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Study sets matching "managerial accounting ethical focus on"

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Study sets matching "managerial accounting ethical focus on"

33 terms
Managerial Accounting A Focus on Ethical Decision Making Ch 3
Manufacturing Companies
Merchandising Companies
Service Companies
Raw Materials
Companies that purchase raw materials from other companies an…
companies that sell products that someone else has maufactured
companies that do not sell a tangible product as their primar…
inventory of materials needed in the production process but n…
Manufacturing Companies
Companies that purchase raw materials from other companies an…
Merchandising Companies
companies that sell products that someone else has maufactured
47 terms
Managerial Accounting A focus on ethical decision making Ch 6 - Activity-Based Costing
changing cost environment
Changing Production Cost structure
Methods of Allocating Overhead costs
Plantwide Overhead Rate
fundamental shift from labor-intensive to automated assembly;…
many companies cost structures are moving to a lower proporti…
Plantwide overhead rate, departmental overhead rates, activit…
historically, companies tended to use direct labor as the ove…
changing cost environment
fundamental shift from labor-intensive to automated assembly;…
Changing Production Cost structure
many companies cost structures are moving to a lower proporti…
35 terms
Managerial Accounting A focus on ethical decision making Ch 7 - Cost-Volume-Profit Analysis
Profitability Analysis
Selling prices and behavior of activit…
Cost volume profit analysis
Cost Volume Profit
Involves examining the relationships among revenues, costs, a…
What you need to understand to perform profitability analysis
technique to examine the relationships among total volume of…
provides an easily understood framework for discussing planni…
Profitability Analysis
Involves examining the relationships among revenues, costs, a…
Selling prices and behavior of activit…
What you need to understand to perform profitability analysis
47 terms
Managerial Accounting A focus on ethical decision making Ch 5 - Job, Process, and Operations Costing
Job costing
Job Costing
Job Costing
Job Costing
product costing system which accumulates, tracks and assigns…
Customized production or service
What type of costing do Home Builders use
What type of costing do CPAs use
Job costing
product costing system which accumulates, tracks and assigns…
Job Costing
Customized production or service
26 terms
Managerial Accounting A focus on ethical decision making Ch 4- Cost behavior and Relevant Costs
Variable Costs
Variable Costs
Fixed Costs
Fixed Costs
Change in total in direct proportion to changes in activity
costs that stay the same per unit but change in total as prod…
Do not change in response to a change in activity volume
cost that remain the same in total when production volume inc…
Variable Costs
Change in total in direct proportion to changes in activity
Variable Costs
costs that stay the same per unit but change in total as prod…
33 terms
Managerial Accounting - Chapter One
Planning
Directing & Motivating
Controlling
Strategy
Developing objectives and preparing budgets to achieve these…
Mobilizing people to carry out plans and run routine operatio…
Ensuring that the plan is actually carried out and is appropr…
A game plan that enables a company to attract and retain cust…
Planning
Developing objectives and preparing budgets to achieve these…
Directing & Motivating
Mobilizing people to carry out plans and run routine operatio…
42 terms
Chapter One Managerial Accounting
Managerial Accounting
Internal... External
Internal reports as needed... F/S and qua…
Specific... General
Provides useful information for management to make decisions.
Managerial users are:... Financial users are:
Managerial type of reports:... Financial type of reports:
Managerial reason:... Financial reason:
Managerial Accounting
Provides useful information for management to make decisions.
