Chapter 1 Managerial Accounting study guide

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29 Terms

1

Managerial Accounting

Provides financial and nonfinancial information to an organization's managers.

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2

Purpose of Managerial Accounting

Determining costs of products/services, planning future activities, comparing actual results to planned results.

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3

Planning

The process of setting goals and making plans to achieve them.

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4

Control

The process of monitoring planning decisions and evaluating an organization's activities and employees.

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5

Internal Control System

A way to monitor and control business activities.

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6

Ethics

Beliefs that distinguish right from wrong.

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7

Institute Of Management Accountants (IMA)

Issued a code of ethics to help accountants solve ethical dilemmas.

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8

Fixed Costs

Do not change with changes in the volume of activity.

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9

Variable Costs

Change in proportion to change in the volume of activity.

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10

Cost Object

A product, process, department, or customer to which costs are assigned.

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11

Direct Costs

Traceable to a single object.

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12

Indirect Costs

Cannot be easily and cost-beneficially traced to a single cost object.

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13

Product Costs

Those costs necessary to create a product.

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14

Period Costs

Non Production costs usually linked to time periods.

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15

Direct Materials

Tangible components of a finished product.

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16

Direct Labor

Employees who physically convert materials to finished products.

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17

Factory Overhead

All manufacturing costs that are not direct materials or direct labor.

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18

Prime Costs

Costs directly associated with the manufacture of finished goods.

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19

Conversion Costs

Costs incurred in the process of converting raw materials to finished goods.

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20

Finished Goods Inventory

Consists of completed products ready for sale.

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21

Cost of Goods Manufactured

The cost of finished products.

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22

Total Manufacturing Cost

Direct materials used + Direct labor used + Factory overhead used.

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23

Lean Business Model

A principle whose goal is to eliminate waste while satisfying customers and providing a positive return.

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24

Continuous Improvement

Rejects 'good enough' and continually experiments with new business practices.

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25

Total Quality Management

Focused on quality improvement of business activities.

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26

Just-In-Time Manufacturing

A system that acquires inventory and produces only when needed.

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27

Corporate Social Responsibility (CSR)

Integrates social and environmental concerns in business operations.

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28

Triple Bottom Line

Focuses on financial (profits), social (people), and environmental (planet) measures.

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29

Sustainability Accounting Standards Board (SASB)

Develops reporting standards for businesses' sustainability activities.

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