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Study sets matching "managerial accounting 1"

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Study sets matching "managerial accounting 1"

12 terms
Quiz 1 Managerial Accounting
Gross Margin
Operating margin
Net Margin
Sequential Analaysis
Sales minus cost of goods sold (COGS or COS)
What is left after paying for COGS and operating expenses lik…
What is left at the bottom after subtracting all expenses fro…
Reviewing a firms financial statements from left to right to…
Gross Margin
Sales minus cost of goods sold (COGS or COS)
Operating margin
What is left after paying for COGS and operating expenses lik…
51 terms
Managerial Accounting Chapter 1
Bill of Materials
Certified Management Accountant (CMA)
Committed Fixed Cost
Contribution Margin
A complete list of all materials used in a product.
A person who has passed a qualifying examination sponsored by…
A fixed cost over which a manager has no control and must... inc…
Sales revenue less variable costs.
Bill of Materials
A complete list of all materials used in a product.
Certified Management Accountant (CMA)
A person who has passed a qualifying examination sponsored by…
43 terms
Managerial Accounting Exam 1
What are the differences between Finan…
CEO:
COO:
CFO:
-hired on by the board of directors... -manages the company on a…
-hired on by the CEO... -manages day to day operations and repor…
-hired on by the CEO... -handles the finical accounting, manager…
What are the differences between Finan…
CEO:
-hired on by the board of directors... -manages the company on a…
22 terms
Managerial Accounting Chapter 1
Managerial accounting
Managerial accountants
What are the four activities of the ma…
Managerial accounting provides tools a…
is the process of identifying, measuring, analyzing, interpre…
are specialists in using the tools of managerial accounting t…
1. Decision making (make a decision, choosing among the avail…
...
Managerial accounting
is the process of identifying, measuring, analyzing, interpre…
Managerial accountants
are specialists in using the tools of managerial accounting t…
170 terms
UFC1 Managerial Accounting
Managerial Accounting
Purpose of Managerial Accounting
Planning
Control
Activity that provides financial and non-financial informatio…
Provide useful information to decision makers. This is done b…
Process of setting goals and making plans to achieve them.
Process of monitoring decisions and evaluating an organizatio…
Managerial Accounting
Activity that provides financial and non-financial informatio…
Purpose of Managerial Accounting
Provide useful information to decision makers. This is done b…
197 terms
UFC1 Managerial Accounting
Managerial Accounting
Purpose of managerial accounting
Differences between financial accounti…
Planning
provides financial and nonfinancial information to managers a…
provide useful information to decision makers
1. managerial accounting also reports non-financial informati…
the process of setting goals and making plans to achieve them
Managerial Accounting
provides financial and nonfinancial information to managers a…
Purpose of managerial accounting
provide useful information to decision makers
11 terms
Managerial Accounting Chapter 1
Budget
Business Process
Constraint
Controlling
a detailed plan for the future that is usually expressed in f…
a series of steps that are followed in order to carry out som…
anything that prevents you from getting more of what you want
the process of gathering feedback to ensure that a plan is be…
Budget
a detailed plan for the future that is usually expressed in f…
Business Process
a series of steps that are followed in order to carry out som…
50 terms
Managerial Accounting Exam #1
Differences between Financial and Mana…
Segment
Three main functions of management: Pl…
Budget
There are seven key differences between financial accounting…
Segments of an organization: Financial accounting is concerne…
Planning involves establishing goals and specifying how to ac…
A budget is a detailed plan for the future that is usually ex…
Differences between Financial and Mana…
There are seven key differences between financial accounting…
Segment
Segments of an organization: Financial accounting is concerne…
Managerial Accounting Exam 1
Product Cost
Period Cost
Manufacturing Overhead
Direct Labor
Costs that are necessary and integral part of producing the f…
Costs that are matched with he revenue of a specific time per…
Cost that are indirectly associated with the manufacture of a…
The work of factory employees that can be physically and dire…
Product Cost
Costs that are necessary and integral part of producing the f…
Period Cost
Costs that are matched with he revenue of a specific time per…
23 terms
Managerial Accounting Chapter 1
Focuses on reporting financial informa…
The process of measuring, analyzing, a…
Management Accounting Purpose
Financial Accounting Purpose
Financial Accounting
Managerial Accounting
Help managers make decisions to fulfill an organization's goals
Communication an organizations financial position to investor…
Focuses on reporting financial informa…
Financial Accounting
The process of measuring, analyzing, a…
Managerial Accounting
29 terms
Managerial Accounting chapter 1
Budget
Business Process
