Ima management accounting case book

This book is for those whose financial management focus is on small businesses. For you, we adapt the traditional financial management themes emphasized in corporate financial management courses to meet the needs of small businesses. This open source textbook is derived from many sources, initially from the Principles of Management by Carpenter, Bauer, and Erdogan, but there is abundant new content as well.

It is published under a Creative Commons license and as such there is no charge ever for this textbook. This OpenStax resource aligns to introductory courses in Organizational Behavior.

The text presents the theory, concepts, and applications with particular emphasis on the impact that individuals and groups can have on organizational performance and culture.

Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering the book in two volumes. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields.

Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Principles of Management is designed to meet the scope and sequence requirements of the introductory course on management.

This is a traditional approach to management using the leading, planning, organizing, and controlling approach. Management is a broad business discipline, and the Principles of Management course covers many management areas such as human resource management and strategic management, as well behavioral areas such as motivation.

No one individual can be an expert in all areas of management, so an additional benefit of this text is that specialists in a variety of areas have authored individual chapters. A good portion of that audience will be people with disabilities. How, though, would an organization go about ensuring it is as accessible as it can be to all its potential clients or customers, including people with disabilities?

Communication is the heart of business. Short emails, complex reports, private chats, impassioned pitches, formal presentations, and team meetings move information and ideas around an organization, define strategy, and drive decisions. Business communication is concise, direct, clear, and compelling.Technology is redefining the role of the management accountant while changing the business landscape and the management accounting profession at an unprecedented speed. To prepare future professionals, management accounting education must change as well.

ima management accounting case book

Into help its members, students, and the profession at large prepare for careers in management accounting, IMA published its Management Accounting Competency Framework.

This research has documented the ongoing evolution of the role of the management accountant from an accumulator and reporter of financial information to being a more strategy-oriented business partner. Since the publication of the Competency Framework, the field of management accounting has experienced considerable change.

Oversighta traditional CFO role, includes resource allocation, ensuring a healthy financial profile for future investment, and more. Hindsight entails looking backward to influence the future in a positive way—in other words, using historical data for future projections.

Foresight is where finance professionals play a leading role in anticipating the future and helping their organizations envision the future. It includes strategic planning, competitive moves, and innovation. A key factor driving this change is the relentless evolution of technology. Technological advances are reducing, and in some cases eliminating, many of the routine tasks performed by management accountants, freeing them to add more value as business partners with the rest of the organization.

Strategic management, which includes strategy formulation, validation, and implementation, is becoming an essential competency for management accountants to possess. To succeed in their evolving role, management accountants will need to employ more sophisticated analytics. In the past, they provided descriptive and diagnostic statistics. Today, as shown in Figure 1, they must move to the higher end of the analytics continuum—to predictive, prescriptive, and adaptive analytics.

But they require new competencies to be able to perform this type of analysis. To ensure that its Competency Framework reflects the current and future competencies management accounting professionals need, IMA formed a task force that was charged with examining the changing practice landscape and proposing any necessary changes. After an extensive process which included a review of primary and secondary research, focus groups, and extensive deliberationthe task force has developed a revised Framework, depicted in Figure 2.

The change in the name of this domain is more than just including analytics. As Big Data matures, accounting and finance professionals now have at their disposal vast amounts of data that can be exploited to create value for their organizations. Management accountants will need knowledge of data extraction tools for mining structured and unstructured data. Given the rapidly expanding universe of data, there will be dramatic changes in the skills management accountants need in this area.

A comparison of these competencies included in the original and new Frameworks see Figure 4 reflect this change. Information Systems includes using technology to effectively control operational and financial processes, solve problems, analyze data, and enhance business performance.

This competency encompasses familiarity with Big Data, data storage, systems architecture, and database management in addition to enterprise resource planning ERP systems, the cloud, and new and emerging technologies.

New competencies are required to combine and analyze data from various sources.

What is the Institute of Management Accountants?

