Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
ACCT CH:1
INTRODUCTION TO MANAGERIAL ACCOUNTING
| TERMS/QUESTION | ANSWER |
|---|---|
| Managerial Accounting | focuses on providing info. for internal decision makers |
| Financial Accounting | focuses on providing info. for external decision makers |
| Organizational Chart | helps show the relationship between departments and divisions and the managers who are responsible for each section |
| Board of Directors | elected by the stockholders and is responsible for developing the strategic goals of the corporations |
| Chief Executive Officer (CEO) | has ultimate responsibility for implementing the company's short-term and long-term plans |
| Line Positions | directly involved in providing goods/services to customers |
| Staff Positions | support the line positions |
| Strategic Planning | involves developing long-term strategies to achieve a company's goals |
| Operational Planning | focuses on short-term actions dealing with a company's day-to-day operations |
| Planning | choosing goals and deciding how to achieve them |
| Directing | involves running the day-to-day operation of a business |
| Controlling | the process of monitoring day-to-day operations and keeping the company on track |
| Institute of Management Accountants (IMA) | developed standards that managerial accountant are expected to uphold when faced with ethical challenges |
| Compatence | 1)maintain an appropriate level of professional leadership & expertise 2)perform professional duties in accordance with laws, regulations, technical standard 3)provide decision support info. and recommendations that are accurate |
| Confidentiality | 1)keep info. confidential except when disclosure is authorized/legally required 2)inform al relevant parties regarding appropriate of confidential info. 3)refrain fro using confidential info. for unethical/illegal advantage |
| Integrity | 1)Mitigate actual conflicts of interest 2) refrain from engaging in any conduct that would prejudice carrying out duties ethically 3) abstain from engaging/supporting in activity that discredit profession 4)place profession above personal interest |
| Credibility | 1)communicate info. fairly & objectively 2)provide all relevant info. 3)disclose delays/deficiencies in info. with organization policy 4)communicate professional limitation/other constraints |
| Service Companies | sell their time, skills, knowledge |
| Merchandising Companies | resell products they previously bought from suppliers |
| Manufacturing Companies | use labor, equipment, supplies, facilities to convert raw materials into finished products |
| Raw Materials Inventory (RM) | includes material used to make a product |
| Work-in Process Inventory (WIP) | includes goods that are in the manufacturing process but are not yet complete |
| Finished Good Inventory (FG) | includes completed goods that have not yet been sold |
| Direct Cost | a cost that can be easily and cost-effectively traced to cost object |
| Cost Object | anything for which managers want a separate measurement of cost |
| Direct Materials (DM) | raw materials used in production |
| Direct Labor (DL) | labor of employees working on the products |
| Manufacturing Overhead (MOH) | indirect product costs associated with production that included indirect materials, indirect labor, and factory cost for rent, utilities, insurance |
| Prime Costs | combine the direct costs of direct materials and direct labor |
| Conversion Costs | combine direct labor with manufacturing overhead |
| Product Costs | include the costs of purchasing/making a product |
| Period Costs | non-manufacturing costs |
| How manufacturing companies prepare financial statements? | balance sheet |
| Cost of Goods Manufactured | manufacturing costs of the goods that finished the production in a given accounting period |
| Enterprise Resource Planning (ERP) | systems integrate companies' date |
| Just-in-Time Management (JIT) | an inventory management tool |
| Total Quality Management (TQM) | a philosophy of continuous improvement in products and processes |
| Value Chain | each steps adds value to the end product |
| Triple Bottom Line | economic, social, and environmental impact of doing business |
| What includes in triple bottom line? | profits, people, planet |
Created by:
sweetmelody
Popular Accounting sets