Controlling
Corporate social responsibility
A detailed plan for the future that is usually expressed in f…
A series of steps that are followed in order to carry out som…
The process of gathering feedback to ensure that a plan is be…
A concept whereby organizations consider the needs of all sta…
Budget
A detailed plan for the future that is usually expressed in f…
Business Process
A series of steps that are followed in order to carry out som…
46 terms
Managerial Accounting Exam #1
Define Direct Cost
Define Direct Labor
Assembly Line Workers at Ford are exam…
Define Direct Materials
a cost that can be easily traced to a specific cost object
Factory labor costs that can be easily traced to individual u…
Direct Labor
Materials that become an integral part of the final product a…
Define Direct Cost
a cost that can be easily traced to a specific cost object
Define Direct Labor
Factory labor costs that can be easily traced to individual u…
72 terms
Managerial Accounting Test 1
Managerial Accounting
Financial Accounting
Merchandiser
Manufacturer
-not rule based... - make decisions right now for the future. Wh…
-Backward looking on past action... -Rule-based... -Uniform way of…
buy a brand, put it on the shelf and then sells to the public
Makes product, puts it on the shelf and then sells to the pubic
Managerial Accounting
-not rule based... - make decisions right now for the future. Wh…
Financial Accounting
-Backward looking on past action... -Rule-based... -Uniform way of…
37 terms
Managerial Accounting Chapter 1
Are financial reports usually prepared…
What does financial accounting focus on?
What does managerial accounting focus…
What are the three primary responsibil…
Financial accounting purposes
Focuses on providing stockholders and creditors with the info…
Focuses on providing internal management with the information…
1: Planning... 2: Directing ... 3: Controlling
Are financial reports usually prepared…
Financial accounting purposes
What does financial accounting focus on?
Focuses on providing stockholders and creditors with the info…
37 terms
managerial accounting ch 1
Planning
Directing
Controlling
Decision Making
setting goals and objectives
overseeing the company's day to day operations
evaluating results of operations
management is continually making decisions while it plans, di…
Planning
setting goals and objectives
Directing
overseeing the company's day to day operations
UFC1 Managerial Accounting
CoGS
Cycle Efficiency
Target Cost
Receiving Report
Beginning Finished Goods Inventory + Cost of Goods Manufactur…
Process Time/Total Cycle Time
Expected Selling Price - Desired Profit
Source document for recording materials used in a materials l…
CoGS
Beginning Finished Goods Inventory + Cost of Goods Manufactur…
Cycle Efficiency
Process Time/Total Cycle Time
41 terms
Managerial accounting ch. 1
planning directing controlling
Planning
Budgets
Directing
3 primary responsibilities for managers
Setting goals and objectives for the company and determining…
Quantative expression of a plan
Overseeing the company's day to day operations
planning directing controlling
3 primary responsibilities for managers
Planning
Setting goals and objectives for the company and determining…
60 terms
Managerial Accounting Test 1
Activity-based costing (ABC)
Balanced scorecard
Board of directors
Chief executive officer (CEO)
A method of allocating overhead based on each product's use o…
A performance-measurement approach that uses both financial a…
The group of officials elected by the stockholders of a corpo…
Corporate officer who has overall responsibility for managing…
Activity-based costing (ABC)
A method of allocating overhead based on each product's use o…
Balanced scorecard
A performance-measurement approach that uses both financial a…
128 terms
Managerial Accounting Exam 1
Financial Accounting
Budget
Business Process
Controlling
The phase of accounting that is concerned with reporting fina…
A detailed plan for the future that is usually expressed in f…
A series of steps that are followed in order to carry out som…
The process of gathering feedback to ensure that a plan is be…
Financial Accounting
The phase of accounting that is concerned with reporting fina…
Budget
A detailed plan for the future that is usually expressed in f…
197 terms
UFC1 Managerial Accounting
Managerial Accounting
Purpose of managerial accounting
Differences between financial accounti…
Planning
provides financial and nonfinancial information to managers a…
provide useful information to decision makers
1. managerial accounting also reports non-financial informati…
the process of setting goals and making plans to achieve them
Managerial Accounting
provides financial and nonfinancial information to managers a…
Purpose of managerial accounting
provide useful information to decision makers
49 terms
Managerial Accounting Chapter 1
Specify whether the characteristic rel…
Specify whether the characteristic rel…
Specify whether the characteristic rel…
Specify whether the characteristic rel…
Managerial Accounting
Financial Accounting
Financial Accounting
Financial Accounting
Specify whether the characteristic rel…
Managerial Accounting
Specify whether the characteristic rel…
Financial Accounting
23 terms
Managerial Accounting 1
financial
