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Study sets matching "management accounting 1"

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Study sets matching "management accounting 1"

20 terms
Management Accounting Chapter 1
Corporate Governance
Detective Control
Internal Control
Preventative Control
The system by which a company is directed and controlled
A control that detects undesirable events that have already o…
A process designed to provide reasonable assurance that objec…
A control that deters undesirable events from occurring.
Corporate Governance
The system by which a company is directed and controlled
Detective Control
A control that detects undesirable events that have already o…
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…
49 terms
Management Accounting Chapter 1
The largest U.S. professional organiza…
The branch of accounting that produces…
The branch of accounting that develops…
In the United states, independent acco…
Institute of Management Accountants (IMA)
Management Accounting
Financial Accounting
Certified Public Accountants (CPA)
The largest U.S. professional organiza…
Institute of Management Accountants (IMA)
The branch of accounting that produces…
Management Accounting
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…
16 terms
Ch. 1 - The Manager and Management Accounting
management accounting
financial accounting
cost accounting
cost management
the process of measuring, analyzing, and reporting financial…
focuses on reporting financial information to external partie…
the process of measuring, analyzing, and reporting financial…
describes the activities managers undertake to use resources…
management accounting
the process of measuring, analyzing, and reporting financial…
financial accounting
focuses on reporting financial information to external partie…
17 terms
Chapter 1: The Manager and Management Accounting
Financial Accounting
Managerial Accounting
Why take an accounting course?
Opportunity Cost
serves decision makers externally-investors, creditors/IRS
serves decision makers inside the firm- managers
1.its your decision, not your accountants... 2. never use data y…
value of what you give up by making a decision (value of the…
Financial Accounting
serves decision makers externally-investors, creditors/IRS
Managerial Accounting
serves decision makers inside the firm- managers
20 terms
W1#Management accounting???
What is Management accounting???
processes & techniques?
Management accounting system?????
What organisational resources?
processes & techniques# effective use of organisational resou…
#Provides information #estimates of the costs of an organisat…
information system => manage resources
Infor... -Financial and non-financial... -effectiveness and effciency
What is Management accounting???
processes & techniques# effective use of organisational resou…
processes & techniques?
#Provides information #estimates of the costs of an organisat…
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…
27 terms
Chapter 1: The Manager and Management Accounting
Budget (p.11)
Chief financial officer (CFO) (p.14)
Control (p.11)
Controller (p.14)
Quantitative expression of a proposed plan of action by manag…
Executives responsible for overseeing the financial operation…
Taking actions that implement the planning decisions, decidin…
The financial executive primarily responsible for management…
Budget (p.11)
Quantitative expression of a proposed plan of action by manag…
Chief financial officer (CFO) (p.14)
Executives responsible for overseeing the financial operation…
42 terms
Management Accounting - Chapter 1
Raw materials
Account analysis
Activity base
Administrative costs
Materials that go into the final product
A method for analyzing cost behavior in which an account is c…
A measure of whatever causes the incurrence of a variable cost.
