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Study sets matching "chapter 1 cost accounting"

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Study sets matching "chapter 1 cost accounting"

Cost Accounting - Chapter 1
Financial Accounting
Enterprise Resource Planning (ERP)
Management Accounting
database (or data warehouse or info-ba…
Focuses on reporting to external parties such as investors, g…
Single databases that collect data and feed it into applicati…
Measures, analyzes, and reports financial and non-financial i…
Consists of small, detailed bits of information that can be u…
Financial Accounting
Focuses on reporting to external parties such as investors, g…
Enterprise Resource Planning (ERP)
Single databases that collect data and feed it into applicati…
18 terms
Cost Accounting Chapter 1
Managerial Accounting
Financial Accounting
Managerial Traits
Financial Traits
measures, analyzes, and reports financial and non-financial i…
focus on reporting to external users. MUST be GAAP compliant.
Purpose is decision making; Internal Users; Focus on future;…
Communicating; External Users; Focus on past; CPA Audited; In…
Managerial Accounting
measures, analyzes, and reports financial and non-financial i…
Financial Accounting
focus on reporting to external users. MUST be GAAP compliant.
Cost Accounting Chapter 1
Financial Accounting
Accounting
Managerial Accounting
Segment
Reporting financial information to external parties such as s…
Recording, estimating, organizing, summarizing
Providing information to managers for use within the organiza…
Part or activity of an organization about which managers woul…
Financial Accounting
Reporting financial information to external parties such as s…
Accounting
Recording, estimating, organizing, summarizing
30 terms
Cost Accounting Chapter 1
value chain
value-added activities
supply chain
distribution chain
the set of activities that transforms raw resources into the…
those activities that customers perceive as adding utility to…
set of firms and invidiuals that sells goods and services to…
set of firms and invidiuals that buys and distributes goods a…
value chain
the set of activities that transforms raw resources into the…
value-added activities
those activities that customers perceive as adding utility to…
Cost accounting Chapter 1
budget
chief financial officer
control
controllership
the quantitative expression of a proposed plan of action by m…
the executive responsible for overseeing the financial operat…
comprises taking actions that implement the planning decision…
provides financial information for reports to managers and sh…
budget
the quantitative expression of a proposed plan of action by m…
chief financial officer
the executive responsible for overseeing the financial operat…
Cost Accounting Chapter 1
Value Chain
Value-added activities
Supply Chain
Distribution Chain
Set of activities that transforms raw resources into the good…
Those activities that customers perceive as adding utility to…
Set of firms and individuals that sells goods and services to…
Set of firms and individuals that buys and distributes goods…
Value Chain
Set of activities that transforms raw resources into the good…
Value-added activities
Those activities that customers perceive as adding utility to…
18 terms
Cost Accounting - Chapter 1
Managerial Accounting
Planning
Controlling
Decision Making
Is the provision of accounting information for a company's in…
The detailed formulation of action to achieve a particular en…
The managerial activity of monitoring a plan's implementation…
The process of choosing among competing alternatives
Managerial Accounting
Is the provision of accounting information for a company's in…
Planning
The detailed formulation of action to achieve a particular en…
25 terms
Cost Accounting: Chapter 1
Managerial Accounting is the process o…
Cost Accounting is concerned with...
The goal of Cost Accounting is...
Internal Users (Cost Accounting) - no…
-identifying... -measuring... -analyzing... -interpreting... -communicati…
gathering information that will be provided to management and…
to assist managers/decision makers in achieving the maximum v…
-management... -CFO/CEO... -sales team... -employees... -compliance offic…
Managerial Accounting is the process o…
-identifying... -measuring... -analyzing... -interpreting... -communicati…
Cost Accounting is concerned with...
