Study sets matching "term:managerial accounting = the internal use of accounting statements by managers in planning and directing the organizations activities."

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Study sets matching "term:managerial accounting = the internal use of accounting statements by managers in planning and directing the organizations activities."

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…
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
43 terms
Managerial accounting Final
Managerial accounting
Authority to advise but not command is…
Management by exception means manageme…
A.... involves only the analysis of actual financial data from a…
staff authority.
significant deviations from expected results.
Managerial accounting
A.... involves only the analysis of actual financial data from a…
Authority to advise but not command is…
staff authority.
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
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…
Managerial Accounting Exam #3
you are trying to decide whether to tr…
jubilee frozen foods purchased new com…
E8-20A fill in the table
which of the following best describes…
a) the trade-in value of the old printer is: RELEVANT... b) pap…
a) book value of old machine: NOT RELEVANT... b) maintenance co…
requirement 2) ... revenue at market price ... LESS: desired profit…
costs that were incurred in the past and cannot be changed
you are trying to decide whether to tr…
a) the trade-in value of the old printer is: RELEVANT... b) pap…
jubilee frozen foods purchased new com…
a) book value of old machine: NOT RELEVANT... b) maintenance co…
197 terms
UFC1 Managerial Accounting pre-assesment
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
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…
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial inf…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condition and…
Accounting
Planning, recording, analyzing and interpreting financial inf…
Accounting system
A planned process for providing financial information that wi…
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…
Introduction to Managerial Accounting- Chapter 1 Differences between Managerial & Financial Accounting
Managerial Accounting
Fianancial Accounting
Managerial Accounting
Fianancial Accounting
Internal Users (such as managers) are the primary users of th…
External Users (such as creditors, stockholders, and governme…
Helping managers plan, direct and control business operations…
Helping external users make investing and lending decisions a…
Managerial Accounting
Internal Users (such as managers) are the primary users of th…
Fianancial Accounting
External Users (such as creditors, stockholders, and governme…
22 terms
Managerial Accounting Chapter 12
Activity Analysis
Appraisal Costs
Balanced Scorecard
Benchmarking
Monitoring activities to assess which activities add value to…
Costs of quality that are incurred to monitor and inspect pro…
A tool that integrates financial and nonfinancial performance…
Comparing operations, costs, and productivity with world-clas…
Activity Analysis
Monitoring activities to assess which activities add value to…
Appraisal Costs
Costs of quality that are incurred to monitor and inspect pro…
Managerial accounting ch 2 test one formulas and problems
Income statement merchandiser
Cost of goods sold merchandiser
Cost of goods manufactured manufacturer
Direct materials used manufacturer
Income statement merchandiser
Cost of goods sold merchandiser
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
Accounting and Financial Statements
Accounting
public accountant
Certified Public Accountant (CPA)
Accountants
the recording, measurement and interpretation of financial in…
an independent professional, to provide accounting services r…
an officially certified in the state in which he or she pract…
to prepare and analyze their financial statement
Accounting
the recording, measurement and interpretation of financial in…
public accountant
an independent professional, to provide accounting services r…
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
Managerial Accounting Chapter 1
Managers Responsibilities
What happens in the Planning Stage?
What happens in the Directing Stage?
What happens in the Controlling Stage?
Decision Making: Planning, Directing, Controlling
Setting goals & objectives & determining how to achieve them…
overseeing company's day-to-day operations... looks at all repor…
evaluating business operation results... make adjustments... Uses t…
Managers Responsibilities
Decision Making: Planning, Directing, Controlling
What happens in the Planning Stage?
Setting goals & objectives & determining how to achieve them…
36 terms
Managerial Accounting Concepts and Principles - Chapter 16
Direct Costs
Indirect Costs
Period Costs
Product Costs
Anything that goes into making the product that is significan…
Those things that are not specific to the product - ie; elect…
Consist of selling and administrative expenses (costs include…
Consist of manufacturing costs: direct materials, direct labo…
Direct Costs
Anything that goes into making the product that is significan…
Indirect Costs
Those things that are not specific to the product - ie; elect…
Financial and managerial accounting Chapter 1 Terms
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
The Information system that measures business activities, pro…
Assets=Liabilities+Equity
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
Assets=Liabilities+Equity
27 terms
Managerial Accounting Chapter 9: The Use of Budgets in Planning and Decision Making
Budgets
Planning
Operating
Control
Plans dealing with the acquisition and use of resources over…
The cornerstone of good management; involves developing objec…
Involves day to day decision making by managers, which is oft…
Involves ensuring that the objectives and goals developed by…
Budgets
Plans dealing with the acquisition and use of resources over…
Planning
The cornerstone of good management; involves developing objec…
7 terms
Accounting II: Managerial Accounting - Ch. 6
budget committee
budgets
comprehensive budget
flexible budgeting
An entity within a company that can be made up of senior repr…
Detailed financial plans that quantify future expectations an…
The cornerstone documentation revealing a business's anticipa…
Adjusting budgets and budget models for the effects of volume…
budget committee
An entity within a company that can be made up of senior repr…
budgets
Detailed financial plans that quantify future expectations an…
25 terms
Managerial Accounting Chapter 7
Attainable Standards
Budget Variance
Capacity Variance
Controllable Variance
Standards that can be achieved with reasonable effort.
