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Study sets matching "management accounting"

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Study sets matching "management accounting"

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
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
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…
37 terms
Management Accounting 71202
Absorption costing
Variable costing
Differences between variable and absor…
Prime Cost
all manufacturing costs (direct material, direct labour and m…
direct material, direct labour and only variable manufacturin…
Both methods assign direct materials, direct labour and varia…
the costs of direct material and direct labour incurred to pr…
Absorption costing
all manufacturing costs (direct material, direct labour and m…
Variable costing
direct material, direct labour and only variable manufacturin…
83 terms
Management Accounting
Traditional Costing
ABC Costing
Predetermined Overhead Rate
What are issues with traditional costi…
1) Only allocate manufacturing overheads... 2) Allocate all manu…
1) Allocate manufacturing and non manufacturing... 2) Exclude so…
Budgeted overhead costs/Budgeted level of activity
- If you automated some of your processes, allocating labor h…
Traditional Costing
1) Only allocate manufacturing overheads... 2) Allocate all manu…
ABC Costing
1) Allocate manufacturing and non manufacturing... 2) Exclude so…
13 terms
Management Accounting
Material Price Variance (Material Vari…
Material Quantity Variance (Material V…
Labour Rate Variance (Labour Variance)
Labour Efficiency Variance (Labour Var…
MPV = AQ(AP-SP)
MQV = SP(AQ-SQ)
LRV = AH(AR-SR)
LEV = SR(AH-SH)
Material Price Variance (Material Vari…
MPV = AQ(AP-SP)
Material Quantity Variance (Material V…
MQV = SP(AQ-SQ)
18 terms
Management Accounting
Kosten
Kaskosten
Uitgaven
Trapfunctie
Enkel doelmatig offer om tot prestatie te komen (staat los va…
Gekoppeld aan betaling
Geen doelmatig offer; vereffening schuld
Of stapfunctie; stijgen of dalen van vaste kosten
Kosten
Enkel doelmatig offer om tot prestatie te komen (staat los va…
Kaskosten
Gekoppeld aan betaling
15 terms
Management Accounting
Assets
Balance sheet
Cost of goods sold
Expenses
Resources that either have value or can be used to produce so…
A statement that highlights what a business owes (liabilities…
What the company needed to spend (payments to suppliers, ect.…
The money going out of the business. Can include money spent…
Assets
Resources that either have value or can be used to produce so…
Balance sheet
A statement that highlights what a business owes (liabilities…
100 terms
Accounting - management
___ is a comprehensive system for coll…
to perform these functions, accountant…
___ ___ ___ is an organized procedure…
list of 5 companies who do bookkeeping
accounting
bookkeeping
Accounting information system (AIS)
oracle, peoplesoft quickbooks, lawson, SAP
___ is a comprehensive system for coll…
accounting
to perform these functions, accountant…
bookkeeping
70 terms
Management Accounting
Management Accounting
Financial Accounting vs Management Acc…
Variable Costs
Fixed Costs
The provision of financial and non-financial information to i…
Reports on past events, highly regulated, detailed annual fin…
Vary directly with the number of units produced... *cost of mate…
Costs that remain the same whatever the level of output ... *ren…
Management Accounting
The provision of financial and non-financial information to i…
Financial Accounting vs Management Acc…
Reports on past events, highly regulated, detailed annual fin…
13 terms
Management accounting
Prime cost
Conversion cost
Period costs
Total cost
The direct materials and labour
Direct labour plus manufacturing overhead (costs included in…
Costs not part of manufacturing, usually selling/distribution…
Materials labour and overhead
Prime cost
The direct materials and labour
Conversion cost
Direct labour plus manufacturing overhead (costs included in…
36 terms
Management: Accounting
3 Goals for Financial Management
Define Accounting
define Auditing
define Bookkeeping
1- Increase value ... 2- Communicate financial info ... 3- Aids in…
Process of collect, record, summarize and using financial data
Special area of accounting that deals with Verifying the reco…
Process that documents the flow of resources ($$) into the bu…
3 Goals for Financial Management
1- Increase value ... 2- Communicate financial info ... 3- Aids in…
Define Accounting
Process of collect, record, summarize and using financial data
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…
47 terms
Management Accounting
Relevant Costs
Irrelevant Costs
Opportunity Costs
Costing decisions
Relevant costs differ among alternatives and mostly relate to…
Sunk Costs are past costs that have already been incurred and…
Opportunity cost refers to a benefit that a person could have…
...
