Notes: Introduction to Managerial
Accounting (2007) (video).
http://www.youtube.com/watch?v=pBCRmjnwWgo
Definition: a field of accounting that provides economic and
financial information for managers and other internal user.
Management Functions: Planning, Directing, and Controlling.
Managerial Cost Concepts: Direct Material, Direct Labor, and Manufacturing
Overhead.
Cost: Product Costs
(manufacturing cost): Direct Material, Direct Labor, and Manufacturing Overhead (Indirect material,
indirect labor, and other indirect costs).
Period
Costs (nonmanufacturing costs): Selling expenses and Administrative
expenses.
Value Chain: analysis looks at every step a business goes through,
from raw materials to the eventual end user, the goal is to deliver maximum
value for the least possible total cost. (Investopedia US, 2012)
Just in time inventory: to have the supplies a firm needs at the
exact moment that they are needed. (Reduce waste and enhance value). (Broyles,
Beims, Franko, & Bergman, 2005) .
Enterprise resources planning: a process by which a company manages
and integrates the important parts of its business (planning, purchasing,
inventory, sales, marketing, finance, HR, etc). (Investopedia US, 2012) .
Theory of Constraints: is a management philosophy that focuses the
resources of an organization in improving the performance of the constraint
that directly affects profit or loss (Rockford Consulting Group, Ltd,
1999) .
ABC: is a costing method that is designed to provide
managers with cost information for strategic
and other decisions that potentially affect capacity and therefore fixed
cost, is used to determine product costs for special management reports (Accounting for Management, 2012) .
References
Accounting for Management.
(2012). accounting4management.com. Retrieved from
http://www.accounting4management.com/definition_explanation_activity_based_costing.htm
Broyles, D.,
Beims, J., Franko, J., & Bergman, M. (2005, April). academicmind.com.
Retrieved from Just-in-time inventory management strategy & lean
manufacturing:
http://academicmind.com/unpublishedpapers/business/operationsmanagement/2005-04-000aaf-just-in-time-inventory-management.html
Introduction to
Managerial Accounting (2007). [Motion Picture].
Investopedia US.
(2012). Investopedia. Retrieved from Value Chain:
http://www.investopedia.com/terms/v/valuechain.asp
Rockford
Consulting Group, Ltd. (1999). rockfordconsulting.com. Retrieved from
Theory of Constraints: http://rockfordconsulting.com/toc.htm
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