How can we help?

You can also find more resources in our Help Center.

Study sets matching "cost management accounting"

Study sets
Classes
Users

Study sets matching "cost management accounting"

86 terms
Cost Accounting The Manager and Management Accounting
Budget
Chief Financial Officer
Control
Controller
The Quantitative expression of a proposed plan of action by m…
The executive responsible for overseeing the financial operat…
allowing managers to compare actual performance to budgeted p…
The financial executive primarily responsible for management…
Budget
The Quantitative expression of a proposed plan of action by m…
Chief Financial Officer
The executive responsible for overseeing the financial operat…
29 terms
Cost Management Accounting Set
Financial Accounting
Cost Management
Theory of Constraints
Value Chain
Primarily Concerned with producing outputs for external users
Primarily concerned with producing outputs for internal users
Used to improve manufacturing and non-manufacturing activities
Set of activities required to design, develop, produce, marke…
Financial Accounting
Primarily Concerned with producing outputs for external users
Cost Management
Primarily concerned with producing outputs for internal users
86 terms
Cost and Management Accounting Terms
abnormal spoilage
absorption costing
Allocation of costs
Asset management
хэвийн бус хорогдол
шингээлтээр өртөг тооцох
Зардлын хуварилалт
Хөрөнгийн удирдлага
abnormal spoilage
хэвийн бус хорогдол
absorption costing
шингээлтээр өртөг тооцох
166 terms
Management and Cost Accounting
Accounting
GAAP
IASB
IFRS
(is a information system) it measures business processes, tra…
generally accepted accounting principles
International Accounting Standards Board
International Financial Reporting Standards
Accounting
(is a information system) it measures business processes, tra…
GAAP
generally accepted accounting principles
10 terms
Management and Cost Accounting
In process-costing system...
Conversion costs
Equivalent units
Weighted-average process-costing method
the unit is obtained by assigning total costs to many identic…
are all manufacturing costs other than direct material costs
is a derived amount of output units that takes the quantity o…
calculates the equivalent-unit cost of the work done to date…
In process-costing system...
the unit is obtained by assigning total costs to many identic…
Conversion costs
are all manufacturing costs other than direct material costs
86 terms
Cost and Management Accounting Terms
abnormal spoilage
absorption costing
Allocation of costs
Asset management
õýâèéí áóñ õîðîãäîë
øèíãýýëòýýð ºðòºã òîîöîõ
Çàðäëûí õóâàðèëàëò
Õºðºíãèéí óäèðäëàãà
abnormal spoilage
õýâèéí áóñ õîðîãäîë
absorption costing
øèíãýýëòýýð ºðòºã òîîöîõ
8 terms
Management Accounting - Cost terms
period cost
product cost
direct cost
indirect cost
costs that are not related to the manufacturing of goods/serv…
costs that are related to the manufacturing of goods/services
a cost that can be efficiently, economically, and accurately…
resource involved in the production process that cannot be ea…
period cost
costs that are not related to the manufacturing of goods/serv…
product cost
costs that are related to the manufacturing of goods/services
32 terms
Drury; Management and Cost Accounting
management accounting
financial accounting
planning
goals of an organization
the providing of info to people in an organization for better…
providing info to external parties outside the organization
making choices between alternatives
objectives of the organization
management accounting
the providing of info to people in an organization for better…
financial accounting
providing info to external parties outside the organization
22 terms
Cost Accounting: Ch 1 The Manager and Management Accounting
Budget (5 Step Decison Making Process)
Chief Financial Officer
Control (5 Step Decision Making Process)
Controller
A quantitative expression of a proposed plan of action by man…
Also called the financial director in many countries - is the…
Comprises taking actions that implement the planning decision…
Also called the Chief Accounting Officer is the financial exe…
Budget (5 Step Decison Making Process)
A quantitative expression of a proposed plan of action by man…
Chief Financial Officer
Also called the financial director in many countries - is the…
10 terms
Management accounting - full costing
allocating overhead costs when a compa…
allocating overhead costs when a compa…
the activity or object whose cost is b…
a factor whose changes cause changes i…
process costing
job order costing
cost object
allocation base
allocating overhead costs when a compa…
process costing
allocating overhead costs when a compa…
job order costing
29 terms
Cost Accounting Chapter 1: The Manager and Management Accounting
Budget
Chief Financial Officer
Control
Controller
The Quantitative expression of a proposed plan of action by m…
The executive responsible for overseeing the financial operat…
allowing managers to compare actual performance to budgeted p…
The financial executive primarily responsible for management…
Budget
The Quantitative expression of a proposed plan of action by m…
Chief Financial Officer
The executive responsible for overseeing the financial operat…
13 terms
Management accounting - ABC costing
ABC costing
cost driver
