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Cost Accounting ED14

Terms to Learn

BUDGET Quantitative expression of a proposed plan of action by management for a specified period and an aid to coordinating what needs to be done to implement that plan.(page 10)
CHIEF FINANCIAL OFFICER (CFO) Executive responsible for overseeing the financial operations of an organization. Also called finance director. (page 13)
CONTROL Taking actions that implement the planning decisions, deciding how to evaluate performance and providing feedback and learning that will help future decision making. (page 10)
CONTROLLER The financial executive primarily responsible for management accounting and financial accounting. Also called chief accounting officer. (page 13)
COST ACCOUNTING Measures, analyzes, and reports financial and non-financial information relating to the costs of acquiring or using resources in an organizations. It provides information for both management accounting and financial accounting. (Page 4)
COST-BENEFIT APPROACH Approach to decision-making and resource allocation based on a comparison of the expected benefits from attaining company goals and the expected costs. (page 12)
COST MANAGEMENT The approaches and activities of managers to use resources to increase value to customers and to achieve organizational goals. (Page 4)
CUSTOMER SERVICE Providing after-sale support to customers. (Page 6)
DESIGN OF PRODUCTS AND PROCESSES The detailed planning and engineering of products and processes. (Page 6)
DISTRIBUTION Delivering products or services to customers. (Page 6)
FINANCIAL ACCOUNTING Measures and records business transactions and provides financial statements that are based on generally accepted accounting principles. It focuses on reporting to external parties such as investors and banks. (Page 3)
LEARNING Involves managers examining past performance and systematically exploring alternative ways to make better informed decisions and plans in the future. (Page 10)
LINE MANAGEMENT Managers (for example, in production, marketing or distribution) who are directly responsible for attaining the goals of the organization. (Page 13)
MANAGEMENT ACCOUNTING Measures, analyzes, and reports financial and non-financial information that helps managers make decisions to fulfill the goals of an organization. It focuses on internal reporting. (Page 4)
MARKETING Promoting and selling products or services to customers or prospective customers. (Page 6)
PLANNING Selecting organization goals, predicting results under various alternative ways of achieving those goals, deciding how to attain the desired goals and communicating the goals and how to attain them to the entire organization (Page 10)
PRODUCTION Acquiring, coordinating and assembling resources to produce a product or deliver a service (Page 6)
RESEARCH AND DEVELOPMENT (R&D) Generating and experimenting with ideas related to a new products, services, or processes. (Page 6)
STAFF MANAGEMENT Staff (such as management accountants and human resources managers) who provide advice and assistance to line management. (Page 13)
STRATEGIC COST MANAGEMENT Describes cost management that specifically focuses on strategic issues. (Page 5)
STRATEGY Specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives. (Page 5)
SUPPLY CHAIN Describes the flow of goods, services, and information from the initial sources of materials and services to the delivery of products to consumers, regardless of whether those activities occur in the same organization or in other organizations.
VALUE CHAIN The sequence of business functions in which customer usefulness is added to products or services of a company. (Page 6)
Created by: Alhedaithy
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