The difference between actual overhead costs and the flexible…
The difference between the budgeted fixed overhead and the fi…
The difference between actual overhead costs and the... flexible…
Attainable Standards
Standards that can be achieved with reasonable effort.
Budget Variance
The difference between actual overhead costs and the flexible…
Managerial Accounting 5th Edition by James Jiambalvo Chapter 1
goal of managerial accounting
planning
Financial Plans
Control
to provide information that managers need for planning, contr…
plans communicate goals to employees to coordinate functions…
_____ are often expressed in the form of budgets.
performance reports compare actual with planned performance
goal of managerial accounting
to provide information that managers need for planning, contr…
planning
plans communicate goals to employees to coordinate functions…
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…
Chapter 1 - Managerial Accounting: An Overview
Managerial Accounting is concerned
A segment is
Managerial Accounting helps managers p…
Planning involves
with providing information to managers for use within the org…
a part or activity of organization about which managers would…
1. planning... 2. controlling... 3. decision making
establishing goals and specifying how to achieve them
Managerial Accounting is concerned
with providing information to managers for use within the org…
A segment is
a part or activity of organization about which managers would…
197 terms
UFC1 Managerial Accounting pre-assesment
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
18 terms
Managerial Accounting
Financial Accounting
Managerial Accounting
Segment
Planning
Reporting financial information to external parties such as s…
Provides information to managers to use within an organization
Part or activity of an organization about which managers woul…
Establishing goals and specifying how to meet them
Financial Accounting
Reporting financial information to external parties such as s…
Managerial Accounting
Provides information to managers to use within an organization
47 terms
Managerial Accounting
managerial accounting
internal
all (service, merchandising, manufactu…
all (corporate, sole proprietorship, p…
a field of accounting that provides economic and financial in…
users of managerial accounting
types of business managerial accounting applies to
forms of business organizations managerial accounting applies…
managerial accounting
a field of accounting that provides economic and financial in…
internal
users of managerial accounting
175 terms
Accounting
Account
Accountant
Account balance
Accounting
a device for recording the changes (increases or decreases) i…
one who is concerned with the design of the system of records…
the difference between the total debits and the total credits…
a language of business employed to communicate financial info…
Account
a device for recording the changes (increases or decreases) i…
Accountant
one who is concerned with the design of the system of records…
Braun & Tietz Managerial Accounting: Chapter 7
Breakeven point
Contribution margin
Contribution margin income statement
Contribution margin per unit
The sales level at which operating income is zero: total reve…
Sales revenue minus variable expenses
An income statement that groups costs by behavior rather than…
The excess of the unit sales price over the variable cost per…
Breakeven point
The sales level at which operating income is zero: total reve…
Contribution margin
Sales revenue minus variable expenses
131 terms
managerial accounting final
A ____ budget is based on a fixed esti…
A _____ variance represents the differ…
The _____ _____ is typically responsib…
The variable overhead rate variance is…
static
volume
production manager
favorable
A ____ budget is based on a fixed esti…
static
A _____ variance represents the differ…
volume
33 terms
Chapter 1 Key Terms (Managerial Accounting)
Management accounting
Cost accounting
Cost management
Company strategy
The process of measuring, analyzing, and reporting financial…
The process of measuring, analyzing, and reporting financial…
The activities managers undertake to use resources in a way t…
Specifies how the organization matches its own capabilities w…
Management accounting
The process of measuring, analyzing, and reporting financial…
Cost accounting
The process of measuring, analyzing, and reporting financial…
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
30 terms
Managerial Accounting Final Exam
Costs are?