Internal... External
Managerial users are:... Financial users are:
33 terms
Managerial ACCOUNTING test one
DC
Indierct Cost
Manufacturing costs
DM
cost that can be traced directly to an obkect
cannot be directly traced to an object
2 catagories DM and DL... 1 Indiect cost (MOH)
made up of Raw Materials (Direct and indirect)
DC
cost that can be traced directly to an obkect
Indierct Cost
cannot be directly traced to an object
69 terms
Accounting Managerial Unit One
Work of management
Six Business Management perspectives
Ethics perspective
Strategy
planning, controlling, decision making
ethics, strategic management, enterprise risk management, cor…
competence, confidentiality, integrity, credibility
a game plan, enables company to attract customers by distingu…
Work of management
planning, controlling, decision making
Six Business Management perspectives
ethics, strategic management, enterprise risk management, cor…
Managerial Accounting Chapter one
finical accounting reports finical inf…
Emphasizes financial consequences of p…
Emphasizes objectivity and verifiabili…
part of the organization in which mana…
external parties
Financial Accounting
Financial Accounting
Segments
finical accounting reports finical inf…
external parties
Emphasizes financial consequences of p…
Financial Accounting
126 terms
Managerial Accounting Exam One
American Institute of Certified Public…
Audit Committee
Board of Directors
Budget
the world's largest association representing the accounting p…
a subcommittee of the board of directs that is responsible fo…
the body elected by shareholders to oversee the company
quantitative expression of a plan that helps managers coordin…
American Institute of Certified Public…
the world's largest association representing the accounting p…
Audit Committee
a subcommittee of the board of directs that is responsible fo…
32 terms
Managerial Accounting Exam One
General Cost Equation
Profit Equation
Unit Contribution Margin (UCM)
Break Even Quantity
TC = FC + (UVC*q)
E(profit)=(p-uvc)q - fixed costs... For safety margin, break eve…
price - unit variable cost
FC/ (p-uvc)
General Cost Equation
TC = FC + (UVC*q)
Profit Equation
E(profit)=(p-uvc)q - fixed costs... For safety margin, break eve…
47 terms
Managerial Accounting Exam One
Direct Labor
Direct Materials
Discretionary Fixed Cost
Engineering Approach
Factory labor costs that can be easily traced to individual u…
Materials that become an integral part of a finished product…
Those fixed costs that arise from annual decisions by managem…
A detailed analysis of cost behavior based on an industrial e…
Direct Labor
Factory labor costs that can be easily traced to individual u…
Direct Materials
Materials that become an integral part of a finished product…
38 terms
Managerial Accounting Chapter One
planning
directing
controlling
managerial accounting
setting goals and objectives for the company
overseeing day to day operations
evaluating the results of business operations against the pla…
internal users; focuses on the future, data must be relevant,…
planning
setting goals and objectives for the company
directing
overseeing day to day operations
18 terms
Exam One Managerial Accounting
Contribution Margin
Contribution Margin Ratio
Cost-Volume-Profit Equation
Breakeven point in units
Sales-VC
Contribution Margin/Sales Revenue... Contribution Margin per un…
(SPunit-VCunit)x-FC= operating income... SP=sales price/unit... VC…
Total Fixed Expenses/ Contribution Margin per unit
Contribution Margin
Sales-VC
Contribution Margin Ratio
Contribution Margin/Sales Revenue... Contribution Margin per un…
39 terms
Managerial Accounting: Chapter One
managerial accounting
what are the three broad functions of…
organization charts
board of directors
provides economic and financial info for managers and interna…
1. planning... 2. directing... 3. controlling
show the interrelationships of activities and the delegation…
stockholders own the corporation, but they manage it indirect…
managerial accounting
provides economic and financial info for managers and interna…
what are the three broad functions of…
1. planning... 2. directing... 3. controlling
56 terms
Managerial Accounting One
High Low Formula
Y=
a=
b=
Y= a+bX
The total mixed cost
the total fixed cost
the variable cost per unit of activity
High Low Formula
Y= a+bX
Y=
The total mixed cost
Managerial Accounting Ch. One
Account Analysis
Activity Base
Administrative Costs
Committed Fixed Costs
A method for analyzing cost behavior in which an account is c…
A measure of whatever causes the incurrence of a variable cos…
All executive, organizational, and clerical costs associated…
Investments in facilities, equipment, and basic organizationa…
Account Analysis
A method for analyzing cost behavior in which an account is c…
Activity Base
A measure of whatever causes the incurrence of a variable cos…
49 terms
Chapter One: Introduction to Managerial Accounting
Two main questions of MGMT ACCT
MGMT ACCT: Themes
financial accounting
managerial accounting