Data Governance ensures the availability, utility, integrity, and security of data. Management accountants must understand and influence the governance of technology, including data and cybersecurity. Organizations must implement controls such as penetration and vulnerability testing to detect and thwart cyberattacks. Management accountants understand the flow of data throughout its life cycle, and they will need to oversee processes to protect the privacy and integrity of stakeholder data.

Data Analytics includes the extraction and analysis of data using quantitative and qualitative techniques to gain insights, improve predictions, and support decision making. While the required level of competency may vary for management accountants, at a minimum it must include knowing what types of analytical models are available for example, deep learning vs. Beyond that, important, perhaps essential, skills include the ability to transform raw, unstructured data into a form more appropriate for analysis data wranglingthe ability to mine large data sets to reveal patterns and provide insights, and the ability to interpret results, draw insights, and make recommendations based on analysis.

Data Visualization is the ability to present data in a visual context to make patterns, trends, and correlations stand out and be easier to detect so users can make better decisions.

Management accountants must evaluate data visualization options and select the best tool for presentation to stakeholders. Strategic business decisions need to be based on the integration of data and professional judgment as applied to differing business environments. While Ethics was included in the original Decision Making domain, the Framework noted that Professional Ethics permeated all the other competencies in the Framework.

Given the importance of this competency, the new Framework explicitly identifies it as a separate competency domain that underscores the other five domains.The cost per unit is commonly derived when a company produces a large number of identical products.

This information is then compared to budgeted or standard cost information to see if the organization is producing goods in a cost-effective manner. The cost per unit is derived from the variable costs and fixed costs incurred by a production process, divided by the number of units produced.

Variable costs, such as direct materialsvary roughly in proportion to the number of units produced, though this cost should decline somewhat as unit volumes increase, due to greater volume discounts. Fixed costs, such as building rent, should remain unchanged no matter how many units are produced, though they can increase as the result of additional capacity being needed known as a step costwhere the cost suddenly steps up to a higher level once a specific unit volume is reached.

Examples of step costs are adding a new production facility or production equipment, adding a forklift, or adding a second or third shift. When a step cost is incurred, the total fixed cost will now incorporate the new step cost, which will increase the cost per unit.

Depending on the size of the step cost increase, a manager may want to leave capacity where it is and instead outsource additional production, thereby avoiding the additional fixed cost. This is a prudent choice when the need for increased capacity is not clear.

ima management accounting case book

Within these restrictions, then, the cost per unit calculation is:. The cost per unit should decline as the number of units produced increases, primarily because the total fixed costs will be spread over a larger number of units subject to the step costing issue noted above.

Thus, the cost per unit is not constant.

IMA Educational Case Journal

The cost per unit is:. Cost Accounting Fundamentals. Books Listed by Title. Articles Topics Index Site Archive. About Contact Environmental Commitment. Net income formula Proxy. Copyright To fulfill this pledge, IMA first issued a code of conduct in the early s that was designed to guide the ethical aspects of the business as well as the personal decisions of its members and their organizations.

Financial scandals in the beginning of the 21st Century led to publication in of the IMA Statement of Ethical Professional Practicea more comprehensive guidance document with which members are required to comply as a condition of membership. After many changes in the business and regulatory environment since the Statement became effective—including the globalization of commerce and the management accounting profession—IMA determined to issue an updated version in The newly issued guidance is the result of several years of research by the IMA Committee on Ethics CoEwhich studied and evaluated the ethics codes of other professional organizations as well as the global ethics standard for professional accountants issued by the International Ethics Standards Board for Accountants IESBA.

A subcommittee task force of the CoE undertook the first phase of the revision process: the study and evaluation of other codes of conduct. It developed initial concepts for modifications of the existing Statement that were then thrashed out in both telephone and face-to-face debates and through extensive deliberation by the entire CoE. Language changes that triggered controversy were hammered out through compromise.

The document retains a focus on ethical values and principles rather than formalization of prescriptive, precise, and legalistic rules.

It encourages professional judgment, challenging members to demonstrate ethical behavior in every aspect of their lives. It also is aspirational, suggesting members should encourage others within their organizations to follow its provisions.