managerial
financial, managerial
consequences of past activities, objec…
accounting which is concerned with reporting financial inform…
accounting which is concerned with providing information to m…
___ accounting serves the needs of those outside the organiza…
4 areas of emphasis for financial accounting
financial
accounting which is concerned with reporting financial inform…
managerial
accounting which is concerned with providing information to m…
Managerial Accounting Ch. 1
Managerial Accounting
Explain 4 fundamental management proce…
Managerial Accountants
The day-to-day work of the management…
the process of identifying, measuring, analyzing, interpretin…
In pursuing its goals, an organization acquire resources, hir…
specialists in using the tools of managerial accounting to he…
Decision making, planning, directing operational activities,…
Managerial Accounting
the process of identifying, measuring, analyzing, interpretin…
Explain 4 fundamental management proce…
In pursuing its goals, an organization acquire resources, hir…
14 terms
Managerial Accounting Ch. 1
Financial Accounting
Managerial Accounting
Segment
Planning
is concerned with reporting financial information to external…
is concerned with providing information to managers for use w…
is a part or activity of an organization about which managers…
involves establishing goals and specifying how to achieve them
Financial Accounting
is concerned with reporting financial information to external…
Managerial Accounting
is concerned with providing information to managers for use w…
72 terms
Managerial accounting 1
Accounting equation
Assets on balance sheet
Current
Plant assets
Assets=liability + stockholders equity
Cash... Short term investments... Accounts receivable ... Notes receiv…
with in one accounting period
Land... Buildings... Equipment... Accumulated depreciation
Accounting equation
Assets=liability + stockholders equity
Assets on balance sheet
Cash... Short term investments... Accounts receivable ... Notes receiv…
12 terms
Managerial Accounting Ch.1
The formula to determine the cost of g…
The formula to determine the Total Cos…
What are Product costs? (Ch.1)
What are Period costs? (Ch.1)
Total cost of WIP - End WIP inventory
Begin WIP + Total manufacturing costs
Costs that are a necessary and integral part of producing the…
Costs that are matched with the revenue of a specific time pe…
The formula to determine the cost of g…
Total cost of WIP - End WIP inventory
The formula to determine the Total Cos…
Begin WIP + Total manufacturing costs
48 terms
Managerial Accounting Prelim 1
Reasons for Analyzing Financial Statem…
Ratios are only useful when comparing
Reasons for Cross-Sectional Differences
Financial Leverage
Equity or Credit Investment, demonstrate strengths/weakenesses
Across firms, one firm across time, or against a benchmark
Industry structure, strategy, growth stage of firm, accountin…
Relative proportion of a company's financing that requires fi…
Reasons for Analyzing Financial Statem…
Equity or Credit Investment, demonstrate strengths/weakenesses
Ratios are only useful when comparing
Across firms, one firm across time, or against a benchmark
187 terms
Managerial Accounting Test #1
What type of companies have raw materi…
which type of company makes up the lar…
the balance sheet of a service company…
which type of company typically produc…
manufacturers
service companies
little or no inventory
manufacturer
What type of companies have raw materi…
manufacturers
which type of company makes up the lar…
service companies
59 terms
Managerial Accounting Exam #1
Accounting
4 Types of Accounting
Financial Accounting
5 Financial Statements
The language of business... Recording what goes on in the busine…
Financial... Managerial... Forensic... Tax
Preparation of financial statements
Statement of Cash Flows... Income Statement... Balance Sheet... Statem…
Accounting
The language of business... Recording what goes on in the busine…
4 Types of Accounting
Financial... Managerial... Forensic... Tax
28 terms
Managerial Accounting Chapter 1
Budget
Business Process
Constraint
Controlling
a detailed plan for the future that is usually expressed in f…
a series of steps that are followed in order to carry out som…
anything that prevents you from getting more of what you want
the process of gathering feedback to ensure that a plan is be…
Budget
a detailed plan for the future that is usually expressed in f…
Business Process
a series of steps that are followed in order to carry out som…
197 terms
UFC1 Managerial Accounting
Managerial Accounting
Purpose of managerial accounting
Differences between financial accounti…
Planning
provides financial and nonfinancial information to managers a…
provide useful information to decision makers
1. managerial accounting also reports non-financial informati…
the process of setting goals and making plans to achieve them
Managerial Accounting
provides financial and nonfinancial information to managers a…
Purpose of managerial accounting
provide useful information to decision makers
10 terms
Managerial Accounting - Ch1
The Accounting System should provide i…
Financial Accounting
Cost Accounting
Management Accounting
1- Internal routine reporting to managers for cost planning a…
Focuses on external reporting.
