Management Accounting and Controlling at Universität Hamburg

Flashcards and summaries for Management Accounting and Controlling at the Universität Hamburg

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Management Accounting


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Financial Accounting

Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Cost Accounting

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Cost Management

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Major purposes of accounting systems

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Planning

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Control

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Budgets

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Performance Report

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Feedback

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3 functions of management accounting

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Success Factors

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Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Management Accounting and Controlling

Management Accounting


measures and reports financial and non-financial information
--> helps managers make decisions to fulfill the goals of an organization

Management Accounting and Controlling

Financial Accounting

It measures and reports business transactions, provides financial

statement based on generally accepted accounting principles (GAAP) à focuses on

reporting to external parties

Management Accounting and Controlling

Cost Accounting

It measures and reports financial and non-financial data that relates to

the cost of acquiring or consuming resources by an organization à provides information

for both management accounting and financial accounting

Management Accounting and Controlling

Cost Management

describes the activities of managers in short-run and long-run

planning and control of costs. It aims at the reduction of costs à It is a key part of

general management strategies and their implementation.

Management Accounting and Controlling

Major purposes of accounting systems

o Formulating overall strategies and long-range plans

o Resource allocation decisions

o Cost planning and cost control of operations and activities

o Performance measurement and evaluation of people’s performance

o Meeting external regulatory and legal reporting requirements

Management Accounting and Controlling

Planning

deciding on organization goals, predicting results under various alternative

ways of achieving those goals, and then deciding how to attain those desired goals.

Management Accounting and Controlling

Control

deciding and taking actions that implement the planning decisions, deciding on

performance evaluation and the related feedback that will help future decision-making.

Management Accounting and Controlling

Budgets

quantitative expressions of a proposed plan of action by management for a

future time period and an aid to the coordination and implementation of the plan.

Management Accounting and Controlling

Performance Report

a report that compares the actual results with the budgeted results.

Management Accounting and Controlling

Feedback

involves managers examining past performance and systematically exploring

alternative ways to make better informed decisions in the future.

Management Accounting and Controlling

3 functions of management accounting

o Scorekeeping – accumulate data and report reliable results to all levels of

management

o Attention Directing – help managers properly focus their attention (not just cost-

reduction opportunities)

o Problem solving – comparative analysis for decision making

Management Accounting and Controlling

Success Factors

operational factors that directly affect the economic viability of the

organization

o Time: organisations are under pressure to complete activities faster and meet

promised delivery dates more reliably.

o Quality: Customers are expecting higher levels of quality

o Cost: Organisations are under continuous pressure to reduce costs.

o Innovation: There is now heightened recognition that a continuing flow of new or

improved products or services is a prerequisite to the ongoing success of most

organisations.

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