Study sets matching "management accounting"

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Study sets matching "management accounting"

Management Accounting and Financial Accounting
Management Accounting
Financial Accounting******
Internal Users
External Users
1. Creating financial information... 2. In the form of SPFRs... 3.…
1. External reporting
Management of a firm
1. Suppliers *... 2. Owners*... 3. Lenders*... 4. Employees*... 5. Custom…
Management Accounting
1. Creating financial information... 2. In the form of SPFRs... 3.…
Financial Accounting******
1. External reporting
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…
64 terms
Accounting for Managers
Cost Behaviour
Cost Equation
Y
v
how costs change as volume change (measured through Total Var…
Y = VX + F
Total Mixed Cost
Variable cost per unit of activity
Cost Behaviour
how costs change as volume change (measured through Total Var…
Cost Equation
Y = VX + F
19 terms
Ch 16- Management Accounting
Benchmark Study
Conversion Costs
Direct Labor
Direct Manufacturing Cost
a study designed to show an organization how its costs and pr…
the direct labor and overhead costs required to convert raw m…
payroll costs for employees who work directly on the products…
a manufacturing cost that can be traced conveniently and dire…
Benchmark Study
a study designed to show an organization how its costs and pr…
Conversion Costs
the direct labor and overhead costs required to convert raw m…
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…
7 terms
Management Accounting
Management Accounting
Financial Accounting
Overhead
Prime cost
Future orientated... Internal focus... Internal evaluation... Detailed…
Historical orientated... External focus... External evaluation... Info…
all other manufacturing costs
direct materials + direct labour
Management Accounting
Future orientated... Internal focus... Internal evaluation... Detailed…
Financial Accounting
Historical orientated... External focus... External evaluation... Info…
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…
Management accounting
Financial v management accounting
6 primary business functions
Decision making process
Ethics
...
...
...
...
Financial v management accounting
...
6 primary business functions
...
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
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…
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…
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…
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)?
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…
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
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
18 terms
Management Accounting
Absorption Costing
Variance analysis
When to use Variance Analysis
Materials Total Cost Variance
Overhead per unit = overhead/output
Compare actual costs against standard costing,
Used if resource quantities consumed dffer from expected give…
Actual cost of units - Standard cost of actual units produced
Absorption Costing
Overhead per unit = overhead/output
Variance analysis
Compare actual costs against standard costing,
Management Accounting Chapter 3
Absorption Costing
Allocation Base
Bill of Materials
Cost driver
A costing method that includes all manufacturing costs-direct…
A measure of activity such as direct labor hours or machine h…
A document that shows the quantity of each type of direct mat…
A factor, such as machine-hours, beds occupied, computer time…
Absorption Costing
A costing method that includes all manufacturing costs-direct…
Allocation Base
A measure of activity such as direct labor hours or machine h…
Management Accounting- Chapter 2
Account Analysis
Activity Base
Administrative Cost
Committed Fixed Costs
A method for analyzing cot behavior in which an account is cl…
A measure of whatever causes the incurrence of a variable cos…
All executive, organizational and clerical costs associated w…
Investments in facilities, equipment, and basic organizationa…
Account Analysis
A method for analyzing cot behavior in which an account is cl…
Activity Base
A measure of whatever causes the incurrence of a variable cos…
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…
57 terms
Management Accounting - Accounting for Materials
What are the Classifications of invent…
What are the functions that are covere…
What are the reasons for controlling i…
What are the items used to document ev…
1. Raw materials, ... 2. Work in progress, ... 3. Spare parts/Consu…
1. Ordering of inventory, ... 2. Purchasing of inventory, ... 3. Re…
1. Holding costs of inventory may be expensive, ... 2. Productio…
1. Purchase requisition, ... 2. Purchase order, ... 3. Goods receiv…
What are the Classifications of invent…
1. Raw materials, ... 2. Work in progress, ... 3. Spare parts/Consu…
What are the functions that are covere…
1. Ordering of inventory, ... 2. Purchasing of inventory, ... 3. Re…
Management accounting
Strategy
Strategy
Levels of strategy
Types of strategies
How objective will be achieved. May have several aspects work…
Goal (objective) strategy (how) tactics (what) operations (co…
Organisation level (industry or business to operate) or busin…
Cost leader ship (Pak n save) or product differentiation (foc…
Strategy
How objective will be achieved. May have several aspects work…
Strategy
Goal (objective) strategy (how) tactics (what) operations (co…
68 terms
Management Accounting
Definieren sie Management Accounting,…
Definition des reinen Management Accou…
Managment Rollen nach Mintzberg.