cost pool
cost activity
activity based costing; trace cost of all overheads to partic…
factor that causes a change in costs of a cost activity
accumulation of costs related to a single activity
event that causes consumption of overheads
ABC costing
activity based costing; trace cost of all overheads to partic…
cost driver
factor that causes a change in costs of a cost activity
22 terms
Cost Accounting: Ch 1 The Manager and Management Accounting
Budget (5 Step Decison Making Process)
Chief Financial Officer
Control (5 Step Decision Making Process)
Controller
A quantitative expression of a proposed plan of action by man…
Also called the financial director in many countries - is the…
Comprises taking actions that implement the planning decision…
Also called the Chief Accounting Officer is the financial exe…
Budget (5 Step Decison Making Process)
A quantitative expression of a proposed plan of action by man…
Chief Financial Officer
Also called the financial director in many countries - is the…
18 terms
Management and Cost Accounting Chapter 3
Cost pool
Cost-allocation base
Job-costing system
Actual costing
a grouping of individual cost items
a factor that is the common denominator for systematically li…
costs are assigned to a distinct unit of a product or service
cost object is masses of indentical or similar units of a pro…
Cost pool
a grouping of individual cost items
Cost-allocation base
a factor that is the common denominator for systematically li…
25 terms
Management and Cost Accounting Chapter 9
Cost behaviour...
Cost function
Linear cost function
Slope coefficient
understanding how costs change with changes in activity level…
is a mathematical function describing cost behaviour patterns…
is a cost function where, within the relevant range, the grap…
the amount by which total costs change for a unit change in t…
Cost behaviour...
understanding how costs change with changes in activity level…
Cost function
is a mathematical function describing cost behaviour patterns…
15 terms
Management and Cost Accounting Chapter 5
Homogeneous cost pool
Why is homogeneity important?
Single-rate cost-allocation method
Dual-rate cost-allocation method
is one in which the activities whose costs are included in th…
because using homogeneous indirect-cost pools enables more ac…
pools all costs in one cost pool and allocates them to cost o…
clasifies costs in one cost pool into two subpools
Homogeneous cost pool
is one in which the activities whose costs are included in th…
Why is homogeneity important?
because using homogeneous indirect-cost pools enables more ac…
Management and Cost Accounting Chapter 7
Variable costing
Absorption costing
Direct costing
Theoretical capacity
is a method of stock costing in which all variable manufactur…
is a method of stock costing in which all variable manufactur…
describe the stock-costing method called variable costing
is the denominator-level concept that is based on the product…
Variable costing
is a method of stock costing in which all variable manufactur…
Absorption costing
is a method of stock costing in which all variable manufactur…
29 terms
Cost Accounting Chapter 1: The Manager and Management Accounting
Budget
Chief Financial Officer
Control
Controller
The Quantitative expression of a proposed plan of action by m…
The executive responsible for overseeing the financial operat…
allowing managers to compare actual performance to budgeted p…
The financial executive primarily responsible for management…
Budget
The Quantitative expression of a proposed plan of action by m…
Chief Financial Officer
The executive responsible for overseeing the financial operat…
21 terms
Management and Cost Accounting Chapter 1
Management accouting
Financial accounting
Cost accounting
Cost management
measures and reports financial information as well as other t…
focuses on external reporting that is directed by authoritati…
measures and reports financial and non-financial information…
is used for describing the actions managers undertake in the…
Management accouting
measures and reports financial information as well as other t…
Financial accounting
focuses on external reporting that is directed by authoritati…
33 terms
Management and Cost Accounting Chapter 8
Cost-volume-profit (CVP)
Revenue
Revenue driver
Operating profit
analysis examines the behaviour of total revenues, total cost…
are inflows of assets received in exchange for products or se…
is a factor that affects revenues - example: units of output…
operating profit = total revenues - total costs
Cost-volume-profit (CVP)
analysis examines the behaviour of total revenues, total cost…
Revenue
are inflows of assets received in exchange for products or se…
13 terms
Management and Cost Accounting Chapter 11
Cost smooting
Product undercosting
Product overcosting
Product-cost cross-subsidisation
costing approach that uses broad averages to uniformly assign…
a product consumes a relatively high level of resources but i…
a product consumes a relatively low level of resources but is…
means that at least one miscosted product is resulting in the…
Cost smooting
costing approach that uses broad averages to uniformly assign…
Product undercosting
a product consumes a relatively high level of resources but i…
10 terms
Management and Cost Accounting Chapter 4
In a process-costing system...