1) what is mgmt accounting.... 2) why does it matter
1) ethics.... 2) strategic management.... 3) enterprise risk manage…
concerned with the reporting of financial information to exte…
providing information to management for use within the organi…
Two main questions of MGMT ACCT
1) what is mgmt accounting.... 2) why does it matter
MGMT ACCT: Themes
1) ethics.... 2) strategic management.... 3) enterprise risk manage…
12 terms
Managerial Accounting Test One
Managerial Accounting
Financial Accounting
Direct Materials
Direct Labor
Focusses on providing internal management with the informatio…
Focusses on providing stockholders and creditors with the inf…
Materials that are easily traced to a product
Labor cost that is easily traced to a product
Managerial Accounting
Focusses on providing internal management with the informatio…
Financial Accounting
Focusses on providing stockholders and creditors with the inf…
13 terms
Exam One Managerial Accounting
Direct Materials Used In Production
Current Manufacturing Costs
Cost Of Goods Manufactured
Unajusted Cost Of Goods Sold
Raw Materials Purchased ... +Beginning Raw Materials Inventory... -…
Direct Materials Used In Production ... + Direct Labor ... +MOH App…
Current Manufacturing Costs ... + Beginning Work In Progress... - E…
Cost Of Goods Manufactured... +Beginning Finished Goods Inventor…
Direct Materials Used In Production
Raw Materials Purchased ... +Beginning Raw Materials Inventory... -…
Current Manufacturing Costs
Direct Materials Used In Production ... + Direct Labor ... +MOH App…
38 terms
Managerial Accounting Test one
service provider, merchandiser, and ma…
Finished goods, work in process, raw m…
cost object
direct costs
what are the three basic kinds of for profit entities?
what are the inventories of a manufacture?
way to measure the cost of something, any time or unit that w…
costs that are directly traceable to the cost object
service provider, merchandiser, and ma…
what are the three basic kinds of for profit entities?
Finished goods, work in process, raw m…
what are the inventories of a manufacture?
46 terms
Managerial Accounting test one
Certified Internal Auditor (CIA)
Certified Management Accountant (CMA)
Certified Public Accountant
Continuous improvement
they have passed a comprehensive examination designed to ensu…
they have passed a rigorous qualifying examination, met an ex…
Certified accountant who is permitted (by law) to serve as an…
searching for ways to increase the overall efficiency and pro…
Certified Internal Auditor (CIA)
they have passed a comprehensive examination designed to ensu…
Certified Management Accountant (CMA)
they have passed a rigorous qualifying examination, met an ex…
48 terms
Managerial Accounting Exam One
Performance Report
Enterprise Risk Management
Lean Production
Cost Object
Compared budgeted data to actual data in an effort to identif…
A process used by a company to identify risks and develop res…
Management approach that organizes resources such as people a…
Anything for which cost data are desired - including products…
Performance Report
Compared budgeted data to actual data in an effort to identif…
Enterprise Risk Management
A process used by a company to identify risks and develop res…
23 terms
Managerial Accounting Midterm One
Gross Margin percentage
Price Earnings Ratio
Current Ratio
Working capital
Gross margin/sales
Market value/earning per share
Current assets/ current liabilities
Current assets- current liabilities
Gross Margin percentage
Gross margin/sales
Price Earnings Ratio
Market value/earning per share
Managerial Account (Test One)
What's the difference between financia…
Planning
Controlling
Decision Making
FINANCIAL ACCOUNTING: for external persons who make financial…
Establish goals, specify how goals will be achieved, and deve…
The control function gathers feedback to ensure that plans ar…
Involves making a selection among competing alternatives (i.e…
What's the difference between financia…
FINANCIAL ACCOUNTING: for external persons who make financial…
Planning
Establish goals, specify how goals will be achieved, and deve…
51 terms
Managerial Accounting Test One Review
What are the differences between finan…
Focuses of Financial Accounting (6)
Focuses of Managerial Accounting (7)
Know the types of activities that mana…
Financial Accounting deals with reporting financial informati…
-Past occurrences... - objectivity and verifiability... - precision…
-Reports are for Planning, Controlling, and Decision Making... -…
1. Planning- The process of establishing goals and specifying…
What are the differences between finan…
Financial Accounting deals with reporting financial informati…
Focuses of Financial Accounting (6)
-Past occurrences... - objectivity and verifiability... - precision…
25 terms
Managerial Accounting Chapter One Vocab
Audit Committee
Board of Directors
Budget
CMA
A subcommittee of the board of directors that is responsible…
The body elected by the shareholders to oversee the company.