Relevant Costs
Relevant costs differ among alternatives and mostly relate to…
Irrelevant Costs
Sunk Costs are past costs that have already been incurred and…
15 terms
Management Accounting
Budgeted sales for the first quarter f…
The first step in the budgeting proces…
Projected sales for Tony Co. Ltd for n…
Becham Company has the following purch…
b. 202,000
c. Sales forecast
d. 24,000
c. $87,000
Budgeted sales for the first quarter f…
b. 202,000
The first step in the budgeting proces…
c. Sales forecast
22 terms
Management Accounting
Standard costing
Variance
Control system
Control accounting
A predetermined cost based on technical estimates of material…
The difference between the actual performance and the standar…
A set of formal and informal systems that assist the manageme…
A system to analyze the accounting information through compar…
Standard costing
A predetermined cost based on technical estimates of material…
Variance
The difference between the actual performance and the standar…
22 terms
Management Accounting
Cost accounting
Cost accountancy
Cost control
Cost object
The process of accounting for cost. It begins with the record…
The application of costing and cost accounting principles, me…
It involves comparing actual costs with the targeted costs an…
It refers to any product, service, activity, function, or job…
Cost accounting
The process of accounting for cost. It begins with the record…
Cost accountancy
The application of costing and cost accounting principles, me…
13 terms
Management Accounting
Costing system
Budgeting system
Performance measurement system
Cost management system
Estimates the cost of goods and services as well as the cost…
Used to prepare a detailed plan which shows the financial con…
Measures performance by comparing actual results with some ta…
Focuses on improving the organisation is cost-effective to un…
Costing system
Estimates the cost of goods and services as well as the cost…
Budgeting system
Used to prepare a detailed plan which shows the financial con…
22 terms
Management Accounting
Cost accounting information system
Operational control
ERP systems
TOC (Theory of Constraints)
Assign costs to individual products and services and other ob…
Timely feedback concerning the performance of managers and ot…
A system that can run all the operations of a company and pro…
A thinking process that begins by recognizing that all resour…
Cost accounting information system
Assign costs to individual products and services and other ob…
Operational control
Timely feedback concerning the performance of managers and ot…
22 terms
Management Accounting
Contract price
Escalation clause
Retention money
Work certified
The amount that is agreed to be paid by the contractee to the…
A clause in the contract to safeguard the interest on the con…
The money that is agreed upon, which a contractor requires to…
The value of work done as certified by the architect.
Contract price
The amount that is agreed to be paid by the contractee to the…
Escalation clause
A clause in the contract to safeguard the interest on the con…
22 terms
Management accounting
Absorption of overheads
Administrative overheads
Allocation of overheads
Apportionment
The allotment of overheads to the cost units.
The aggregate of all indirect expenses regarding administrati…
The allotment of indirect costs to the cost centers or the co…
The charging to a cost center the fair share of common overhe…
Absorption of overheads
The allotment of overheads to the cost units.
Administrative overheads
The aggregate of all indirect expenses regarding administrati…
22 terms
management accounting
Batch costing
EBQ
Job costing
Production order
A form of specific order costing which applies when similar a…
A batch quantity where carrying costs and set-up costs are th…
A form of specific order costing which is applied when work i…
It contains all the information that is relevant to the shop…
Batch costing
A form of specific order costing which applies when similar a…
EBQ
A batch quantity where carrying costs and set-up costs are th…
10 terms
Financial Accounting Vs Management Accounting
Financial Accounting
Management Accounting
Management Accounting
Management Accounting
Classifying transactions of the organisation in the ledgers t…
Analysing transactions of the organisation to provide useful…
It supports managers in their control activities
It helps with decision-making inside the business
Financial Accounting
Classifying transactions of the organisation in the ledgers t…
Management Accounting
Analysing transactions of the organisation to provide useful…
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…
12 terms
Management Accounting
Break even point
Contribution per unit
Margin of Safety (as a percentage)
Plant-wide overhead absorption rate
Total fixed costs/Contribution per unit
Sales - all variable costs
Expected sales - Breakeven sales/Expected sales x 100
Total overhead/Total labour hours
Break even point
Total fixed costs/Contribution per unit
Contribution per unit
Sales - all variable costs
15 terms
Management Accounting and Financial Accounting
Information for Management Accounting
Information for Financial Accounting
Internal Reporting
External Reporting
- Is not highly regulated ... - Provides specific-purpose report…