gathering information that will be provided to management and…
24 terms
Chapter 1 Managerial Cost Accounting
Activity-based costing (ABC)
Benchmarking
Budget
Cost Accounting
Costing method that first assigns costs to activities and the…
Continual process of measuring a company's own products, serv…
Financial plan of the revenues and resources needed to carry…
Field of accounting that measures, records, and reports infor…
Activity-based costing (ABC)
Costing method that first assigns costs to activities and the…
Benchmarking
Continual process of measuring a company's own products, serv…
22 terms
Cost Accounting - Chapter 1
Financial Accounting Information System
Cost Management Information System
Global Competition
Growth of the Service Industry
-Produces outputs (financial statements) for external users…
-Produces outputs for internal uses... -Provides information for…
-One factor affecting cost management... -Improved transportatio…
-One factor affecting cost management... -Service sector of the…
Financial Accounting Information System
-Produces outputs (financial statements) for external users…
Cost Management Information System
-Produces outputs for internal uses... -Provides information for…
25 terms
Cost Accounting Chapter 1
activity-based costing (ABC)
benchmarking
budget
cost accounting
Costing method that first assigns costs to activities and the…
Continuous process of measuring a company's own products, ser…
Financial plan of the resources needed to carry out activitie…
Field of accounting that measures, records, and reports infor…
activity-based costing (ABC)
Costing method that first assigns costs to activities and the…
benchmarking
Continuous process of measuring a company's own products, ser…
48 terms
Cost Accounting: Chapter 1
Cost Management
Cost Management information
Management accounting
Management Accounting Five Stages
Is the development and use of cost management information.
Is developed and used to implement the organization's strateg…
Is a profession that involve partnering in management decisio…
Stage 1:Business Events... Stage 2: Date... Stage 3: Information... St…
Cost Management
Is the development and use of cost management information.
Cost Management information
Is developed and used to implement the organization's strateg…
26 terms
Cost Accounting: Chapter 1
Budget
Chief Financial Officer
Control
Controller
Quantitative expression of a proposed plan of action by manag…
Executive responsible for overseeing the financial operations…
Taking actions that implement the planning decisions, decidin…
The financial executive primarily responsible for management…
Budget
Quantitative expression of a proposed plan of action by manag…
Chief Financial Officer
Executive responsible for overseeing the financial operations…
33 terms
Cost Accounting: Chapter 1
Authority
Balanced Scorecard (BSC)
Competence
Confidentiality
The right (usually by virtue of position or rank) to use reso…
An approach to performance measurement that uses performance…
A personal characteristic of developing, possessing, & mainta…
A personal characteristic that refelcts the discretion to ref…
Authority
The right (usually by virtue of position or rank) to use reso…
Balanced Scorecard (BSC)
An approach to performance measurement that uses performance…
28 terms
Cost Accounting Chapter 1 - The Cost Function
Cost Object
Direct Costs
Indirect Cost
opportunity costs
Thing or activity for which we measure costs
Easily traced to individual cost objects because of clear cau…
Not easily traced to individual cost objects
The Benefits we forego when we choose one alternative over th…
Cost Object
Thing or activity for which we measure costs
Direct Costs
Easily traced to individual cost objects because of clear cau…
24 terms
Cost Accounting ch.1
Financial Accounting
Managerial Accounting
What is Management Accounting
C I M A
focus on external users and GAAP rules
focus on internal users and is not necessarily GAAP-driven
The process of identification, measurement, accumulation, ana…
Chartered Institute of Management Accountants
Financial Accounting
focus on external users and GAAP rules
Managerial Accounting
focus on internal users and is not necessarily GAAP-driven
15 terms
Cost Accounting - Chapter 1
Cost Management
Philosophy
Attitude
Techniques
a philosophy, an attitude and a set of techniques to create m…
promotes the idea of continually finding ways to help organiz…
all costs of products and operations result from management d…
use diverse performance measures to assess the impacts of dec…
Cost Management
a philosophy, an attitude and a set of techniques to create m…
Philosophy
promotes the idea of continually finding ways to help organiz…
29 terms
Cost Accounting Chapter 1 Terms
Financial Accounting Information System
Cost Management Information System
Cost Accounting Information System
Operational Control Information System
Primarily concerned with producing outputs for external users
Primarily concerned with producing outputs for internal users…
Cost management subsystem designed to assign costs to individ…
Cost management subsystem designed to provide accurate and ti…
Financial Accounting Information System
Primarily concerned with producing outputs for external users
Cost Management Information System
Primarily concerned with producing outputs for internal users…
25 terms
Cost Accounting Chapter 1
activity-based costing (ABC)
benchmarking
budget
cost accounting
costing method that first assigns costs to activities and the…
continuous process of measuring a company's own products, ser…
financial plan of the resources needed to carry out activitie…
field of accounting that measures, records, and reports infor…
activity-based costing (ABC)
costing method that first assigns costs to activities and the…
benchmarking
continuous process of measuring a company's own products, ser…
59 terms
Cost Accounting Chapter 1
management accounting
financial accounting
accounting systems
cost accounting
measures, analyzes, and reports financial and nonfinancial in…
focuses on reporting to external users including investors, c…
are used to record economic events and transactions such as s…
measures, analyzes and reports financial and nonfinancial inf…
management accounting
measures, analyzes, and reports financial and nonfinancial in…
financial accounting
focuses on reporting to external users including investors, c…
21 terms
Cost Accounting Chapter 1
What are accounting systems used for?