Quantitative expression of a plan that helps managers coordin…
Certified Management Accountant
Audit Committee
A subcommittee of the board of directors that is responsible…
Board of Directors
The body elected by the shareholders to oversee the company.
31 terms
Managerial Accounting Chapter One Terms
Business Process
Chief Financial Officer
Constraint
Controller
A series of steps that are followed to carry out some task in…
The member of the top management team who is responsible for…
Anything that prevents an individual or organization from get…
The CFO's bitch
Business Process
A series of steps that are followed to carry out some task in…
Chief Financial Officer
The member of the top management team who is responsible for…
84 terms
Managerial Accounting - Chapters One to Four
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…
Managerial Accounting: Chapter One: An Overview
Financial Accounting
Managerial Accounting
Segment
Managers performs three vital activities
Concerned with reporting financial information to external pa…
Reports to insiders of a company and is concerned with report…
activity of an organization about which managers would like c…
Planning, Controlling, Decision making
Financial Accounting
Concerned with reporting financial information to external pa…
Managerial Accounting
Reports to insiders of a company and is concerned with report…
40 terms
Chapter One: Managerial Accounting and Cost Concepts
Account Analysis
Activity Base
Administrative costs
Committed fixed costs
A method for analyzing cost behavior in which an account is c…
A measure of whatever causes the in incurrence of a variable…
All executive organizational and clerical costs associated wi…
Investments in facilities equipment and basic organizational…
Account Analysis
A method for analyzing cost behavior in which an account is c…
Activity Base
A measure of whatever causes the in incurrence of a variable…
40 terms
Accounting Ethics Chapter One
Deontology (Duty Based Ethics)
Deontology Philosophers
Problems with Deontology Implementation
Teleology (Consequential Ethics)
rights of stakeholders and related duties to them... values inpu…
Kant, Hobbes, Locke
relies on moral absolutes... no exceptions... need to resolve confl…
egoism... enlightened egoism... utilitarianism
Deontology (Duty Based Ethics)
rights of stakeholders and related duties to them... values inpu…
Deontology Philosophers
Kant, Hobbes, Locke
49 terms
Chapter 3: Managerial Accounting, the Business Organization, and Professional Ethics
Institute of Management Accountants (I…
management accounting
financial accounting
certified public accountant (CPA)
The largest U.S. professional organization of accounts focuse…
The branch of accounting that produces information for manage…
The branch of accounting that develops information for extern…
In the United States, independent accountants who assure the…
Institute of Management Accountants (I…
The largest U.S. professional organization of accounts focuse…
management accounting
The branch of accounting that produces information for manage…
25 terms
Managerial Accounting Unit 1 Week One
Fixed Cost
Variable Cost
Direct Cost
Indirect Cost
Do no change with sales volume. Example Rent, Car Note,Etc.
These do change with sale volume . Example: Prices go up and…
Go direct into the product. Direct Labor-Doing the work- Food…
General expenses that cant be related to the product. Example…
Fixed Cost
Do no change with sales volume. Example Rent, Car Note,Etc.
Variable Cost
These do change with sale volume . Example: Prices go up and…
20 terms
Managerial Accounting Exam one Day 2
Institute of Management Accountants (I…
Standard of ethics
Competence
Confidentiality
A professional organization for management accountants. It wo…
Competence, confidentiality, integrity, and credibility.
know what to do, how to do your job
how to keep secrets
Institute of Management Accountants (I…
A professional organization for management accountants. It wo…
Standard of ethics
Competence, confidentiality, integrity, and credibility.
52 terms
Unit 1: Managerial Accounting, the Business Organization, and Professional Ethics
Management Accounting
Financial Accounting
Scorekeeping
Attention Directing
Branch of accounting that produces information for managers w…
Branch of accounting that develops information for external d…
Accumulation and classification of data.