- Is highly regulated (by ASIC)... - Less frequent reporting... - L…
- Supports the managerial decision-making process... - Helps man…
- Enables users to assess performance, position, liquidity... -…
Information for Management Accounting
- Is not highly regulated ... - Provides specific-purpose report…
Information for Financial Accounting
- Is highly regulated (by ASIC)... - Less frequent reporting... - L…
49 terms
Management Accounting
Cost of Production Report
Cost per Equivalent Unit
Equivalent Units of Production
Process Costing System
A report prepared periodically by a processing department, su…
The rate used to allocate costs between completed and partial…
The portion of whole units that are complete with respect to…
A type of cost accounting system that provides product costs…
Cost of Production Report
A report prepared periodically by a processing department, su…
Cost per Equivalent Unit
The rate used to allocate costs between completed and partial…
12 terms
management accounting
management accounting
financial
economic
economy
管理会计
金融的
经济的
经济
management accounting
管理会计
financial
金融的
10 terms
Management Accounting
Quality Management Approaches
Direct Costs
Indierct Costs
Direct Manufacturing
1. Total quality management ... 2. Just-in-Time... 3. Customer rela…
Costs that can be traced to a cost object, in a convenient an…
Costs that are common to several cost objects and are not dir…
- cost of raw materials ... - cost of direct labour
Quality Management Approaches
1. Total quality management ... 2. Just-in-Time... 3. Customer rela…
Direct Costs
Costs that can be traced to a cost object, in a convenient an…
19 terms
accounting for management
strategic planning
tactical planning
Operational planning
strategic information
-top management... -long term (longer than one year)... -whole orga…
-middle management... -medium-term (within one year)... -specific d…
-operational management... -short term (daily and monthly )... -spe…
is mainly used by senior management in an organization
strategic planning
-top management... -long term (longer than one year)... -whole orga…
tactical planning
-middle management... -medium-term (within one year)... -specific d…
8 terms
Management Accounting
Management
Planning, Organizing, Controlling
Planning
Organizing
The process of planning, organizing, and controlling tasks to…
What are the basic functions of management
Setting immediate and long term objectives.... Deciding which al…
Deciding how to utilize available resources as plans are carr…
Management
The process of planning, organizing, and controlling tasks to…
Planning, Organizing, Controlling
What are the basic functions of management
12 terms
Management Accounting
Cost Accounting
Financial Accounting
Management Accounting
a data warehouse
measures, analyses and reports financial and non financial in…
focuses on reporting to external users including investors, c…
measures, analyses and reports financial and non financial in…
is built over time to meet needs of all quarters in the organ…
Cost Accounting
measures, analyses and reports financial and non financial in…
Financial Accounting
focuses on reporting to external users including investors, c…
15 terms
Management accounting
international accounting standards board
international financial reporting stan…
management accounting
financial reporting
who sets the standards
standards name
for inside the firm
for outside the firm
international accounting standards board
who sets the standards
international financial reporting stan…
standards name
10 terms
Management Accounting
Variable cost
Fixed cost
Mixed cost
Decreases
Constant in per unit but total cost changes
Total cost is constant . The ave. cost per unit decreases if…
Contains both variable and fixed cost
Unit fixed cost ? If volume increases
Variable cost
Constant in per unit but total cost changes
Fixed cost
Total cost is constant . The ave. cost per unit decreases if…
5 terms
Accounting For Managers
Personal Account
Real Account
Nominal Account
Assesses
Debit the receiver and credit the giver
Debit what comes in and credit what goes out
Debit expenses and losses, credit incomes and profits.
A person who is liable to pay taxs
Personal Account
Debit the receiver and credit the giver
Real Account
Debit what comes in and credit what goes out
9 terms
Management Accounting
Working Capital
Current ratio
Acid-test ratio
Cash ratio
Current assets-Current liabilities
Current assets÷Current liabilities
Cash+Short-term investments+Net Current receivables (Accounts…
(Cash+Short Term Marketable Securities)÷ Current liabilities
Working Capital
Current assets-Current liabilities
Current ratio
Current assets÷Current liabilities
9 terms
Management Accounting
Management accounting was created to
Management accounting is concerned with
Focus of management accounting
Nature of reports for management accou…
Maximize cash and profit
Using economic and financial info to plan and control activit…
Internal only
Specific purpose
Management accounting was created to
Maximize cash and profit
Management accounting is concerned with
Using economic and financial info to plan and control activit…
45 terms
Management accounting
Financial v management accounting
6 primary business functions
Decision making process
Ethics
...
...
...
...
Financial v management accounting
...
