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Managerial Accounting: An Overview

Managerial Accounting: An Overview. Chapter 1. Financial and Managerial Accounting: Seven Key Differences. Work of Management. Planning. Controlling. Decision Making. Certified Management Accountant. A management accountant who has the necessary qualifications

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Managerial Accounting: An Overview

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  1. Managerial Accounting: An Overview Chapter 1

  2. Financial and Managerial Accounting: Seven Key Differences

  3. Work of Management Planning Controlling Decision Making

  4. Certified Management Accountant A management accountantwho has the necessary qualifications and who passes a rigorous professional exam earns the right to be known as a Certified Management Accountant (CMA).

  5. Strategic Management Skills A strategyis a “game plan”that enables a companyto attract customersby distinguishing itselffrom competitors. The focal point of acompany’s strategy shouldbe its target customers.

  6. CustomerIntimacyStrategy Understand and respond toindividual customer needs. OperationalExcellenceStrategy Deliver products and servicesfaster, more conveniently,and at lower prices. ProductLeadershipStrategy Offer higher quality products. Customer Value Propositions

  7. Code of Conduct for Management Accountants The Institute of Management Accountant’s (IMA) Statement of Ethical Professional Practiceconsists of two parts that offer guidelines for:  Ethical behavior.  Resolution for an ethical conflict.

  8. IMA Guidelines for Ethical Behavior Recognize and communicate professional limitations that preclude responsible judgment. Follow applicablelaws, regulationsand standards. Maintain professional competence. Competence Provide accurate, clear, concise, and timely decision support information.

  9. IMA Guidelines for Ethical Behavior Do not disclose confidential information unless legally obligated to do so. Do not use confidential information for unethical or illegaladvantage. Confidentiality Ensure that subordinates do not disclose confidential information.

  10. IMA Guidelines for Ethical Behavior Mitigate conflicts of interest and advise others of potential conflicts. Refrain from conduct that would prejudice carrying out duties ethically. Integrity Abstain from activities that might discredit the profession.

  11. IMA Guidelines for Ethical Behavior Communicate information fairly and objectively. Disclose delays or deficiencies in information timeliness, processing, or internal controls. Credibility Disclose all relevant information that could influence a user’s understanding of reports and recommendations.

  12. IMA Guidelines for Resolution of an Ethical Conflict Follow employer’s established policies. For an unresolved ethical conflict: • Discuss the conflict with immediate supervisor or next highest uninvolved managerial level. • If immediate supervisor is the CEO, consider the board of directors or the audit committee. • Contact with levels above the immediate supervisor should only be initiated with the supervisor’s knowledge, assuming the supervisor is not involved.

  13. IMA Guidelines for Resolution of an Ethical Conflict Follow employer’s established policies. For an unresolved ethical conflict: • Except where legally prescribed, maintain confidentiality. • Clarify issues in a confidential discussion with an objective advisor. • Consult an attorney as to legal obligations.

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