All executive, organizational and clerical costs associated w…
Raw materials
Materials that go into the final product
Account analysis
A method for analyzing cost behavior in which an account is c…
65 terms
Chapter 1 - Manager and Management Accounting
1. collecting... 2. categorizing... 3. summa…
database... aka data warehouse... aka infobarn
Enterprise Resource Planning (ERP) sys…
*Reporting financial information to ex…
Processing an economic transaction means (4):
consisting of small, detailed bits of information that can be…
a single database that collects data and feeds them into appl…
Financial accounting focuses on:
1. collecting... 2. categorizing... 3. summa…
Processing an economic transaction means (4):
database... aka data warehouse... aka infobarn
consisting of small, detailed bits of information that can be…
60 terms
Management Accounting Exam 1
Product costs
Period costs
Cost Object
traceability
costs incurred to acquire or manufacture a product. ... - assign…
Costs that are not part of the manufacturing process... - treate…
Anything for which a cost can be measured... - What is the cost…
The ability to assign a cost depends on the relationship of t…
Product costs
costs incurred to acquire or manufacture a product. ... - assign…
Period costs
Costs that are not part of the manufacturing process... - treate…
21 terms
Manag accounting 1
Managers responsibilities
Planning
Directing
Controlling
Planning, directing, controlling
Setting goals and objectives and how to achieve them
Overseeing company's day to day operations
Evaluating results of operations against plans and making adj…
Managers responsibilities
Planning, directing, controlling
Planning
Setting goals and objectives and how to achieve them
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…
Ch.1 The manager and management accounting
Financial accounting
Management accounting
Management accounting is used for
Cost accounting
focuses on reporting financial information to external partie…
the process of measuring, analyzing, and reporting financial…
1. Developing, communicating and implementing strategies. 2.…
The process of measuring, analyzing, reporting financial and…
Financial accounting
focuses on reporting financial information to external partie…
Management accounting
the process of measuring, analyzing, and reporting financial…
28 terms
Management Accounting L1: Definitions
The agency relationship
Management Control
Managerial accounting
Financial accounting
Agency relationship exists whenever one partner in a transact…
Instruments that organizations apply to provide managers with…
Meet internal information needs by providing financial and no…
meets external information needs of third parties such as inv…
The agency relationship
Agency relationship exists whenever one partner in a transact…
Management Control
Instruments that organizations apply to provide managers with…
19 terms
Management Accounting 1 Formulae
Economic ordering quantity
Annual ordering cost
Annual holding cost
Reorder level
Sqrt(2DO/h)
(Annual demand/ quantity ordered) x ordering cost
(Quantity ordered/2) x holding cost
Max usage x max lead time
Economic ordering quantity
Sqrt(2DO/h)
Annual ordering cost
(Annual demand/ quantity ordered) x ordering cost
22 terms
Accounting (money management #1)
spending log
delayed gratification
needs
wants
a recording of everything you spend and how much you spend ea…
waiting until you can afford something (short, long, medium g…
are things that are essential to health and security
makes life more interesting but we can go without them.
spending log
a recording of everything you spend and how much you spend ea…
delayed gratification
waiting until you can afford something (short, long, medium g…
12 terms
Manage Accounting Chp1 Accounting
The value of an option equals its:
The opportunity cost of any decision o…
Managerial accounting is a branch of a…
An organization's employees use manage…
Benefits less its costs.
The value to the decision maker of the best other option.
Assists in making business decisions
All of these... A. Who to hire and how to pay them.... B. Which pro…
The value of an option equals its:
Benefits less its costs.
The opportunity cost of any decision o…
The value to the decision maker of the best other option.
37 terms
Ch1 The manager and management accounting
Why do managers use Cost Accounting in…
How are accounting systems used in fin…
What does processing economic transact…
Data Warehouse (or infobarn) definition
To make decisions about research and development, budgeting,…
To record economic events and transactions.
It means collecting, categorizing, summarizing and analyzing.
A database consisting of small detailed bits of information t…
Why do managers use Cost Accounting in…
To make decisions about research and development, budgeting,…
How are accounting systems used in fin…
To record economic events and transactions.