6 primary business functions
...
10 terms
Management Accounting
Job order costing
Contribution margin per unit=
Breakeven point in sales=
Contribution margin ratio=
costs accumulated by job
selling price- variable cost
fixed costs / unit contribution margin
contribution margin / selling price
Job order costing
costs accumulated by job
Contribution margin per unit=
selling price- variable cost
47 terms
Management Accounting
Managerial accounting
Financial accounting
Strategic cost management
Management accounting
measures, analyzes, and reports financial and nonfinancial in…
focus on reporting to external users including investors, cre…
focuses specifically on the cost dimension within a firm's ov…
Focus on helping to answer important questions related to cus…
Managerial accounting
measures, analyzes, and reports financial and nonfinancial in…
Financial accounting
focus on reporting to external users including investors, cre…
52 terms
Management Accounting
Direct Cost
Indirect Cost
Materials
Labour
Cost that you can trace to a specific product
Cost that you can't easily trace to a specific product
Physical things you need to make products
Work needed to make products
Direct Cost
Cost that you can trace to a specific product
Indirect Cost
Cost that you can't easily trace to a specific product
22 terms
Management Accounting
ABC analysis
Bill of material
Bin card
EOQ
A technique of selective control of materials and classificat…
A comprehensive list of materials with exact description and…
A card fixed at the bin showing the position of the inventory…
It is defined as the size of the order at which the ordering…
ABC analysis
A technique of selective control of materials and classificat…
Bill of material
A comprehensive list of materials with exact description and…
31 terms
Accounting Management
COO & CFO
Treasurer & Controller
CASH MGMNT... CREDIT MGMNT... CAPITAL EXPEND…
TAX MGMNT... ACCTING MGMNT... FINANCIAL ACCT…
Who is under the CEO?
Who is under the CFO (Vice president of finance)?
What responsibilities are under the TREASURER?
What responsibilities are under the CONTROLLER?
COO & CFO
Who is under the CEO?
Treasurer & Controller
Who is under the CFO (Vice president of finance)?
126 terms
Management Accounting
Direct materials
Direct labor
Manufacturing overhead
Indirect labor
Those materials that become an integral part of the productio…
Those labor costs that can be easily traced to individual uni…
Refers to indirect factory-related costs that are incurred wh…
Wages paid to employees who are not directly involved in prod…
Direct materials
Those materials that become an integral part of the productio…
Direct labor
Those labor costs that can be easily traced to individual uni…
104 terms
Management Accounting
Define "Management Accounting"
Define "Strategy"
Six Primary Business Functions of a…
What is *Customer Relationship Managem…
"Primarily used for helping managers make decisions. It measu…
"The way in which an organisation matches its own capabilitie…
- R&D... - Design of Products & Processes... - Production... - *…
"A type of strategy that integrates people and technology
Define "Management Accounting"
"Primarily used for helping managers make decisions. It measu…
Define "Strategy"
"The way in which an organisation matches its own capabilitie…
Management Accounting
Benefits of Value chain
Sustainability
Sustainable management accounting
Value chain
Focus on activities not departments. Encourages broader view…
Development that meets the needs of the present without compr…
Generate information to assist in achieving sustainability go…
Key activities engaged in by the organisation or industry.
Benefits of Value chain
Focus on activities not departments. Encourages broader view…
Sustainability
Development that meets the needs of the present without compr…
114 terms
Management Accounting
Management accounting
Activities carried out by managers
Planning
Directing and motivating
Management accounting is concerned with providing information…
Managers everywhere carry out four major activities. Planning…
Involves selecting a course of action and specifying how the…
Involves mobilizing people to carry out plans and run routine…
Management accounting
Management accounting is concerned with providing information…
Activities carried out by managers
Managers everywhere carry out four major activities. Planning…
8 terms
Management Accounting
Planning
Directing and Motivating
Controlling
Decision Making
Identify alternatives. Select alternative that does the bet j…
managing day-to-day activities to keep the organization runni…
ensures that plans are being followed. Feedback in the form o…
the ability to make intelligent, data driven decisions. 3 qs,…
Planning
Identify alternatives. Select alternative that does the bet j…
Directing and Motivating
managing day-to-day activities to keep the organization runni…
14 terms
Management Accounting
overhead
prime cost of a product
to absorb
absorption costing
накладные расходы
себестоимость продукта
включать, поглощать, амортизировать?
калькуляция полной себестоимости
overhead
накладные расходы
prime cost of a product
себестоимость продукта
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