Expenses
Profit=
Price
Sacrifices of resources, cash or cash equivalents for goods/s…
Expired Costs, expenses are deducted from revenues on the inc…
Revenue-Expenses
Revenue per unit
Costs are?
Sacrifices of resources, cash or cash equivalents for goods/s…
Expenses
Expired Costs, expenses are deducted from revenues on the inc…
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…
Financial and managerial accounting Chapter 1 Terms
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
The Information system that measures business activities, pro…
Assets=Liabilities+Equity
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
Assets=Liabilities+Equity
90 terms
Managerial Accounting
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…
35 terms
Chapter 1 - Introduction to Managerial Accounting
Budget
Certified Management Accountant (CMA)
Controller
Controlling
Quantitative expression of a plan that helps managers coordin…
A professional certification issued by the IMA to designate e…
The position responsible for general financial accounting, ma…
One of management's primary responsibilities; evaluating the…
Budget
Quantitative expression of a plan that helps managers coordin…
Certified Management Accountant (CMA)
A professional certification issued by the IMA to designate e…
105 terms
Managerial Accounting Exam #1- Pannell
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 directors that is responsible…
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 directors that is responsible…
Managerial accounting chapter 1
Managerial accounting
Planning
Directing
Controlling
provides information that helps managers fulfill their three…
Setting goals and objectives for the company and determining…
Overseeing the company's day-to-day operations
Evaluating the results of business operations against the pla…
Managerial accounting
provides information that helps managers fulfill their three…
Planning
Setting goals and objectives for the company and determining…
Braun & Tietz Managerial Accounting: Chapter 10
Balanced scorecard
Capital turnover
Common fixed expenses
Cost center
A performance evaluation system that integrates financial and…
Sales revenue divided by total assets and shows how much sale…
Fixed expenses that cannot be traced to the segment
A responsibility center in which managers are responsible for…
Balanced scorecard
A performance evaluation system that integrates financial and…
Capital turnover
Sales revenue divided by total assets and shows how much sale…
Managerial Accounting Chapter 1
what is managerial accounting
in terms of managerial accounting, def…
how is planning divided
which plans are more operational
an activity that provides financial and nonfinancial informat…
the process of setting goals and making plans to achieve them
in long, medium and short
medium and short
what is managerial accounting
an activity that provides financial and nonfinancial informat…
in terms of managerial accounting, def…
the process of setting goals and making plans to achieve them
62 terms
Chapter 3: Introduction to Managerial Accounting
planning
budget
controlling
focus of financial accounting
choosing goals and deciding how to achieve them
a financial plan that managers use to coordinate a business's…
implementing plans and evaluating the results of business ope…
preparing financial statements
planning
choosing goals and deciding how to achieve them
budget
a financial plan that managers use to coordinate a business's…
11 terms
The Accounting Equation
Accounting
Accounting System
Accounting Records
Service business
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities
A business that performs an activity for a fee
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
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…
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
Managerial Cost Accounting CH 1
accounting information system
enterprise resource planning
financial accounting information
non financial
capture financial (dollar amount) data resulting from account…
capture quantitative and qualitative data
dollar amount such as asset, liabilities, revenue, etcs
quantitative and qualitative
accounting information system
capture financial (dollar amount) data resulting from account…
enterprise resource planning
capture quantitative and qualitative data
Financial Accounting and Managerial Accounting
Which of the following is the area of…
Which type of accounting has more flex…
When the primary users of the accounti…
Which of the following statements abou…
Managerial accounting
Managerial accounting
Managerial accounting
Businesses use financial accounting to provide information to…
Which of the following is the area of…
Managerial accounting
Which type of accounting has more flex…
Managerial accounting
43 terms
Managerial Accounting -- C. 14
Managerial Accounting
Managerial v Financial Accounting
Functions of Managerial Accounting
Planning
provides economic and financial information for managers and…
MA: Internal User, Internal Reports, Special Purpose for Spec…
1. Planning... 2. Directing... 3. Controlling
Manager looks ahead and establishes objectives. ... Add value to…
Managerial Accounting
provides economic and financial information for managers and…
Managerial v Financial Accounting
MA: Internal User, Internal Reports, Special Purpose for Spec…
54 terms
Managerial Accounting
US companies must follow GAAP or IFRS…
Financial accounting develops reports…
When managers evaluate the​ company's…
are decision makers inside a company.
Financial Accounting
creditors and shareholders
controlling
managers
US companies must follow GAAP or IFRS…
Financial Accounting
Financial accounting develops reports…
creditors and shareholders
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