12 terms
Management Accounting Lesson 1
Management Accounting
Responsibility Centers
Cost center
Profit centers
Process of identifying, ... measuring, accumulating,... analyzing,…
set of activities assigned to a manager, a group of ... managers…
managers are responsible for costs only. A cost center may en…
responsible for controlling revenues as well as costs—that is…
Management Accounting
Process of identifying, ... measuring, accumulating,... analyzing,…
Responsibility Centers
set of activities assigned to a manager, a group of ... managers…
13 terms
management accounting test 1
management accounting vs financial
value chain
manufacturing costs
conversion costs
MA- using acc. info inside a company to achieve objectives…
linked activities and resources necessary to create and deliv…
cost of materials, wages, and costs relating to the operation…
costs of converting raw materials into finished goods, specif…
management accounting vs financial
MA- using acc. info inside a company to achieve objectives…
value chain
linked activities and resources necessary to create and deliv…
33 terms
Management Accounting Exam 1
Product Cost
Period Cost
Prime cost
Conversion cost
all the costs that are involved in making a product: direct l…
includes all selling and administrative costs. expensed on th…
direct material + direct labor
direct labor + manufacturing overhead
Product Cost
all the costs that are involved in making a product: direct l…
Period Cost
includes all selling and administrative costs. expensed on th…
37 terms
Chapter 1 - Introduction to Management Accounting
Are management accounts primarily forw…
Are management accounts accessible to…
Is there a set format that has to be f…
Are there any legal formailities that…
Forward-looking
Confidential
No
No
Are management accounts primarily forw…
Forward-looking
Are management accounts accessible to…
Confidential
9 terms
9 steps to accounting management 1
Step 1. Transaction
Step 2 Journal (original book of entry)
Step 3. Posting to ledger
Step 4. Trial balance
Must have economic impact or entity, Necessary recording and…
1. Debit 2. Credit 3. Explanation 4. Skip a space 5. Debit =…
Go to the journal sheet post all debits and credits. The ledg…
According to the chart of accounts, according to the accounti…
Step 1. Transaction
Must have economic impact or entity, Necessary recording and…
Step 2 Journal (original book of entry)
1. Debit 2. Credit 3. Explanation 4. Skip a space 5. Debit =…
22 terms
ADVANCED MANAGEMENT ACCOUNTING LECTURE 1
COST
VARIABLE COSTS
FIXED COSTS
DIRECT COSTS
Cost of an item is analysed as:... a physical quantity measureme…
Variable costs increase in direct proportion to the increased…
Fixed costs do not vary whatever the level of activity, in th…
Direct costs are directly traceable to an activity of the bus…
COST
Cost of an item is analysed as:... a physical quantity measureme…
VARIABLE COSTS
Variable costs increase in direct proportion to the increased…
41 terms
22747 Accounting for management decisions 1
Financial Accounting
Financial Statements
objective of accounting
statement of financial position... (the B…
财务会计
财务报表,资产负债表
会计主体
资产负债表... 收支平衡表(资产负债对照表)
Financial Accounting
财务会计
Financial Statements
财务报表,资产负债表
25 terms
[CM] 1. Accounting Information for Management
Lecture 1: Accounting Information for…
Cost Management:... Definition:
Cost Management:... Definition:... (1) Short…
Cost Management:... Definition:... (1) Short…
Lecture 1: Accounting Information for Management
"actions mgmt take in... (1) SR & LR... (2) planning & ctrl of cost…
- both matter ... :. need to ensure dec is optimal for both
- as mgmt: some costs are 'fixed'... - - bcs of nature &/ commit…
Lecture 1: Accounting Information for…
Lecture 1: Accounting Information for Management
Cost Management:... Definition:
"actions mgmt take in... (1) SR & LR... (2) planning & ctrl of cost…
30 terms
ACC 303 Ch. 1- The Manager and Management Accounting
Accounting Systems
Financial Accounting
Management Accounting
Cost Accounting
Record economic events and transactions; provide information…
Reports financial information to external parties; uses Gener…
The process of measuring, analyzing, and reporting financial…
The process of measuring, analyzing, and reporting financial…
Accounting Systems
Record economic events and transactions; provide information…
Financial Accounting
Reports financial information to external parties; uses Gener…
49 terms
Management Accounting - Chapter 1 Terms
Institute of Management Accountants (I…
Management accounting - primary purpose
Management accounting - scope
Financial accounting
The largest US professional organization of accountants focus…
The branch of accounting that produces information for manage…
The process of identifying, measuring, accumulating, analyzin…
The branch of accounting that develops information for extern…
Institute of Management Accountants (I…
The largest US professional organization of accountants focus…
Management accounting - primary purpose
The branch of accounting that produces information for manage…
61 terms
Accounting for Managers Test 1
Financial Accounting
Managerial Accounting
Segment
Planning
Concerned with reporting financial information to external pa…
Concerned with providing information to managers for use with…
A part or activity of an organization about which managers wo…
Establishing goals and specifying how to achieve them.
