summery of first chapter from the book managerial accounting written by Ronald W.Hilton

1. Chapter 1 The Changing Role of Managerial Accounting in a Dynamic Business Environment

2. Learning Objective 1

4. Learning Objective 2

6. Learning Objective 3

8. The Balanced Scorecard How do we look to owner’s? How do customers see us? How can we continue to improve? In which activities must we excel? Financial Perspective Goals Measures Customer Perspective Goals Measures Operations Perspective Goals Measures Innovation Perspective Goals Measures

9. Learning Objective 4

10. Managerial versus Financial Accounting Accounting System (accumulates financial and managerial accounting data in the cost accounting system) Managerial Accounting Information for decision making, planning, and controlling an organization’s operations. Financial Accounting Published financial statements and other financial reports. Internal Users External Users

11. Managerial versus Financial Accounting

12. Learning Objective 5

14. Learning Objective 6

18. Learning Objective 7

19. Major Themes in Managerial Accounting Managerial Accounting Information and Incentives Costs and Benefits Evolution and Adaptation Behavioral Issues

20. Evolution and Adaptation in Managerial Accounting Service vs. Manufacturing Firms Emergence of New Industries Global Competition Focus on the Customer Cross-Functional Teams Computer-Integrated Manufacturing Product Life Cycles Time-Based Competition Information and Communication Technology Just-in-Time Inventory Total Quality Management Continuous Improvement Change E-Business

23. Learning Objective 8

24. Strategic Cost Management and the Value Chain Product Design Research and Development Securing raw materials and other resources Production Marketing Distribution Customer Service Start

26. Learning Objective 9

28. Learning Objective 10

31. End of Chapter 1