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Read more. Accept X. Hilton quantity. Hilton The emphasis of Managerial Accounting , 10th edition is on teaching students to use accounting information to best manage an organization. If you require any further information, let me know. Reviews There are no reviews yet. Read more Accept X. Sign in. Examples of staff positions in a university are the university counsel, who is the university's chief lawyer, and the director of maintenance, who is charged with maintaining the university's facilities.
The controller usually is responsible for supervising the personnel in the accounting department and for preparing the information and reports used in both managerial and financial accounting. The treasurer typically is responsible for raising capital and safeguarding the organization's assets. Among the treasurer's responsibilities is the management of an organization's investments, credit policy, and insurance coverage. There is one important difference, however, between a profit-seeking enterprise and a nonprofit organization like a university.
A profit- seeking enterprise generally has long-term profitability as its foremost goal, and the other points on the balanced scorecard are oriented toward helping the enterprise achieve that goal of profitability. Universities, on the other hand, usually have multiple goals, which are sometimes in competition with each other. For example, a land-grant university may have teaching, research and public service as its three primary goals.
Nevertheless, it is possible for a college or university to develop performance measures for each of the areas in the balanced scorecard. Managerial accountants are increasingly deployed as key members of management teams. In many cases, managerial-accounting information will not answer the question or solve the problem, but rather make management aware that the issue or problem exists.
In this sense, managerial accounting sometimes is said to serve an attention- directing role. The primary difference between these types of companies is that manufacturing firms produce inventoriable goods, whereas the services produced by service industry firms are not inventoriable. Services, such as air transportation or hotel service, are consumed as they are produced. Chapter 01 - The Changing Role of Managerial Accounting in a Dynamic Business Environment d Empowerment is the concept of encouraging and authorizing workers to take their own initiative to improve operations, reduce costs, and improve product quality and customer service.
If a pizza maker is available for four hours to make pizzas but only one pizza is ordered, she still has to be paid for four hours. There is no way to store that capacity to use it another time. This title is the professional certification for managerial accountants administered by the Institute of Management Accountants.
The requirements for becoming a CMA include fulfilling specified educational requirements and successfully passing the CMA examination. Managers in nonprofit organizations also need managerial-accounting information for decision making, planning, directing, and controlling operations.
Reports and analysis of these costs are a primary function of managerial accounting. According to this definition from Webster, a managerial accountant is a professional. Chapter 01 - The Changing Role of Managerial Accounting in a Dynamic Business Environment f Running airport operations, including handling baggage g Serving food and beverages in flight h Flying passengers and cargo Strategic cost management is the process of understanding and managing, to the organization's advantage, the cost relationships among the activities in an organization's value chain.
Measuring inventory costs is most closely associated with the first two objectives of managerial accounting activity: 1 providing information for decision making and planning, and 2 assisting managers in directing and controlling operational activities. Since inventory costs are used in external financial reports, they are also relevant to measuring the performance of managers and subunits within the organization.
Estimating costs is particularly relevant to the objective of providing information for decision making and planning. Measuring operating costs is relevant to all of the objectives of managerial accounting activity. Comparing operating statistics such as those mentioned for a hotel is particularly relevant to the following objective of managerial accounting: Assessing the organization's competitive position and working with other managers to ensure the organization's long-run competitiveness in its industry.
Developing a bonus reward system for managerial personnel is an example of motivating managers and other employees toward the organization's goals. To be effective, the bonus system must provide incentives for managers to work toward achieving those goals. Comparing actual and planned costs is consistent with two objectives of managerial accounting activity: 1 assisting managers in controlling operations, and 2 measuring the performance of activities, subunits, managers, and other employees within the organization.
Determining manufacturing costs is related to all of the objectives of managerial accounting. It is especially closely related to the objective of providing information for decision making and planning. Data about the cost of maintaining the machine weekly or biweekly would be relevant.
In addition, the production manager should consider information about the likely rates of defective products under each maintenance alternative.
Estimates of the cost of lost merchandise due to shoplifting and the cost of employing security personnel would be relevant to this decision. Estimates of building costs for the library addition as well as estimates of benefits to the population from having the addition would be useful. Estimating the benefits may require value judgments about the benefits to the public from having additional library space and more books. Estimates of any operating costs associated with the proposed luxury cars would be relevant.
For example, estimates of the cost of gasoline, routine maintenance, and insurance on the new vehicles would be useful. Managerial accounting can make an important contribution to all of these goals. Line activities are primary to the purpose of the organization. They are the activities that create and distribute the goods and services of the organization. Line reporting refers to the reporting relationship between different hierarchical management levels in line activities e.
Staff activities are services provided by departments in the organization in support of its line activities. The role of the division controller in the division is an example of a staff activity. The reporting relationship between the division controller and the division manager is an example of a staff reporting relationship.
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