Whats the difference between process c…
Conversion costs
Equivalent units
...the unit cost of a product or service is obtained by assig…
The difference is the extent of averaging used to calculate u…
are all manufacturing costs other than direct material costs
is a derived amount of output units that takes the quantity o…
In a process-costing system...
...the unit cost of a product or service is obtained by assig…
Whats the difference between process c…
The difference is the extent of averaging used to calculate u…
17 terms
Cost Chapter 1The manager and Management Accounting
Management accounting
Financial accounting
Management accountants
The business functions in the value ch…
measures, analyzes, and reports financial and nonfinancial in…
focuses on reporting to external parties such as investors, g…
A) can help to formulate strategy by providing information ab…
Research and development, Design of products and processes, P…
Management accounting
measures, analyzes, and reports financial and nonfinancial in…
Financial accounting
focuses on reporting to external parties such as investors, g…
Ch. 1 - Cost ACTG: Management Accounting
Budget
Chief Financial Officer
Control
Controller
A plan for making and spending money
Responsibilities include controllership, treasury, risk manag…
The act of comparing actual performance with planned performa…
The executive responsible for overseeing the day to day finan…
Budget
A plan for making and spending money
Chief Financial Officer
Responsibilities include controllership, treasury, risk manag…
38 terms
ACC 5 - Cost behaviour and management accounting
Cost object
Cost concepts
Tools to analyse costs
CVP analyssis
any activity for which a separate measure of cost is required…
Cost traceability (direct/indirect), behavior (variable/fixed…
Scattergraph (volume/cost), high-low method (consider two dat…
Quantitative model to examine cost and revenue behavioural pa…
Cost object
any activity for which a separate measure of cost is required…
Cost concepts
Cost traceability (direct/indirect), behavior (variable/fixed…
27 terms
Drury: Management and Cost Accounting Chapter 1
Management accounting
financial accounting
strategies
planning
the providing of info to people in an organization for better…
providing info to external parties outside the organization
possible courses of action
making choices between alternatives
Management accounting
the providing of info to people in an organization for better…
financial accounting
providing info to external parties outside the organization
11 terms
Managerial Accounting Chapter 4 - Quality and Cost Management
Activity-based costing
Activity center
Backflush costing
Balanced scorecard
A costing method that first assigns costs to activities, then…
An activity center is a unit of the organization that perform…
Backflush costing is a method of assigning costs to inventori…
A set of performance targets and results that show an organiz…
Activity-based costing
A costing method that first assigns costs to activities, then…
Activity center
An activity center is a unit of the organization that perform…
20 terms
Cost Management Accounting Study Guide Exam 1
Accounting Information System
Activity Based Management
Business Ethics
Certified Internal Auditor
System consisting of interrelated manual and computer parts t…
Advanced control system that focuses management's attention o…
What is right or wrong in a work environment.
Accountant who is certified to possess the qualifications of…
Accounting Information System
System consisting of interrelated manual and computer parts t…
Activity Based Management
Advanced control system that focuses management's attention o…
17 terms
Cost Accounting-Chapter 1-Functions Of Management
Financial Accounting
The most important way financial accou…
Management Accounting
Managers use management accounting inf…
Focuses on reporting financial information to external partie…
compensation, which is often, in part, based on numbers in fi…
the process of measuring, analyzing, and reporting financial…
Develop, communicate, and implement strategies.
