovidesbothfinancialinformationandnonfinancialinformationTheroleofmanagementinformationsupportsstrategic planning operational operating andcontrol performanceevaluation managementdecisionmakingInshort managementaccountinginformationispervasiveandpurposeful Examplesofmanagementaccountinginformationinclude Thereportedexpenseofanoperatingdepartment suchastheassemblydepartmentofanautomobileplantoranelectronicscompanyThecostsofproducingaproductThecostofdeliveringaserviceThecostofperforminganactivityorbusinessprocess suchascreatingacustomerinvoiceThecostsofservingacustomer ManagementAccountingInformation ManagementAccountingInformation Managementaccountingalsoproducesmeasuresoftheeconomicperformanceofdecentralizedoperatingunits suchas BusinessunitsDivisionsDepartmentsThesemeasureshelpseniormanagersassesstheperformanceofthecompany sdecentralizedunits ManagementAccountingInformation Managementaccountinginformationisakeysourceofinformationfordecisionmaking improvement andcontrolinorganizationsEffectivemanagementaccountingsystemscancreateconsiderablevaluetotoday sorganizationsbyprovidingtimelyandaccurateinformationabouttheactivitiesrequiredfortheirsuccess ChangingFocus Traditionally managementaccountinginformationhasbeenfinancialinformationDenominatedinacurrencysuchas dollars poundsterling yen or euro Managementaccountinginformationhasnowexpandedtoencompassinformationthatisoperationalorphysical nonfinancial information QualityandprocesstimesMoresubjectivemeasurements suchas CustomersatisfactionEmployeecapabilitiesNewproductperformance Financialv ManagementAccounting FinancialAccountingCommunicateseconomicinformationtoindividualsandorganizationsthatareexternaltothedirectoperationsofthecompanyStressestheforminwhichitiscommunicatedIsbasedonhistoricalinformation ManagementAccountingProvidesinformationtomanagersandemployeeswithintheorganizationAllowsgreatdiscretiontodesignsystemsthatprovideinformationforhelpingemployeesandmanagersmakedecisionsForwardlooking ABriefHistory TheearliestmanagementaccountantswerescribeswhosejobwastorecordthereceiptanddisbursementsofcashandtoprovideanaccountingofthecurrentstockofwealthincludingvaluableoresandfoodsThetreasuryroleformanagementaccountantswasvirtuallythesameuntilmedievalEngland ABriefHistory InmedievalEngland producers theGuilds keptdetailedrecordsofrawmaterialsandlaborcostsasevidenceofproductqualityFrom1400 1600 therudimentsofbasicmodernmanagementaccountingpracticeemerged ABriefHistory In19thcenturyAmerica textilemillownerskeptdetailedrecordsofcoststodirectefficiencyimprovementactivitiesandtoprovideabasisforproductpricingButtherewaslittleornostandardizedmanagementaccountingpracticeThen in1885 HenryMetcalfpublishedCostofManufacturers ABriefHistory Inthelate19thcentury railroadmanagersimplementedlargeandcomplexcostingsystemsTherailroadswerethefirstmodernindustrytodevelopandusebroadfinancialstatisticstoassessorganizationperformanceAboutthesametime AndrewCarnegiewasdevelopingdetailedrecordsofthecostofmaterialsandlaborusedtomakethesteelproducedinhissteelmills ABriefHistory Theemergenceoflargeandintegratedcompaniesatthestartofthe20thcenturycreatedademandformeasuringtheperformanceofdifferentorganizationalunitsManagersdevelopedwaystomeasurethereturnoninvestmentandtheperformanceoftheirunits moreonthislater ABriefHistory Afterthelate1920smanagementaccountingdevelopmentstalledItwasonlyinthe1970sthatinterestreturnedtodevelopingmoreeffectivemanagementaccountingsystemsDuringthelatterpartofthe20thcenturytherewereinnovationsincostingandperformancemeasurementsystems thefocusofthistext ABriefHistory Thehistoryofmanagementaccountingcomprisestwocharacteristics ManagementaccountingwasdrivenbytheevolutionoforganizationsandtheirstrategicimperativesWhencostcontrolwasthegoal