Reporting and interpreting information that helps managers to…
Management Accounting
Branch of accounting that produces information for managers w…
Financial Accounting
Branch of accounting that develops information for external d…
72 terms
Chapter one: Ethical reasoning: implications for accounting
Ethical Relativism
four cultural dimensions
Six pillars of Character
The dimensions of Trustworthiness
the philosophical view that what is right or wrong and good o…
1)Individualism 2)power distance 3)uncertainty avoidance 4)ma…
1-trustworthiness 2-respect 3-responsiblity 4-fairness 5-cari…
honesty, integrity, reliability, loyalty,
Ethical Relativism
the philosophical view that what is right or wrong and good o…
four cultural dimensions
1)Individualism 2)power distance 3)uncertainty avoidance 4)ma…
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…
98 terms
Managerial Accounting
Marginal Cost
Unit Cost
Continuous Improvement
Kaizan
Extra cost of producing one additional unit of production.
The average production cost per unit
Ongoing small, incremental improvements in all parts of an or…
short term approach to enhancing efficiency that focuses on i…
Marginal Cost
Extra cost of producing one additional unit of production.
Unit Cost
The average production cost per unit
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…
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…
14 terms
Managerial Accounting Chapter 4
Cost of Production Report
Equivalent Units
First-In, First-Out (FIFO) Cost Method
Hybrid Cost System
A report which presents information about units, costs... charge…
The theoretical number of units that could have been produced…
A process costing method that presumes the beginning inventor…
One type of cost system is used for one phase of the producti…
Cost of Production Report
A report which presents information about units, costs... charge…
Equivalent Units
The theoretical number of units that could have been produced…
30 terms
Managerial Accounting Chapter 3
Actual Costing
Applied Factory Overhead
Assembled Products
Commingled Products
A costing system in which product costs consist of actual dir…
The amount of factory overhead cost determined by the... product…
Products produced by bringing parts and subassemblies together.
Products in which one unit cannot be distinguished from any o…
Actual Costing
A costing system in which product costs consist of actual dir…
Applied Factory Overhead
The amount of factory overhead cost determined by the... product…
26 terms
Managerial Accounting Chapter 2
Account Analysis
Break-Even Analysis
Break-Even Chart
Break-Even Point
A method of estimating fixed and variable costs by classifyin…
An approach that examines the interaction of factors that... inf…
A graph showing cost and revenue functions together with a br…
The point where total revenues equal total costs.
Account Analysis
A method of estimating fixed and variable costs by classifyin…
Break-Even Analysis
An approach that examines the interaction of factors that... inf…
22 terms
Managerial Accounting Chapter 11
Asset Turnover
Cost-Based Transfer Prices
Decentralization
Decentralized Company
The ratio of sales divided by an investment base, which measu…
Prices that are based on production costs and used to... transfe…
The delegation of decision-making authority to lower manageri…
A company in which operating subunits are created with... defini…
Asset Turnover
The ratio of sales divided by an investment base, which measu…
Cost-Based Transfer Prices
Prices that are based on production costs and used to... transfe…
25 terms
Managerial Accounting
Direct Materials
Direct Labor
Manufacturing Overhead
Non manufacturing Costs
Raw materials that become an integral part of the product and…
Those labor costs that can be easily traced to individual uni…
Manufacturing costs that cannot be easily traced directly to…
Selling Costs, administrative costs
Direct Materials
Raw materials that become an integral part of the product and…
Direct Labor
Those labor costs that can be easily traced to individual uni…
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…
29 terms
Managerial Accounting Chapter 6
Benchmark
Bill of Materials Explosion
Budget
Budget Slack
A comparison of operations, costs, or productivity with world…
The complete list of materials and quantities used for all... pr…
A plan showing how resources are to be acquired and used over…
Excess resources built into the budget over the amount necess…
Benchmark
A comparison of operations, costs, or productivity with world…
Bill of Materials Explosion
The complete list of materials and quantities used for all... pr…
358 terms
Managerial Accounting test #2
When overhead is allocated to every pr…
with increased competition, managers n…
using departmental overhead rates is g…
cost distortion occurs when some produ…
false
true
false
true
When overhead is allocated to every pr…
false
with increased competition, managers n…
true
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