Financial accounting
Management accounting
Managers use management accounting to
To record economic events and transactions, such as sales and…
Focuses on reporting financial information to external users…
Process of measuring, analyzing, and reporting financial and…
Develop, communicate, and implement strategies and coordinate…
What are accounting systems used for?
To record economic events and transactions, such as sales and…
Financial accounting
Focuses on reporting financial information to external users…
40 terms
Cost accounting Chapter 1
budget
chief financial officer
control
controllership
the quantitative expression of a proposed plan of action by m…
the executive responsible for overseeing the financial operat…
comprises taking actions that implement the planning decision…
provides financial information for reports to managers and sh…
budget
the quantitative expression of a proposed plan of action by m…
chief financial officer
the executive responsible for overseeing the financial operat…
27 terms
Cost Accounting - Chapter 1 Terms
Budget
Chief Financial Officer
Control
Cost Accounting
The quantitative expression of a proposed plan of action by m…
executive responsible for overseeing the financial operations…
Comprised taking actions that implement the planning decision…
is the process of measuring, analyzing, and reporting financi…
Budget
The quantitative expression of a proposed plan of action by m…
Chief Financial Officer
executive responsible for overseeing the financial operations…
23 terms
Cost Accounting Chapter 1
Managers' Responsibilities
Planning
Directing
Controlling
decision making; planning, controlling, directing
setting goals and objectives, how to achieve them; includes o…
overseeing company's day-to-day operations; includes adjustin…
evaluating results of operations against plans and making adj…
Managers' Responsibilities
decision making; planning, controlling, directing
Planning
setting goals and objectives, how to achieve them; includes o…
28 terms
chapter 1 cost accounting
management accounting
financial accounting
cost accounting
cost management
measures, analyzes, and reports financial and non-financial i…
focuses on reporting to external users including investors cr…
measures, analyzes, and reports financial and nonfinancial in…
process of planning & controlling the budget of a business
management accounting
measures, analyzes, and reports financial and non-financial i…
financial accounting
focuses on reporting to external users including investors cr…
15 terms
Chapter 1 Cost Accounting
cost-benefit analysis
nonvalue-added activities
cost driver
responsibility center
Process of comparing benefits (often measured in savings or i…
Activities that do not add value to the good or service from…
Factor that causes, or "drives," costs
Any business segment whose manager has control over costs, re…
cost-benefit analysis
Process of comparing benefits (often measured in savings or i…
nonvalue-added activities
Activities that do not add value to the good or service from…
20 terms
Cost Accounting chapter 1
Financial accounting
management accounting
Cost accounting
Cost management
focuses on reporting financial information to external parties
the process of measuring, analyzing, and reporting financial…
the process of measuring, analyzing, and reporting financial…
the activities managers undertake to use resources in a way t…
Financial accounting
focuses on reporting financial information to external parties
management accounting
the process of measuring, analyzing, and reporting financial…
31 terms
Cost Accounting: Chapter 1 - Introduction to Cost Accounting
Cost Accounting
Return on Investment (ROI)
Upstream Costs
Downstream Costs
A discipline that focuses on techniques or methods for determ…
A ratio that relates income generated by an investment center…
A cost related tot research, development, product design, or…
A cost related to marketing, distribution, or customer service
Cost Accounting
A discipline that focuses on techniques or methods for determ…
Return on Investment (ROI)
A ratio that relates income generated by an investment center…
25 terms
Cost Accounting - Chapter 1
Management Accounting
Financial Accounting
Management Accounting
Management Accounting
The purpose of the information acquired is to help managers m…
The primary users of this type of accounting are external use…
The time span and type of reports for this type of accounting…
The behavioral implications of this type of accounting are de…
Management Accounting
The purpose of the information acquired is to help managers m…
Financial Accounting
The primary users of this type of accounting are external use…
10 terms
Chapter 1 Cost Accounting
Financial Vs. Managerial: Users
Financial Vs. Managerial: Type of Data
Financial Vs. Managerial: Rules and Re…
Financial Vs. Managerial: Relevance vs…
Financial: External Users... Managerial: Internal Parties
Financial: Financial Statements... Managerial: Financial & Non f…
Financial: Mandatory Reporting... Managerial: Discretionary
Financial: Objective/Reliable ... Managerial: Forward-Looking/Re…
Financial Vs. Managerial: Users
Financial: External Users... Managerial: Internal Parties
Financial Vs. Managerial: Type of Data