costingsystemsbecamemoreaccurateWhentheabilityoforganizationstoadaptandchangetoenvironmentalchangesbecameimportant managementaccountingsystemsthatsupportedadaptabilityweredeveloped ABriefHistory Managementaccountinginnovationshaveusuallybeendevelopedbymanagerstoaddresstheirowndecision makingneedsManagementaccountingneedstobebothpragmaticandaddvaluetotheorganization RoleofFinancialInformation FinancialinformationpervadesoureconomyItistheprimarymeansofcommunicationbetweenprofitseekingorganizationsandtheirstakeholdersForthisreasonorganizationsusefinancialmeasuresinternallyasabroadindicatorofperformanceThisfinancialinformationprovidesasignalthatsomethingiswrong butnotwhatiswrongFinancialinformationsummarizesunderlyingactivities BusinessLevelStrategyandtheValueProposition WhattheorganizationtriestodelivertocustomersiscalleditsvaluepropositionValuepropositionshavefourelements Cost thepricepaidbythecustomer giventheproductfeaturesandcompetitors pricesQuality thedegreeofconformancebetweenwhatthecustomerispromisedandwhatthecustomerreceivesForexampleadefectfreeautomobilethatperformsaspromisedbythesalesperson BusinessLevelStrategyandtheValueProposition Functionalityandfeatures theperformanceoftheproduct forexampleamealinarestaurantthatprovidesthedinerwiththelevelofsatisfactionexpectedforthepricepaidService alltheotherelementsoftheproductrelevanttothecustomerForexample foranautomobileservicemightinclude howthecustomeristreatedastheautomobileispurchasedandthedegreeandformofaftersalesserviceDellComputer svaluepropositionisbuildingtocustomerrequirements quickly andatalowprice DeliveringtheValueProposition OrganizationsuseprocessesthattheydesignandmanagetodeliverthevaluepropositionDelldeliversitsvaluepropositionbyprovidingcustomerseasyandaccessibleaccesstoorderingandinsistingthatsupplierslocateclosetoitsassemblyfacilitiesThesestepsenableDelltominimizeitsinventoriesandavoidthecostsofholdinginventoryandofobsoleteinventoryinarapidlychangingindustry ManagementAccountingandControlinServiceOrganizations ThemajorchangesinthedemandformanagementaccountingandcontrolinformationexperiencedbymanufacturingcompaniesinrecentyearshavealsooccurredinvirtuallyalltypesofserviceorganizationsServicecompanieshaveexistedforhundredsofyearsTheirimportanceinmoderneconomieshasincreasedsubstantiallyduringthetwentiethcentury ServiceCompanies ServicecompaniesdifferfrommanufacturingcompaniesinseveralwaysObviousdifference servicecompaniesdonotproduceatangibleproductLessobvious manyemployeesinservicecompanieshavedirectcontactwithcustomersServicecompaniesmustbeespeciallysensitivetothetimelinessandqualityoftheservicethattheiremployeesprovidetocustomers ServiceCompanies CustomersofservicecompaniesimmediatelynoticedefectsanddelaysinservicedeliveryTheconsequencesfromsuchdefectscanbesevereDissatisfiedcustomersusuallychoosealternativesuppliersafteranunhappyexperienceTheyalsousuallytellothersabouttheirbadexperience ServiceCompanies UseofManagementAccountingInformation ManagersinservicecompanieshavehistoricallyusedmanagementaccountinginformationfarlessintensivelythanmanagersinmanufacturingcompaniesSuchalackofaccurateinformationaboutthecostofoperationsprobablyoccurredbecausemanyserviceorganizationsoperatedinnoncompetitivemarketsEitherhighlyregulatedorgovernmentownedOthers suchaslocalretailers weresubjectonlytolocal notnationalorglobal competition LackofCompetition Inanoncompetitiveenvironments managersofservicecompanieswerenotundergreatpressureto LowercostsImprovethequalityandefficiencyofoperationsIntroducenewproductsthatmadeprofitsEliminateproductsandservicesthatwereincurringlossesManagementaccountingsystemsinmostserviceorganizationsweresimple designedtoallowmanagersto