Financial Accounting
Focuses on reporting financial information to external partie…
The most important way financial accou…
compensation, which is often, in part, based on numbers in fi…
19 terms
Cost Management Accounting Chapter 5 Vocabulary.
activity
resource
cost driver
resource consumption cost driver
specific task or action of work done
is an economic element needed or consumed in performing activ…
is a factor that causes or relates to a change in the cost of…
is a measure of the amount of resource consumed by an activity
activity
specific task or action of work done
resource
is an economic element needed or consumed in performing activ…
14 terms
Cost Accounting Chapter 5: Activity-Based Costing and Management
Activity
Activity-based costing (ABC)
Activity-based management (ABM)
Batch-level costs
An event, task, or unit of work with a specified purpose
A refined costing system that focuses on activities as the fu…
A cost leadership strategy to eliminate non-value-added activ…
Resources sacrificed on activities that are related to a grou…
Activity
An event, task, or unit of work with a specified purpose
Activity-based costing (ABC)
A refined costing system that focuses on activities as the fu…
5 terms
Management Accounting 7: Cost-Volume-Profit Anaylsis
Cost-volume-profit analysis:
Marginal costing:
Marginal costing VS absorption costing:
Contribution (CPU),... Break even point (…
The study of the relationship between costs and volume(level…
- Is a decision making approach in which marginal costs are u…
MARGINAL... - divides costs into variable and fixed.... - costs are…
-CONTRIBUTION = Sales - Variable costs... This is the amount of…
Cost-volume-profit analysis:
The study of the relationship between costs and volume(level…
Marginal costing:
- Is a decision making approach in which marginal costs are u…
38 terms
Accounting Chapter 3: Basic Cost Management Concepts
cost
cost pools
cost driver
cost object
is incurred when a resource is used for some purpose
are the meaningful groups into which costs are often collected
any factor that causes a change in total cost
any product, service, customer, activity, or organizational u…
cost
is incurred when a resource is used for some purpose
cost pools
are the meaningful groups into which costs are often collected
15 terms
Drury; Management and Cost Accounting Chapter 2
cost object
direct costs
indirect costs
direct materials
any activity for which a separate measurement of costs is des…
costs that can be identified with a particular cost object
costs that cannot be identified with a particular object
all materials that can be identified with a specific product
cost object
any activity for which a separate measurement of costs is des…
direct costs
costs that can be identified with a particular cost object
32 terms
Drury: Management and Cost Accounting - Chapter 1
management accounting
financial accounting
strategies
planning
the providing of info to people in an organization for better…
providing info to external parties outside the organization
possible courses of action
making choices between alternatives
management accounting
the providing of info to people in an organization for better…
financial accounting
providing info to external parties outside the organization
10 terms
Cost Accounting Ch 13 Pricing Decisions and Cost Management
Product Life Cycle
Customer Life Cycle
Companies should only produce and sell…
Too high a price may:
Spans the time from initial R&D on a product to when customer…
Focus on the total costs incurred by a customer to acquire, u…
the revenue from an additional unit exceeds the cost of produ…
deter a customer from purchasing a product
Product Life Cycle
Spans the time from initial R&D on a product to when customer…
Customer Life Cycle
Focus on the total costs incurred by a customer to acquire, u…
15 terms
Cost Accounting
prime cost
cost centre
direct cost
indirect cost
total of direct costs
section of business to which costs can be charged
cost that can be identified with a unit of output
cost that cannot be identified with a unit of output
prime cost
total of direct costs
cost centre
section of business to which costs can be charged
10 terms
Cost Accounting
What is Job Costing?
Contract costing is...
The unit cost of a batch of goods can…
What is Contract costing?
Involves the calculation of costs involved in a construction…
The identification and assignment of costs related to produci…
Dividing the batch cost by the number of units produced.
The tracking of costs associated with a specific contract wit…
What is Job Costing?
Involves the calculation of costs involved in a construction…
Contract costing is...