Financial: Financial Statements... Managerial: Financial & Non f…
24 terms
Cost Accounting Chapter 1
Budget
Chief Financial Officer
Control
Controller
quantitative expression of a proposed plan of action by manag…
Executive responsible for overseeing the financial operations…
taking actions that implement the planning decisions, decidin…
the financial executive primarily responsible for management…
Budget
quantitative expression of a proposed plan of action by manag…
Chief Financial Officer
Executive responsible for overseeing the financial operations…
38 terms
Cost Accounting Chapter 1
Value chain
Value-added activities
Research and development
Design
set of activities that transforms raw resources into the good…
activities that customers perceive as adding utility to the g…
creation and development of ideas related to new products, se…
detailed development and engineering of products, services or…
Value chain
set of activities that transforms raw resources into the good…
Value-added activities
activities that customers perceive as adding utility to the g…
14 terms
cost accounting chapter 1
research and development, design of pr…
value chain
production and distribution
supply chain
the value chain consists of
the sequence of business functions in which a product is made…
together these are known as the supply chain
describes the flow of goods, services and information from th…
research and development, design of pr…
the value chain consists of
value chain
the sequence of business functions in which a product is made…
54 terms
Cost Accounting: Chapter 1
Cost Management
Cost Management information
Management accounting
Management Accounting Five Stages
Is the development and use of cost management information.
Is developed and used to implement the organization's strateg…
Is a profession that involve partnering in management decisio…
Stage 1:Business Events... Stage 2: Data... Stage 3: Information... St…
Cost Management
Is the development and use of cost management information.
Cost Management information
Is developed and used to implement the organization's strateg…
8 terms
Cost Accounting Chapter 1
Cost Accounting
Cost Management
Value Chain
Supply chain
measurement, analysis, and reporting of financial and nonfina…
use of resources to increase value to customers and to achiev…
sequence of business functions that add value to products (ex…
flow of goods, services, and info from initial sources to fin…
Cost Accounting
measurement, analysis, and reporting of financial and nonfina…
Cost Management
use of resources to increase value to customers and to achiev…
20 terms
Cost Accounting chapter 1
Financial accounting
management accounting
Cost accounting
Cost management
focuses on reporting financial information to external parties
helps managers make decisions to fulfill the goals of an orga…
related to the costs of acquiring or using resources in an or…
the activities managers undertake to use resources in a way t…
Financial accounting
focuses on reporting financial information to external parties
management accounting
helps managers make decisions to fulfill the goals of an orga…
40 terms
Cost Accounting Chapter 1
cost management information
management accounting
Controller
Roles of the controller
consists of financial information about costs and revenues an…
A profession that involves partnering in management decision…
Management accountants report to this position
- Cost management... - Financial reporting... - Financial informati…
cost management information
consists of financial information about costs and revenues an…
management accounting
A profession that involves partnering in management decision…
26 terms
Cost Accounting - Chapter 1
Financial Accounting
Management Accounting
Cost Accounting
Cost Management
Focuses on reporting financial information to external partie…
Measures, analyzes, and reports financial and non-financial i…
Measures, analyzes, and reports financial and non-financial i…
The activities managers undertake to use resources in a way t…
Financial Accounting
Focuses on reporting financial information to external partie…
Management Accounting
Measures, analyzes, and reports financial and non-financial i…
25 terms
Cost Accounting: Chapter 1
Value Chain
Value-Added Activities
Supply Chain
Distribution Chain
Set of activities that transforms raw resources into the good…
Those activities that customers perceive as adding utility to…
Set of firms and individuals that sells goods and services to…
Set of firms and individuals that buys and distributes goods…
Value Chain
Set of activities that transforms raw resources into the good…
Value-Added Activities
Those activities that customers perceive as adding utility to…
10 terms
Cost Accounting Chapter 1
Cost Management
Cost Management... Information
Management accounting
Strategic management
Development and use if cost Management information
Developed and used to implement the organizations strategy. I…
Profession that involves partnering in management decision ma…
Development and implementation of a sustainable competitive p…
Cost Management
Development and use if cost Management information
Cost Management... Information
Developed and used to implement the organizations strategy. I…
32 terms
Cost Accounting Chapter 1
ERP System
