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GM1403: Management Accounting, Strategy and Control > Part 1: Strategic Management Accounting > Flashcards

Part 1: Strategic Management Accounting Flashcards

1
Q

Hatton & Smith (1995) Four reflection levels

A
  1. Descriptive writing - No discussion beyond reflection
  2. Descriptive reflection - Shows some evidence of deeper reflection
  3. Dialogic reflection - “stepping” back from the events and actions. Discourse with self and an exploration of the role of self
  4. Critical reflection - Shows evidence that the learner is aware that the same actions and events may be seen in different contexts with different explanations
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2
Q

Management accounting is

A
  1. Planning
  2. Directing and motivating
  3. Controlling
  4. Performance evaluation
  5. Decision making

(Not mandatory as opposed to financial accounting)

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3
Q

Strategic management accounting

A

Provision and analysis of management accounting data
Internally & from competitors
To develop and monitor business strategy.

Prospective 
Relative 
Out-ward looking 
Competitive focus 
Proactive 
Information oriented
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4
Q

Traditional management accounting

A

Focus on financial targets and a kind of “now” picture

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5
Q

Value based management

A

Focuses on how to increase shareholder wealth, through identifying and managing value drivers

((such as residual income or net present value through the identification and management of value-drivers))

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6
Q

Strategic management accounting differs from Value base management

A

as there is more focus on competitor analysis, and how value is created and sustained

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7
Q

The balanced scorecard

A

Financial
Customer
Internal business processes
Learning and growth

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8
Q

The problems with using MCS techniques such as balance scorecard, benchmark, and budgeting

A
  1. Mostly internal focus
  2. Different techniques
  3. Much focus on costing
  4. Much focus on the past (except budgeting)
  5. Number exercise & accounting tasks
  6. Very hands-on and operational
  7. Today management control area mostly
  8. From strategy to implement tactical & operational
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9
Q

What is needed in order to meet the problems with using MCS techniques?

A
  1. Internal and external focus with benchmarks
  2. SWOT language
  3. Business concept/model and strategy language
  4. Strategy integration and involvement
  5. Value creation
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10
Q

Strategic choice

A

Organisations can choose which industries and products they want to compete in, but also that companies within the same industry can adapt different strategies

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11
Q

Business functions making up the value chain

A 
Research and development 
Product design 
Manufacturing 
Distribution 
Customer service
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12
Q

Structural and executional cost drivers

A

Structural – scale, scope, experience, technology, and complexity

Executional – work force involvement, quality management, capacity utilization, etc.

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13
Q

What is management accounting and control for strategic processes?

A

There is no agreed definition of SMA in literature

SMA is about making management accounting more strategic

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14
Q

Self-leadership is…..

A 
Develop sense for:
-Who you are 
-What you can do
-Where you are going 
Coupled with the ability to actively influence your
-Communication 
-Feelings 
-Behaviour
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15
Q

Four components (levels) of Self leadership

A

Intention
Self-awareness
Self-confidence
Self-efficacy

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16
Q

Competence is

A

Knowledge x skills x attitude = competence

17
Q

Factors influencing the accountant’s involvement in the strategic management process (CIMA)

A

Accountant led factors
Organisational factors
Practicalities

(Accountant + organisational = business knowledge)
(Accountant + organisational + practicalities = ability to add value)

18
Q

CGMA – Competency framework

A 
Technical skills 
Business skills 
Leadership skills 
People skills 
Digital skills (influences all other)
19
Q

Beyond budgeting

A

Creating business agility and enable good performance through:

  • Leadership principles
  • Management processes
20
Q

What are the Accountant led factors in the CIMA framework?

A

Skill set

  • interpersonal
  • technical

Desire

21
Q

What are the organisational factors in the CIMA framework?

A

Position in organisation
Culture
Trust/Credibility
Relationship

22
Q

What are the practicalities factors in the CIMA framework?

A

Resource capacity
Provision of information
Information systems

23
Q

What are the leadership principles in beyond budgeting?

A 
Purpose 
Values 
Transparency 
Organisation 
Autonomy 
Customers
24
Q

What are the management processes in beyond budgeting?

A 
Rhythm 
Targets 
Plans and forecasts 
Resource allocation 
Performance evaluation 
Rewards
25
Q

What is reflection?

A

Individuals thinking about and critically analysing their learning and teaching experiences

26
Q

Why reflective writing? (Carlile & Jordan)

A
  1. Adaptive response to change
  2. Professional expertise
  3. Academic discourse, critical thinking and continuing professional development
  4. Deep learning
  5. Construction and dissemination of shared meaning
  6. Self-empowerment
27
Q

Strategic vs Traditional management accounting

A

Strategic management accounting recognises

  • Strategic choice
  • Choice in measures & implementation

Traditional management accounting

  • Focused on the analysis of existent activities
  • Often “one size fits all”
28
Q

A well-constructed balance scorecard should be able to answer questions such as

A
  • What internal processes should be improved?
  • Which customer should be targeted and how will they be attracted?
  • Additionally, it links measurements on a cause-effect basis. Where improvement of one measurement leads to better performance in other
29
Q

(CGMA) Finance professionals add value to the organisation through the process of

A
  1. Assembling information
  2. Generating insights
  3. Influence decision makers
  4. Achieving impact

GM1403: Management Accounting, Strategy and Control (5 decks)

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