Management Accounting and Information Systems

A set of flashcards covering key terminology and concepts related to management accounting and information systems, useful for exam preparation.

Management Information Systems (MIS)

Systems that capture, store, and process data to produce useful information for decision-making.

Big Data

Large volumes of data that can be analyzed computationally to reveal patterns, trends, and associations.

Competitive Advantage

The edge gained by a company over its competitors by offering greater value.

Intranet

A private network accessible only to an organization's staff, used for sharing information internally.

Wireless Technology

Technology that allows the transmission of data or power without physical connections.

Cost/Benefit Analysis

Process of comparing the costs and benefits of a decision or project to evaluate its feasibility.

Activity Based Costing (ABC)

A method that assigns costs to products based on the resources they consume.

Target Costing

A pricing strategy in which a company determines the desired profit margin and subtracts it from the competitive market price to arrive at the target cost.

Variance Analysis

The process of comparing budgeted results to actual results to understand financial performance.

Decision Support Systems (DSS)

Computer-based information systems that support business or organizational decision-making activities.

Performance Measurement

Process of evaluating a company's success or efficiency in achieving its goals.

Budgetary Systems

Systems that help in planning and controlling an organization’s financial resources through budgets.

Stakeholders

Individuals or groups that have an interest in the outcome of a project, company, or organization.

Sales Mix Variance

The difference in profit that occurs due to the difference between the actual sales mix and the budgeted sales mix.

Environmental Accounting

Accounting that focuses on the economic impacts of environmental and sustainability issues.

Relevant Cost Analysis

The process of identifying costs that will be directly affected by a specific decision.

Zero-Based Budgeting (ZBB)

A budgeting method where all expenses must be justified for each new period, starting from a