Is Management accounting plus a part of financial accounting,…
Focusing on internal customers, measures and reports financia…
The Accounting System should provide i…
1- Internal routine reporting to managers for cost planning a…
Financial Accounting
Focuses on external reporting.
27 terms
Managerial Accounting Week 1
Direct Materials
Direct Labor
Manufacturing overhead
Product Costs
Those materials that become an integral part of the finished…
Consists of labor costs that can be easily traced to individu…
Includes all manufacturing costs except direct materials and…
Include all costs involved in acquiring or making a product... -…
Direct Materials
Those materials that become an integral part of the finished…
Direct Labor
Consists of labor costs that can be easily traced to individu…
42 terms
Managerial Accounting 1
Continuous improvement
Line positions
Planning
Staff position
Searching for ways to increase the overall efficiency and pro…
positions that have direct responsibility for the basic objec…
a management activity that involves the detailed formulation…
positions that are supportive in nature and have only indirec…
Continuous improvement
Searching for ways to increase the overall efficiency and pro…
Line positions
positions that have direct responsibility for the basic objec…
46 terms
1 Introduction to Managerial Accounting
Manager's three primary responsibilities
Manager's three primary responsibiliti…
Manager's three primary responsibiliti…
Manager's three primary responsibiliti…
Planning, directing, and controlling
Involves setting goals and objectives for the company and det…
Overseeing the company's day to day operations. Management us…
Evaluating the results of business operations against the pla…
Manager's three primary responsibilities
Planning, directing, and controlling
Manager's three primary responsibiliti…
Involves setting goals and objectives for the company and det…
32 terms
Managerial Accounting Quiz #1
Cost Object
Decision Making
Differences between Financial and Mana…
Six Business Management Perspectives
Anything for which a measurement of cost is desired
-Planning... -Controlling... -Evaluation... -Feeback
-Ethics... -Strategic Management... -Enterprise Risk Management... -Co…
Cost Object
Anything for which a measurement of cost is desired
Decision Making
-Planning... -Controlling... -Evaluation... -Feeback
43 terms
Financial & Managerial Accounting: 1
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
The information system that measures business activities, pro…
The basic tool of accounting, measuring the resources of the…
A short-term liability that will be paid in the future
The right to receive cash in the future from customers for go…
Accounting
The information system that measures business activities, pro…
Accounting Equation
The basic tool of accounting, measuring the resources of the…
21 terms
Managerial Accounting Exam #1
Predetermined overhead rate
Allocation Base
Underapplied
Overapplied
Estimated total manufacturing overhead cost/estimated total a…
measure such as direct labor-hours (DLH) or machine-hours (MH
A debit balance in the manufacturing overhead account that oc…
A credit balance in the manufactoring overhead account that o…
Predetermined overhead rate
Estimated total manufacturing overhead cost/estimated total a…
Allocation Base
measure such as direct labor-hours (DLH) or machine-hours (MH
28 terms
Ch. 1 Managerial Accounting
Activity-based costing
Balanced scorecard
Board of directors
Chief executive officer (CEO)
a method of allocating overhead based on each product's use o…
a performance measurement approach that uses both financier a…
the group of officials elected by the stockholders of a corpo…
corporate officer who has overall responsibility for managing…
Activity-based costing
a method of allocating overhead based on each product's use o…
Balanced scorecard
a performance measurement approach that uses both financier a…
63 terms
Managerial Accounting Exam 1
Who is managerial accounting for?