Financial Accounting
Concerned with reporting financial information to external pa…
Managerial Accounting
Concerned with providing information to managers for use with…
74 terms
Management Accounting
Managerial Accounting
Similarities
Internal Users
External Users
A field of accounting that provides... economic and financial in…
Both deal with economic events of a business... Both require tha…
Officers and managers used for managerial accounting
Shareholders, creditors and regulators used for financial acc…
Managerial Accounting
A field of accounting that provides... economic and financial in…
Similarities
Both deal with economic events of a business... Both require tha…
60 terms
Management Accounting
Financial statement analysis
investing activities
financing activities
Objective of External Financial Report…
Using the financial statement of other companies to identify…
asset acquisition activities
borrowing funds from creditors or selling stock to investors…
to provide useful economic information to external users for…
Financial statement analysis
Using the financial statement of other companies to identify…
investing activities
asset acquisition activities
115 terms
Unit 1: Introduction to Management Accounting
Management Accounting Generally
Drivers of Change in Management Accoun…
Financial Accounting:
Management Accounting:
Dynamic, no set rules governing role as it is dependent on o…
a) Technology Advancements... b) Globalisation... c) Changing Custo…
Info prepared for investors, banks, regulators & other outsi…
Info helps managers make decisions to fulfil org's goals & o…
Management Accounting Generally
Dynamic, no set rules governing role as it is dependent on o…
Drivers of Change in Management Accoun…
a) Technology Advancements... b) Globalisation... c) Changing Custo…
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…
102 terms
accounting, business management 1 ; prelims
business
classification of business activities
external business activities
internal business activities
conduct of legal activities intended to accumulate profit
external business activities... internal business activities
transactions undertaken by the business with outside parties
activities that happen within the business
business
conduct of legal activities intended to accumulate profit
classification of business activities
external business activities... internal business activities
35 terms
Accounting and Management
Relevant and intelligent information =
Data presented in a form that is usefu…
Numerical or verbal descriptions that…
A single collection of data and inform…
less risk
information
data
database
Relevant and intelligent information =
less risk
Data presented in a form that is usefu…
information
7 terms
Management Accounting - Chapter 1 Objectives
Explain why accounting is essential fo…
Describe the major users and uses of a…
Explain the role of budgets and perfor…
Describe the cost-benefit and behavior…
Must know where the information came from, how it is presente…
Internal managers for decisions (scorekeeping, attention-dire…
Budgets result from planning and translate goals into actions…
The benefits from the system should outweigh the cost of the…
Explain why accounting is essential fo…
Must know where the information came from, how it is presente…
Describe the major users and uses of a…
Internal managers for decisions (scorekeeping, attention-dire…
21 terms
Topic 1 - Management Accounting in Context
Cost Accounting
Financial Accounting
Data Warehouse
Strategy
Measures, analyses and reports financial and non-financial in…
focuses of reporting to external users including investors, c…
Is grown overtime to meet the needs of all quarters in the or…
Specifies how an organization matches its own capabilities wi…
Cost Accounting
Measures, analyses and reports financial and non-financial in…
Financial Accounting
focuses of reporting to external users including investors, c…
88 terms
Management Accounting CH.1-5
Managers's 3 primary responsibilities
Typical organisational structure
MANAGERIAL VS FINANCIAL: TYPE OF USERS
MANAGERIAL VS FINANCIAL: purpose of in…
Plan - Set goals and decide how to achieve them... e.g Budget ma…
Shareholders -> choose board of directors to oversee the comp…
Internal vs External
Internal decision making: PDC ... vs... Users making investing and…
Managers's 3 primary responsibilities
Plan - Set goals and decide how to achieve them... e.g Budget ma…
Typical organisational structure
Shareholders -> choose board of directors to oversee the comp…
18 terms
ACCT 3341: Chapter 1 The Manager and Management Accounting
Management Accounting
Financial Accounting
Strategy
Two broad strategies
measures, analyzes, and reports financial and non financial i…
focuses on reporting to external users including investors, c…
specifies how an organization matches its own capabilities wi…
Cost Leadership or Product differentiation