Erklären sie die Problematik der betri…
-Sicherstellen das Unternehmen nach betriebswirtschaftlichen…
Bereitstellung von finanziellen und nicht finanziallen Inform…
Interpersonelle Rollen: ... -Galionsfigur, Vernetzer, Vorgesetze…
Erfassungdeffekt:... unvollständige Informationen => unbekannte…
Definieren sie Management Accounting,…
-Sicherstellen das Unternehmen nach betriebswirtschaftlichen…
Definition des reinen Management Accou…
Bereitstellung von finanziellen und nicht finanziallen Inform…
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
28 terms
Management accounting
What does cash from operating activiti…
Operating activities
Investing actives
Financing activities
Ability to generate cash, meet short term obligations, contin…
Relate to the actual day to day business and trading activiti…
Concerned with cash payments to acquire additional non-curren…
Involve how the business is financed; from both internal and…
What does cash from operating activiti…
Ability to generate cash, meet short term obligations, contin…
Operating activities
Relate to the actual day to day business and trading activiti…
Management Accounting
A costing system that assigns manufact…
It is used by firms that produce relat…
Direct material is easy to trace.
A costing system that assigns all prod…
What is job costing?
What sort of firms use job costing? Provide examples.
Is direct material easy or difficult to trace in job costing?
What is process costing?
A costing system that assigns manufact…
What is job costing?
It is used by firms that produce relat…
What sort of firms use job costing? Provide examples.
13 terms
Management. Accounting
Activity based costing
Contribution
Zero based budgeting
Variable overhead
Cost based on activity it involves cost pools and cost drivers
How much sales contribute to fixed cost, selling price - vari…
Budgeting with a base of zero every cosy every lone has to be…
Cost that vary but difficult to assign to a particular produc…
Activity based costing
Cost based on activity it involves cost pools and cost drivers
Contribution
How much sales contribute to fixed cost, selling price - vari…
Management Accounting
What are the key assumptions of Cost-V…
Breakeven Point (Volume)
Breakeven Point (Value)
Contribution to Sales Revenue
-All variables remain constant... - There's a single product or…
Fixed Costs / Unit Contribution
Fixed Costs/ Contribution to Sales Ratio
Contribution / Sales
What are the key assumptions of Cost-V…
-All variables remain constant... - There's a single product or…
Breakeven Point (Volume)
Fixed Costs / Unit Contribution
45 terms
Accounting For Managers
Management accounting
Financial accounting
Uses of costs
Manufacturing costs
provides information for managers who direct and control the…
provides information to shareholders, creditors and others wh…
profit measurement, costing for decisions, costing for control
costs incurred in production e.g. direct materials, direct la…
Management accounting
provides information for managers who direct and control the…
Financial accounting
provides information to shareholders, creditors and others wh…
79 terms
Management accounting
what are the forces in porters 5 forces
what are the 2 strategies to combat th…
what are the forces in SWOT
what other two tools can be used in st…
- Threat of new entry... - Threat of substitutes... - Buyer power... -…
- cost leadership... - product leadership
- strengths... - weaknesses (^ internal factors)... - opportunities…
- value chain analysis... - balanced scorecard approach
what are the forces in porters 5 forces
- Threat of new entry... - Threat of substitutes... - Buyer power... -…
what are the 2 strategies to combat th…
- cost leadership... - product leadership
Management accounting
Variable cost
Examples of a variable cost?
Fixed cost
examples of fixed costs?
Rises in consistent proportion to output and changes accordin…
Raw materials, operating cost ... Utilities
Stays the same irrespective of output
Rent, electricity wages
Variable cost
Rises in consistent proportion to output and changes accordin…
Examples of a variable cost?