BudgetexpensesbyoperatingdepartmentMeasureandmonitoractualspendingagainstthesefunctionaldepartmentalbudgets CompetitiveEnvironment ThecompetitiveenvironmenthasnowbecomefarmorechallenginganddemandingforbothmanufacturingandservicecompaniesStartinginthemid 1970s manufacturingcompaniesinNorthAmericaandEuropeencounteredseverecompetitionfromAsiancompaniesthatofferedhigher qualityproductsatlowerpricesAcompanycouldsurviveandprosperonlyifitscosts quality andproductcapabilitieswereasgoodasthoseofthebestcompaniesintheworld CompetitiveEnvironment 2of2 ThegroundrulesunderwhichmanyservicecompaniesoperatehavecompletelychangedThederegulationmovementinNorthAmericaandEuropesincethe1970sTheswitchfromcentrallycontrolledsocialisteconomiestofreemarketeconomiesinmuchoftheworldManagersofservicecompaniesnowrequireaccurate timelyinformation Toimprovethequality timeliness andefficiencyoftheactivitiestheyperformTomakedecisionsabouttheirindividualproducts services andcustomers GovernmentAgencies Governmentandnonprofitorganizationsaswellasprofit seekingenterprisesarefeelingthepressuresforimprovedperformanceCitizensaredemandingmoreresponsiveandmoreefficientperformancefromtheirlocal regional andnationalgovernmentsTheU S CongresspassedTheChiefFinancialOfficers CFO Actof1990TheGovernmentPerformanceandResultsAct GPRA of1993 CFOAct TheU S Congress in1990 passedtheChiefFinancialOfficersActRequireseachmajorfederalagencytohaveachieffinancialofficerwhoisresponsiblefor ThedevelopmentandreportingofcostinformationThesystematicmeasurementofperformance GPRA TheGovernmentPerformanceandResultsActof1993requiresthateachU S federalagency Establishtop levelagencygoalsandobjectives aswellasannualprogramgoalsDefinehowitintendstoachievethosegoalsDemonstratehowitwillmeasureagencyandprogramperformanceinachievingthosegoalsInsigningGPRA PresidentClintonannouncedthattheactwould Chartacourseforeveryendeavorpaidforbytaxpayers moneySeehowwellweareprogressingTellthepublichowwearedoingStopthethingsthatdon tworkNeverstopimprovingthethingsthatareworthinvestingin ImplementingCFOActandGPRA InresponsetotheCFOandGPRAacts theFinancialAccountingStandardsBoardissuedadocumentof ManagerialCostAccountingandStandardsfortheFederalGovernment Thisdocumentstated Inmanagingfederalgovernmentprograms costinformationisessentialinthefollowingfiveareas Budgetingandcostcontrol Performancemeasurement Determiningreimbursementsandsettingfeesandprices Programevaluations andMakingeconomicchoicedecisions Thedemandsforcostinformationingovernmentwillbeidenticaltothoseinfor profitmanufacturingandservicecompanies NonprofitOrganizations 1of2 NonprofitorganizationsarealsofeelingthepressureforcostandperformancemeasurementTherehasbeenexplosivegrowthinnongovernmentalorganizationsdealingwith EconomicdevelopmentTheenvironmentPovertyIlliteracyHungerandmalnutritionPublicandprivatehealthSocialservicesandthearts NonprofitOrganizations 2of2 Theseorganizationscompeteforfundsfromgovernments foundations andprivateindividualsIncreasinglythepublicandprivatedonorsaredemandingaccountabilityfromtheorganizationstheyfund includingmeasuresofeffectivenessManagersofalltypesofnonprofitorganizationsarelookingtoadaptmanagementaccountingprocedures developedintheprivatesector tomeetthedemandsplacedonthemforaccountabilityandcostandperformancemeasurement Financial NonfinancialInformationinGovernmentandNotforProfitOrganizations TheobjectivesofcustomersshouldbetheobjectivesoftheorganizationIninnovativegovernmentandnot for profitorganizations managersusenonfinancialandfinancialperformancemeasurestoevaluatehowwellandhowefficientlytheseorganizationsusetheirfundstoprovideservicestotheircustomers Financial NonfinancialInformationinGovernmentandNotforProfitOrganizations Governmentsandnot for