Managerial Accounting... A) Is governed…
Managerial Accounting is a field of ac…
The primary users of managerial accoun…
managers and internal users
B) Places emphasis on special-purpose information
False
False
Who is managerial accounting for?
managers and internal users
Managerial Accounting... A) Is governed…
B) Places emphasis on special-purpose information
197 terms
UFC1 Managerial Accounting
Managerial Accounting
Purpose of managerial accounting
Differences between financial accounti…
Planning
provides financial and nonfinancial information to managers a…
provide useful information to decision makers
1. managerial accounting also reports non-financial informati…
the process of setting goals and making plans to achieve them
Managerial Accounting
provides financial and nonfinancial information to managers a…
Purpose of managerial accounting
provide useful information to decision makers
26 terms
Ch. 1 Managerial Accounting
Managerial Accounting
Planning... Controlling... Decision Making
segment
False.... Not mandatory
Provides information to managers for use within the organizat…
Reports to managers inside the organization for:
Managerial focuses on _______ reports.
Managerial accounting is mandatory. T or F?
Managerial Accounting
Provides information to managers for use within the organizat…
Planning... Controlling... Decision Making
Reports to managers inside the organization for:
18 terms
Managerial Accounting ch.1
Goal of managerial accounting
A company plan
Budgets
Profit budget
To provide the information companies need for 1.planning 2.co…
Communicates a company's goals to employees such as sales and…
Financial plans prepared by managerial accountants
Planned income
Goal of managerial accounting
To provide the information companies need for 1.planning 2.co…
A company plan
Communicates a company's goals to employees such as sales and…
33 terms
Managerial Accounting Ch 1
Planning
Three Primary Responsibilities of Mana…
Directing
Controlling
Setting goals and objectives for a company and deciding how t…
Planning, Directing and Controlling
Overseeing the day to day operations using cost reports, sale…
Evaluating the results of business operations against the pla…
Planning
Setting goals and objectives for a company and deciding how t…
Three Primary Responsibilities of Mana…
Planning, Directing and Controlling
38 terms
Managerial Accounting Midterm 1
Financial Accounting
Managerial Accounting
Predetermined Overhead Rate (POHR)
MOH Applied
Users- external persons who make financial decisions... Time Foc…
Users- managers who plan for and control and organization ... Ti…
estimated total manufacturing overhead cost for the coming pe…
POHR * Actual # of allocation base units used
Financial Accounting
Users- external persons who make financial decisions... Time Foc…
Managerial Accounting
Users- managers who plan for and control and organization ... Ti…
55 terms
Managerial Accounting 1-3
Authors of the test book
Three main functions of company manage…
Financial Accounting focuses on
Managerial Accounting is primarily foc…
Stacey Whitecotton, Robert Libby, Fred Phillips
planning, directing, and controlling
a company in total
supporting managements planning and controlling functions
Authors of the test book
Stacey Whitecotton, Robert Libby, Fred Phillips
Three main functions of company manage…
planning, directing, and controlling
20 terms
Managerial Accounting pg 1
Overhead
Predetermined OH Rate
OH Applied
Cost of Materials Used (CMU)
OH+ Indirect Materials+ Indirect Labor
Estimated OH/ Estimated Activity Base
DL x Pre-determined OH Rate
Begin RM + Purchase RM - End RM (DM, DM Used, RM Used)
Overhead
OH+ Indirect Materials+ Indirect Labor
Predetermined OH Rate
Estimated OH/ Estimated Activity Base
21 terms
Managerial Accounting Chapter 1: Intro to Managerial Accounting
Data
Information
Knowledge
Accounting Information System (AIS)
financial statements, customer lists, inventory records, and…
data that has been organized, processed, and summarized
information that is shared and exploited so that it adds valu…
A transaction-processing system that captures financial data…
Data
financial statements, customer lists, inventory records, and…
Information
data that has been organized, processed, and summarized
23 terms
Managerial Accounting Chapter 1
managerial accounting
planning
controlling
decision making
This is providing accounting information for a company's inte…
The detailed formulation of action to achieve a particular en…
The managerial activity of monitoring a plan's implementation…
The process of choosing among competing alternatives... -one of…
managerial accounting
This is providing accounting information for a company's inte…
planning
The detailed formulation of action to achieve a particular en…
Managerial Accounting Exam #1
managerial accounting
financial accounting
integrated reporting
throughput time
-future looking... -relevant... -internal users
-primary product= financial statements... -follow Gaap... -specific…
process that results in communication about value of creation…
time between buying raw materials and selling finished produc…
managerial accounting
-future looking... -relevant... -internal users
financial accounting
-primary product= financial statements... -follow Gaap... -specific…
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