Management Accounting
measures, analyzes, and reports financial and non financial i…
Financial Accounting
focuses on reporting to external users including investors, c…
55 terms
management exam 1- accounting/finances
Financial mgt goals
Solvent
Efficient
Profit
solvency... efficiency ... profitability
making enough money to stay in business... the overall ability…
using money and other resources wisely... how well the manager…
if you don't make money, its hard to stay in business
Financial mgt goals
solvency... efficiency ... profitability
Solvent
making enough money to stay in business... the overall ability…
Roles of management accountants chapter 1
Board of Directors (BOD)
Audit Committee
Chief Executive Officer (CEO)
Chief Operating Officer (COO)
elected by stockholders to oversee a corporation
subcommittee of the BOD that oversees the internal audit func…
hired by the BOD to manage the company
hired by the CEO to manage the operations of the company
Board of Directors (BOD)
elected by stockholders to oversee a corporation
Audit Committee
subcommittee of the BOD that oversees the internal audit func…
23 terms
Management Accounting Ch1-2
decision making
trade-off between decision making and…
Design and use of cost systems
Functions of the Chief Financial Offic…
managers must have good information to make decisions and lea…
internal accounting system serves two purposes: ... 1. provide s…
accountants (often also called controllers) have the task to…
1. controllership: tax administration, internal and external…
decision making
managers must have good information to make decisions and lea…
trade-off between decision making and…
internal accounting system serves two purposes: ... 1. provide s…
101 terms
Finance and Accounting for Managers Lesson 1
Accounting
Accrual accounting basis
Cash Basis Accounting
Annuity
The financial information system that measures and records th…
accounting is being used when revenue and expenses are record…
accounting is being used when revenue and expenses are record…
is a series of payments made at fixed intervals of time.
Accounting
The financial information system that measures and records th…
Accrual accounting basis
accounting is being used when revenue and expenses are record…
22 terms
Manag accounting (ch 1-3)
Accounting analysis
Activity base
Administrative costs
Committed fixed costs
a method for analyzing cost behavior in which account is clas…
a measure of whatever causes the incurrence of a variable cost
all executive, organizational, and clerical costs associated…
investments in facilities, equipment and basic organizational…
Accounting analysis
a method for analyzing cost behavior in which account is clas…
Activity base
a measure of whatever causes the incurrence of a variable cost
15 terms
Chapter 1: Introduction to Management Accounting
Management Accounting
What is the difference between financi…
How are business managed?
Strategic Management
Measures, analyses and reports financial and non-financial in…
Management accounting: ... -Seeks the needs of business managers…
Nearly all businesses involve more than a few owners/employee…
Designed to provide a business with a clear sense of purpose…
Management Accounting
Measures, analyses and reports financial and non-financial in…
What is the difference between financi…
Management accounting: ... -Seeks the needs of business managers…
8 terms
3.5 Management Accounting Unit 1- Budgets
Routine Decision
Strategic Decisions
Cash Budgets
Sales Budgets
Are ones that you make on a regular basis e.g staff roster.
Are long term, complex decisions made by senior management.
Is an estimation of the cash inflows and outflows for a busin…
Is the first and basic component of master budget and it show…
Routine Decision
Are ones that you make on a regular basis e.g staff roster.
Strategic Decisions
Are long term, complex decisions made by senior management.
76 terms
Management accounting
Available for use:
Direct materials used
Manufacturing costs incurred during th…
Goods available for sale
BI direct materials + Purchase direct material
BI direct materials + Purchase direct material ... -EI direct ma…
BI direct materials + purchase direct material... -EI direct mat…
BI direct materials + Purchase direct material... -EI direct mat…
Available for use:
BI direct materials + Purchase direct material
Direct materials used
BI direct materials + Purchase direct material ... -EI direct ma…
41 terms
manage that accounting pt1
product costs
period costs
period
product
cost assigned to goods that were either purchased or manufact…
all the costs that are not product costs..
selling and administrative costs are _____ costs regardless o…
for a manufacturing firm, all costs incurred in manufacturing…
product costs
cost assigned to goods that were either purchased or manufact…
period costs
all the costs that are not product costs..
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