The identification and assignment of costs related to produci…
46 terms
CAF Management accounting topic 9 Standard Costing and Variance Costing
Standard Costing Is a method of costin…
Standard Cost
Standard unit cost
Standard price
Is a method of costing where:... - Predetermined costs are esta…
a pre-determined cost
a pre-determined or budgeted cost for one unit
A pre-determined or budgeted price
Standard Costing Is a method of costin…
Is a method of costing where:... - Predetermined costs are esta…
Standard Cost
a pre-determined cost
83 terms
Cost Accounting
value chain
efficiency
effectiveness
differential revenues and costs
set of activities that transforms raw resources into goods/se…
being able to operate in a cost effective manner
being able to reach customers and have them buy your products
costs/revenues that change in response to a particular course…
value chain
set of activities that transforms raw resources into goods/se…
efficiency
being able to operate in a cost effective manner
5 terms
Management Accounting 4: Product costing and FIFO
Product Costing:
Job Costing:
Reasons for product costing:
FIFO - First In, First Out
method of costing a product in which all fixed and variable c…
is carrying out work specifically at the request of a custome…
1- Fixing selling price: selling price must reflect the cost…
It is the most common method of pricing materials and assumes…
Product Costing:
method of costing a product in which all fixed and variable c…
Job Costing:
is carrying out work specifically at the request of a custome…
Cost Accounting
Value chain
value-added activities
supply chain
distribution chain
set of activities that transforms ra materials into the goods…
activities customers perceive as adding utility to the goods…
providers of the materials and services used
consumers of the product (not always the end user)
Value chain
set of activities that transforms ra materials into the goods…
value-added activities
activities customers perceive as adding utility to the goods…
24 terms
Manag Accounting direct/indirect & period/product cost
direct cost
direct cost
indirect cost
direct cost
cost: the wages of a pediatric nurse... cost object: the pediatr…
cost: prescription drugs... cost object: a particular patient
cost:heating the hospital... cost object: the pediatric department
cost: the salary of the head of pedes... cost object: the pedes…
direct cost
cost: the wages of a pediatric nurse... cost object: the pediatr…
direct cost
cost: prescription drugs... cost object: a particular patient
31 terms
71 302 Advanced Management Accounting - Cost Allocations - Service Departments - 30%
The costs associated with direct labou…
The primary basis of indirect cost all…
Benefits of indirect cost allocation are
There is no correct method for allocat…
a closer look at both how these costs are controlled and how…
Performance evaluation.... Cost based pricing.... Decision analysis…
Means of influencing managers behaviour.... Means of solving org…
based on the purpose of the allocation.
The costs associated with direct labou…
a closer look at both how these costs are controlled and how…
The primary basis of indirect cost all…
Performance evaluation.... Cost based pricing.... Decision analysis…
34 terms
Accounting Chapter 20 - Variable Costing for Management Analysis
Ormand Company uses variable costing f…
Sales were $500,000. The variable cost…
Variable costing is sometimes called _…
Variable manufacturing costs are $150…
c. $460,000... Feedback: Neither fixed manufacturing costs nor…
$125,000... Feedback: Sales - Variable Cost of Goods Sold - Var…
b. direct... Feedback: Variable costing is sometimes called dir…
b. no difference... Feedback: This amount represents the differ…
Ormand Company uses variable costing f…
c. $460,000... Feedback: Neither fixed manufacturing costs nor…
Sales were $500,000. The variable cost…
$125,000... Feedback: Sales - Variable Cost of Goods Sold - Var…
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…
66 terms
Cost Accounting
___________________ measures, analyzes…
____________ specifies how an organiza…
What are the two broad strategies?
______________________ describes cost…
Cost accounting
Strategy
cost leadership and product differentiation
Strategic cost management
___________________ measures, analyzes…
Cost accounting
____________ specifies how an organiza…
Strategy
32 terms
Management Concepts and Techniques & Cost Accounting Terms and Techniques (Week #2)
Total Quality Management (TQM)
Just-in-Time manufacturing (JIT) aka J…
Quality Improvement Program
Theory of Constraints (TOC)
An integrative philosophy of management for continuously impr…
-based on a demand pull philosophy where purchases of materia…
(Not exact definition but all I could find) ... -Continuous impr…
-Describes methods to maximize operating income when faced wi…
Total Quality Management (TQM)
An integrative philosophy of management for continuously impr…
Just-in-Time manufacturing (JIT) aka J…
-based on a demand pull philosophy where purchases of materia…
30 terms
Cost Accounting
Cost Accounting
Cost Object
Direct Costs
Measures, analyzes, and reports financial and nonfinancial in…
Anything for which a measurement of costs is desired
Costs related to the particular cost object that can be trace…
Cost Accounting
Measures, analyzes, and reports financial and nonfinancial in…
Cost Object
Anything for which a measurement of costs is desired
43 terms
Cost Accounting Exam 1
This describes the flow of goods, serv…
The 5 steps of the decision making pro…
The 3 key management accounting guidel…
A cost already incurred
Supply Chain
1. Identify the problem and uncertainties... 2. Obtain informati…
1. employ a cost-benefit approach... 2. give full recognition to…
Actual Cost
This describes the flow of goods, serv…
Supply Chain
The 5 steps of the decision making pro…
1. Identify the problem and uncertainties... 2. Obtain informati…
1 of 10