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Flashcards in Macs Definition Deck (22)
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1
Q

Controls definition

A

CIMA- the ability to direct the financial and operating policies of an entity with a view of gaining economic benefits

2
Q

Visual controls example

A

Ibm placement- daily dashboard - morning call

3
Q

Internal audit

A

Companies gaining assurance about quality of controls and financial statements
Link in risk management

4
Q

Accounting information systems and how

A

Manage and organise data and info for managers
Manually, spreadsheets, computerised e.g sage
Help with abc
Make visual dashboard

5
Q

Role of SMA

A

Hoque 2003- identifying gathering and analysing info for management to make strategic decisions

6
Q

Porter five forces

A

1980- suppliers customers, new entrants, substitute products, rivalry

7
Q

Criticism of porter

A

Thurlby, 1998

IT alone can be used to get ahead of competition

8
Q

Balanced Scorecard

A

Kaplan and Norton, 1987
Measures help give overall view of company
Examine customer sat, financial measures, internal processes, learning and growth,
Used to monitor and improve or implement new strategy

9
Q

Balanced scorecard support and example

A

Kasurinen 2002- forward looking and helps with monitoring and decision making
Easy Jet- differentiated- low prices short haul
No frills or luxury- entertaining crew- performance measures- time waiting for baggage- monitored by supervisors

10
Q

Balanced scorecard critique

A

Hoque 2014- concept is to General

Might not fit into organisational culture

11
Q

Target costing

A
Competitive environments
Meet customer exp of price
Deduct target profit margin
Estimate actual cost
Cut costs in production to meet
12
Q

Target costing- yield management example

A

Marriott
Trade off between price customer willing to pay and occupancy
David Roberts revenue guru- rather have empty room than customers believe can get cheaper price at last min

13
Q

Criticism of analysing macs

A

Outlet 1999

Need to take into account company objectives, strategy, targets- concept MA goes beyond financials

14
Q

Why internal audit is more important now

A

Sarbanes oxley act- followed scandals such as enron where Andersons shredded documents- greater focus on internal- reduces external audit costs

15
Q

Why MA’s have changed

A

Now have degrees- more well rounded on management as well as financial processes- budgeting, coatings- abc

16
Q

Quote- social side

A

Otley, 2001- ‘accounting is a social science as much as a hard science’

17
Q

Definition of organisation

A

Buchanan and huczynski (1991) social arrangements for the controlled performance of collective goals

18
Q

Why macs are different for different types of orgs

A

Vary by size, location, market, activity, goals

19
Q

Accounting social side- link human relations theory

A

Involve social science- employees need to be happy- less likely to be ill- link to having ideas listened to- link Maslow- empowered- self esteem

20
Q

Problems with traditional ma

A

Short term, emphasis artificial accounting periods- budgetting, focus on costs/backward looking,

21
Q

Defender strategy

A

Miles and snow- concentrate on existing production- traditional

22
Q

Total quality management

A

Continuous improvement- reflect and improve- efficiency time saving
Link Kaizen- Japanese principle of continuous improvement in company culture- quality and tech