Raw materials, operating cost ... Utilities
26 terms
Accounting Intro to Management Accounting
What should not be included in final g…
Managerial Accounting
Financial Accounting
Overhead
Lumber ... Metals... Partially completed products
Estimates that promote relevance and timeliness... Economic and…
Factual information that is characterized by objectivity, rel…
Resources other than materials and labor that are used in man…
What should not be included in final g…
Lumber ... Metals... Partially completed products
Managerial Accounting
Estimates that promote relevance and timeliness... Economic and…
Accounting for managers
Return on investment (ROI)
Return on capital employed (ROCE)
Operating margin
Gross margin
net profit after tax/shareholders' funds %
Operating profit before interest and tax/(shareholders' funds…
Operating profit before interest and tax/sales %
gross profit/sales %
Return on investment (ROI)
net profit after tax/shareholders' funds %
Return on capital employed (ROCE)
Operating profit before interest and tax/(shareholders' funds…
Account Management
admin
user
domain
local accounts
most advanced account. held by IT staff. can change security…
allow people to share a computer and network resources, but s…
allows users to access their accounts from any computer on th…
allows access to a specific account only. username and passwo…
admin
most advanced account. held by IT staff. can change security…
user
allow people to share a computer and network resources, but s…
10 terms
Account Management
Account/privilege management
User
Group
Credential management
The process of restricting a user's ability to interact with…
A single individual; the lowest level addressed by privilege…
A collection of users with some common criteria, such as need…
The processes, services, and software used to store, manage,…
Account/privilege management
The process of restricting a user's ability to interact with…
User
A single individual; the lowest level addressed by privilege…
Account Management
Work Initiator and coordinator
Expectations manager
Participator
Client leader
get projects launched, keep things moving with approval
understand what advertising can, can't do, set solid objectiv…
give ideas,d information, encouragement and collaborate with…
anticipate push challenge, not afraid to be pain in the ass t…
Work Initiator and coordinator
get projects launched, keep things moving with approval
Expectations manager
understand what advertising can, can't do, set solid objectiv…
accounting for managers
Traditional Financial accounting Infor…
Non Financial Information
data
information
Assets,Liabilities, Revenues, Gross , Margin
percentage of defects, customer complaints
financial statements, customer lists, inventory records and t…
data are organized, processed,, and summarized
Traditional Financial accounting Infor…
Assets,Liabilities, Revenues, Gross , Margin
Non Financial Information
percentage of defects, customer complaints
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…
47 terms
Accounting for Managers
General Ledger
General Journal
3 key financial statements
U.S. companies use this to create fina…
Transaction and what happened
account details and balance in account
balance sheet, income statement, and statement of cashflow
GAAP- Generally Accepted Accounting Principles
General Ledger
Transaction and what happened
General Journal
account details and balance in account
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
Management Accounting Chapter 6
Absorption Costing
Common Fixed Cost
Segment
Segment Margin
a costing method that includes all manufacturing costs-direct…
A fixed cost that supports more than one business segment, bu…
Any part or activity of an organization about which managers…
A segment's contribution margin less its traceable fixed cost…
Absorption Costing
a costing method that includes all manufacturing costs-direct…
Common Fixed Cost
A fixed cost that supports more than one business segment, bu…
25 terms
Management accounting
Overheads
prime
Cost allocations
allocation
日常开支,企业一般管理费用
主要的
成本分配
分配
Overheads
日常开支,企业一般管理费用
prime
主要的
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…
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…
account management
Assets
amortization
depreciation
goodwill
varallisuus, varat
kuolettaminen, kuoletus
arvon alenema, arvon lasku
liikearvo
Assets
varallisuus, varat
amortization
kuolettaminen, kuoletus
Management Accounting (T - Z)
Target costing
Theory of constraints (TOC)
Throughput accounting (TA)
Throughput accounting ratio
The process of determining the maximum allowable cost for a n…
A management approach that emphasizes the importance of manag…
Ranking products by calculating the throughput accounting rat…
Return per factory hour divided by cost per factory hour (p.…
Target costing
The process of determining the maximum allowable cost for a n…
Theory of constraints (TOC)
A management approach that emphasizes the importance of manag…
accounting and management
monopoly
collision
revenue
furnish
exclusive control or possession of something
a conflict of opposed ideas or attitude or goals
the entire amount of income before any deduction are made
provide or equip with furniture
monopoly
exclusive control or possession of something
collision
a conflict of opposed ideas or attitude or goals
Management Accounting (R-S)
Range of acceptable transfer prices
Raw materials
Reciprocal method
Reductionist model of humanity
The range of transfer prices within which the profits of both…
Any materials that go into the final product (p. 24).
A method of allocating service department costs that gives fu…
View that emphasizes material goals rather than creative and…
Range of acceptable transfer prices
The range of transfer prices within which the profits of both…
Raw materials
Any materials that go into the final product (p. 24).
Management Accounting (N-Q)
Negotiated transfer price
Net present value
new public management
Non-value-added activity
A transfer price agreed on between buying and selling divisio…
The difference between the present value of the cash inflows…
refers to many of the reforms in the public sector that have…
An activity that consumes resources or takes time but that do…
Negotiated transfer price
A transfer price agreed on between buying and selling divisio…
Net present value
The difference between the present value of the cash inflows…
27 terms
Management Accounting - Ch 09
budget
master budget
budgeting
budgetary control
detailed plan for the future typically expressed in quantitat…
summarizes a company's plans, setting specific targets for sa…
preparing a budget
using a budget to control an organization's activity
budget
detailed plan for the future typically expressed in quantitat…
master budget
summarizes a company's plans, setting specific targets for sa…
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