module 14 Flashcards
managerial accouting
Emphasis on achieving a
company’s organizational goals
Institute of Management Accountants
The IMA acts as a guide for defining the role and best practices of managerial accounting.
▪ The IMA supports the Certified Management Accountant program. To become a CMA, a
qualified professional must be a member of
IMA, pass a two-part exam, stay current
through continuing education, and abide
by IMA’s Statement of Ethical
Professional Practice.
strategic cost management
Making decisions concerning specific cost
drivers within the context of an organization’s business strategy, internal value chain, and position in a larger value chain stretching from the development and use of resources to final consumers.
strategic cost mgmt three themes
- strategic position analysis: The examination of a company’s basic way of
competing to sell - Cost Driver Analysis: The study of factors
that cause or influence costs - Value Chain Analysis: The study of value-producing activities, from raw materials to consumers
cost leadership
Low costs/same price →higher profits
Or
Low cost →aggressive price competition
product or service differentiation
Perception of uniqueness →premium price
Managerial accounting supports the
achievement of goals via
-Careful budgeting
▪ Cost analyses
▪ Frequent and detailed performance reports
Robotic Process Information
“is an application of
technology, governed by business logic and structured
inputs, aimed at automating business processes
Artificial Intelligence
can be defined as technologies
that “perform tasks that previously required human intelligence, such as extracting meaning from images, text or speech, detecting patterns and anomalies, and making recommendations, predictions, or decisions.”
Cognitive Technologies
combine RPA with AI. Examples include machine learning
applications that use algorithms to predict what a particular
customer is likely to buy and natural language processing
chatbots that provide customer support