Financial Accounting
Management Accounting
Cost Accounting
a single database that collects data and feeds them into appl…
focuses on reporting financial information to external partie…
process of measuring, analyzing, and reporting financial and…
the process of measuring, analyzing, and reporting financial…
ERP System
a single database that collects data and feeds them into appl…
Financial Accounting
focuses on reporting financial information to external partie…
31 terms
Cost Accounting Chapter 1
financial accounting
management accounting
cost accounting
cost management
focuses on reporting financial information to external partie…
process of measuring, analyzing and reporting financial infor…
process of measuring, analyzing and reporting financial and n…
activities managers undertake to use resources in a way that…
financial accounting
focuses on reporting financial information to external partie…
management accounting
process of measuring, analyzing and reporting financial infor…
29 terms
Cost Accounting (Chapter 1)
Financial Accounting
Management Accounting
Cost Accounting
Cost Management
Focuses on reporting financial information to external partoe…
The process of measuring, analyzing, and reporting financial…
The process of measuring, analyzing, and reporting financial…
The activities managers undertake to use resources in a way t…
Financial Accounting
Focuses on reporting financial information to external partoe…
Management Accounting
The process of measuring, analyzing, and reporting financial…
34 terms
Cost Accounting Chapter 1
Cost Accounting
Cost Management
Strategic Cost Management
Strategy
The process of measuring, analyzing, and reporting financial…
Describes the activities managers undertake to use resources…
Describes cost management that specifically focuses on strate…
Specifies how an organization matches its own capabilities wi…
Cost Accounting
The process of measuring, analyzing, and reporting financial…
Cost Management
Describes the activities managers undertake to use resources…
34 terms
Cost Accounting Chapter 1:
Financial Accounting
GAAP
Managerial Accounting
Cost-benefit Analysis
the field of accounting that is concerned with the preparatio…
the rules applied in financial accounting to create financial…
the field of accounting that is most concerned with providing…
a process of systematically calculating and comparing the cos…
Financial Accounting
the field of accounting that is concerned with the preparatio…
GAAP
the rules applied in financial accounting to create financial…
Cost Accounting Chapter 1
Cost Accounting
Cost Accounting combines the functions…
Cost Accounting Goals
Importance of cost accounting
The science, art, and profession of estimating, processing, a…
a science... an art... a profession
1. To control the revenues and expenses of all types of enter…
1. to safeguard the financial resources of different types of…
Cost Accounting
The science, art, and profession of estimating, processing, a…
Cost Accounting combines the functions…
a science... an art... a profession
25 terms
Cost Accounting Chapter 1
value chain
value-added activities
supply chain
distribution chain
Set of activities that transforms raw resources into the good…
Those activities that customers perceive as adding utility to…
Set of firms and individuals that sells goods and services to…
Set of firms and individuals that buys and distributes goods…
value chain
Set of activities that transforms raw resources into the good…
value-added activities
Those activities that customers perceive as adding utility to…
28 terms
Chapter 1 cost accounting
Cost Management Information
Cost management
management accounting
strategic management
developed and used to implement the organizations strategy; c…
the development and use of cost management information
profession that involves partnering in management decision ma…
the development and implementation of a sustainable competiti…
Cost Management Information
developed and used to implement the organizations strategy; c…
Cost management
the development and use of cost management information
41 terms
Cost Accounting Chapter 1
3 terms that are used synonymously
Cost Accounting
3 objectives of cost accounting
Decisions of cost mangement/defintion
managerial accounting, costing accounting and management acco…
concerned with providing information for internal users ... -Mos…
product costing and income determination, performance evaluat…
The approaches that management uses to add value to its produ…
3 terms that are used synonymously
managerial accounting, costing accounting and management acco…
Cost Accounting
concerned with providing information for internal users ... -Mos…
14 terms
Cost Accounting Chapter 1
financial accounting
management accounting
cost accounting
cost management
focuses on reporting financial information to external partie…
the process of measuring, analyzing and reporting financial a…
the process of measuring, analyzing and reporting financial a…
the activities managers undertake to use resources in a way t…
financial accounting
focuses on reporting financial information to external partie…
management accounting
the process of measuring, analyzing and reporting financial a…
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