The new Statement is also being incorporated into the content of IMA professional ethics courses. Continuing the structure of the previous version, the new Statement includes overarching ethical principles as well as standards. This reflects numerous research studies that show the most effective approach to promoting strong ethical decisions is based on communicating ethical values based on principles rather than setting forth detailed legalistic rules.

A commitment to ethical professional practice includes overarching principles that express our values and standards that guide our conduct.

In addition to performing their own employment responsibilities in accordance with the IMA principles and standards, members should encourage others within their organizations to adhere to them.

The need for behaving ethically also applies to all activities IMA members engage in, not just their actions as management accountants and financial managers. This means that members should embody the IMA principles in their actions outside their workplace, which includes their dealings with others in their community. Honesty requires conscientious application to the task at hand and truthfulness in all analyses and communication outcomes. Fairness requires just and empathetic consideration of the needs of others when making decisions in a particular situation, as well as full disclosure of all necessary contextual information.

Objectivity requires impartial, dispassionate consideration and evaluation of conflicting points of view before arriving at an optimal conclusion. Responsibility requires all actions to be performed with faithfulness and loyalty.

The overarching principles are intended to provide freestanding additional guidance to help members and other financial professionals consider the ethical values involved in the decisions they make.

Unlike the overarching principles, which are aspirational and general in nature, the standards set forth four areas of enforceable conduct that members must uphold and comply with. Failure to do so may result in disciplinary action.Book Description Closing the books is one of the key functions of the accounting department.

The book discusses the entire process of how information is summarized into the financial statements, as well as the many reporting formats that are available. It covers the full range of closing steps, and shows how to fine-tune the closing process to achieve a shorter close. In addition, the book addresses the controls and record keeping needed for the closing process.

Part I - Closing Concepts Chapter 1. The Trial Balance Chapter 3. Journal Entries Chapter 4.

Closing the Books

The Closing Process Chapter 5. Fine-Tune the Closing Process Chapter 6. Closing Cash Chapter 7. Closing Accounts Receivable Chapter 8. Closing Inventory Chapter 9.

Closing Fixed Assets Chapter Closing Accounts Payable Chapter Closing Payroll. The Income Statement Chapter The Balance Sheet Chapter The Statement of Cash Flows Chapter The Statement of Retained Earnings Chapter Financial Statement Disclosures Chapter Segment Reporting Chapter Interim Reporting Chapter Earnings per Share.

The Public Company Close Chapter The IECJ accepts cases covering a wide range of topics reflecting the diverse skill set required of accountants and financial professionals working within organizations. Cases appropriate for either graduate or undergraduate classes are accepted. International submissions are welcome and encouraged.

ima management accounting case book

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Management Accounting Education: New Imperatives

About us. Search by:. All fields Reference no. Instructor materials available. Go to advanced search. Printer-friendly version. IMA's mission is to provide a forum for research, practice development, education, knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance. Back to list of case collections. Share this page:. Our product search is designed to help you find the right materials for your teaching needs:.

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The Case Centre is a not-for-profit company limited by guarantee, registered in England No and entered in the Register of Charities No The IECJ accepts cases covering a wide range of topics reflecting the diverse skill set required of accountants and financial professionals working within organizations. Cases appropriate for either graduate or undergraduate classes are accepted. International submissions are welcome and encouraged. Cases are available in English, simplified Chinese, and - coming this year - Arabic.

By continuing to use our site you consent to the use of cookies as described in our privacy policy unless you have disabled them. You can change your cookie settings at any time but parts of our site will not function correctly without them. Contact us. About us. Search by:. All fields Reference no. Go to advanced search.

Printer-friendly version. IMA's mission is to provide a forum for research, practice development, education, knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance. Back to list of case collections. Share this page:. Our product search is designed to help you find the right materials for your teaching needs:.

The Case Centre is dedicated to advancing the case method worldwide, sharing knowledge, wisdom and experience to inspire and transform business education across the globe.

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