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Accounting Ch 1-4

Terms (managerial accounting)

Chapter 1Answer
Activity based accounting Under ABC, overhead is allocated based on each product's use of activities in making the product ABC
a performance-measurement approach that uses both financial and nonfinancial measures to evaluate all aspects of a company's operations in an integrated fashion. Balanced scorecard
The board formulates the operating policies for the company. The board also selects officers, such as a president and one or more vice presidents, to execute policy and to perform daily management functions. Board of directors
overall responsibility for managing the business. (CEO
responsible for all of the accounting and finance issues the company faces. (CFO)
Financial officer responsible for a company's accounting records, system of internal control, and preparation of financial statements, tax returns, and internal reports. Controller
subtract this cost from the total cost of work in process. Cost of goods manufactured
The work of factory employees that can be physically and directly associated with converting raw materials into finished goods. Direct labor
ERP systems provide a comprehensive, centralized, integrated source of information used to manage all major business processes, from purchasing to manufacturing to recording human resources. Enterprise resource planning
work of factory employees that has no physical association with the finished product, or for which it is impractical to trace costs to the goods produced. Indirect labor
Indirect materials (1) they do not physically become part of the finished product, such as lubricants and polishing compounds. Or (2) they cannot be traced because their physical association with the finished product is too small in terms of cost, such a
Just-in-time (JIT) inventory Under a just-in-time method, goods are manufactured or purchased just in time for use.
Line positions directly involved in the company's primary revenue-generating operating activities.
Manufacturing overhead consists of costs that are indirectly associated with the manufacture of the finished product.
Period costs costs that are matched with the revenue of a specific time period rather than included as part of the cost of a salable product.
Product costs costs that are a necessary and integral part of producing the finished product.
Staff positions involved in activities that support the efforts of the line employees.
Theory of constraints a specific approach used to identify and manage constraints in order to achieve the company goals.
Total cost of work in process Cost of the beginning work in process plus total manufacturing costs for the current period.
Total manufacturing costs The sum of direct materials, direct labor, and manufacturing overhead incurred in the current period.
Total quality management (TQM) systems to reduce defects in finished products. The goal is to achieve zero defects.
Value chain all activities associated with providing a product or service.
Treasurer Financial officer responsible for custody of a company's funds and for maintaining its cash position.
activity based overhead rates estimated overhead/expected use of cost drivers=activity-based overhead rates
Total unit cost under traditional method add unit costs of direct materials+ direct labor + man over rate
unit manoverrate unit direct labor * predetermined overhead rate
total unit cost under abc dm+dl+mo; mo found through adding ab overhead rates per driver
Created by: kinah1