profitsneedtolookattheprocessestheyusetodeliverservicestotheircustomerstoverifythattheseprocessesmeetcustomerrequirementsatthelowestpossiblecost BehavioralImplications Asmeasurementsaremadeonoperationsandespeciallyonindividualsandgroups theirbehaviorchangesPeoplereactwhentheyarebeingmeasured andtheyreacttothemeasurementsTheyfocusonthevariablesandbehaviorbeingmeasuredandspendlessattentiononthosenotmeasuredTwooldsayingsrecognizethesephenomena Whatgetsmeasuredgetsmanaged IfIcan tmeasureit Ican tmanageit BehavioralImplications EmployeesfamiliarwiththecurrentsystemmayresistasmanagersattempttointroduceorredesigncostandperformancemeasurementsystemsEmployeeshaveacquiredexpertiseintheuseoftheoldsystemEmployeesalsomayfeelcommittedtothedecisionsbasedontheinformationtheoldsystemproduced BehavioralImplications ManagementaccountantsmustunderstandandanticipatethereactionsofindividualstoinformationandmeasurementsWhenthemeasurementsareusednotonlyforinformation planning anddecision makingbutalsoforcontrol evaluation andreward employeesandmanagersplacegreatpressureonthemeasurementsthemselves BehavioralImplications ManagersandemployeesmaytakeunexpectedandundesirableactionstoinfluencetheirscoreontheperformancemeasureManagersseekingtoimprovecurrentbonusesbasedonreportedprofitsmayskipdiscretionaryexpendituresthatmayimproveperformanceinfutureperiods Ethics theManagementAccountant Whenmanagementaccountinginformationisusedforcontrol managementaccountantsmayfindthemselvesincomplexsituationsPressuremaybeexertedtoinfluencethenumberstomakeafavoredproduct customer orlineofbusinessappearmoreprofitablethanitactuallyisDepartmentmanagersmaydistortinformationsothatunfavorablefactorsarenotrevealedinamanagementaccountingreport Ethics SeniorexecutiveswhoseincentivecompensationisbasedonthereportedfinancialnumbersmayputpressureonaccountantstomanageearningsOrganizationalleadershipplaysacriticalroleinfosteringacultureofhighethicalstandards Ethics Thewayanindividualrespondstopressurederivesfrominnervaluesandbeliefs butindividualsarestronglyinfluencedbytheirviewoforganizationalstandardsIfindividualsseeunethicalorillegalbehaviorpracticedbytheorganization sleadersandsuperiorsorcoworkers theymayfeelthatsuchbehaviorisacceptedandsanctionedAnindividualwithoutastrongsetofpersonalbeliefsandvaluesmayfinditdifficulttowithstandthepressureto goalongwiththeflow andparticipateinthisbehaviorwhenadifficultorconflictingsituationarises Ethics Beyondtheexamplesetbyseniorexecutives companiesmayusetwotypesofcontrolsystemstofosterhighethicalstandardsamongtheiremployeesBeliefssystemsBoundarysystemsAbeliefssystemistheexplicitsetofstatements communicatedtoemployees ofthebasicvalues purpose anddirectionoftheorganization Ethics 5of9 Thestatementsinabeliefssystemareintendedtoinspireandpromotecommitmenttotheorganization scorevaluesanditspurposeforbeinginbusinessArticulateandactionablebeliefssystemsmayinspirepeopletohighervaluesandaimathighermissionsbuttheymaynotcommunicateclearlywhatbehaviorandactionsareunacceptable Ethics Boundarysystemsarestatedinnegativeterms orinminimalstandardsofbehaviorIntendedtoconstraintherangeofacceptablebehaviorBoundarysystemsalsoincludeclearcommunicationofthelawsunderwhichthecompanyoperates Ethics Managementaccountants likeallemployees mustbeawareofandbedeeplycommittedtoactinwaysthatdonotviolatetheirorganization scodeofconductandsocietallawsgoverningorganizationalbehaviorandactionsTheyhaveanadditionalobligationtoensurethatsuchboundarysystemsexistintheirorganization andthattheboundarysystemsareclearlycommunicatedthroughouttheorganizationTheyshouldalsomonitorthatseniorexecutivesactquicklyanddecisivelywhenbehaviorinviolationofthesestandardsisdetected Ethics Managementaccountants asmembersofaprofe
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