Term
| Is Managerial Accounting required by GAAP or the IHRS? |
|
Definition
| Neither. It isn't required. |
|
|
Term
|
Definition
| Includes all operating costs such as heat, light, taxes, etc. |
|
|
Term
|
Definition
| selling costs, and administrative costs |
|
|
Term
|
Definition
| cost of getting the good to the customer |
|
|
Term
|
Definition
| anything that isn't a product cost. (adminstrative/selling) |
|
|
Term
|
Definition
| costs of acquiring/making product. Also known as inventoriable costs. |
|
|
Term
|
Definition
| Varies, in total, in direct proportion to changes in the level of activity. |
|
|
Term
|
Definition
| Method used to estimated the fixed and variable components of mixed cost. In this method an account is classified as either variable or fixed based on the analyst's prior knowledge of how the cost account behaves. |
|
|
Term
| Who is financial accounting for? Is it required? |
|
Definition
|
|
Term
| Who is managerial accounting for? Is it required? |
|
Definition
|
|
Term
| Is financial accounting geared more towards accuracy, or timeliness? |
|
Definition
|
|
Term
| Is managerial accounting geared geared more towards accuracy, or timeliness? |
|
Definition
|
|
Term
| True or false: Financial accounting is future oriented, rather than past oriented. |
|
Definition
|
|
Term
| What are the three things that managers do? |
|
Definition
| Planning, controlling, and decision making |
|
|
Term
|
Definition
| Setting goals and objectives |
|
|
Term
| What is the "controlling" function of management? |
|
Definition
| Corrections for deviations from budget |
|
|
Term
| What is the "decision making" function of management? |
|
Definition
| Choosing between two or more alternative |
|
|
Term
| What is a certified management accountant? |
|
Definition
| A management accountant who has the necessary qualifications and who passes a rigorous professional exam earns the right to be known as a Certified Management Accountant (CMA). |
|
|
Term
| Customer value proposition: What is the customer intimacy strategy? |
|
Definition
| Understand and respond to individual customer needs |
|
|
Term
| Customer value proposition: What is the operational excellence strategy? |
|
Definition
| Deliver products and services faster, more conveniently, and at lower prices. |
|
|
Term
| Customer value proposition: What is the product leadership strategy? |
|
Definition
| Offer higher quality products. |
|
|
Term
| What is enterprise risk management? |
|
Definition
| a process used by a company to proactively identify and manage risk. |
|
|
Term
|
Definition
| Also known as (Just in Time production) or "Pull" production. In this type of of manufacturing, production does not start until the order is received. |
|
|
Term
| Traditional Manufacturing |
|
Definition
| "Push" strategy, where a plethora of the product is made, in hopes of selling a lot. |
|
|
Term
| Is shipping variable, mixed, or fixed cost? |
|
Definition
|
|
Term
| Is COGS variable, mixed, or fixed cost? |
|
Definition
|
|
Term
| How do you calculate POHR? |
|
Definition
Estimated Total MOH Cost
_______________________
Estimated total CD |
|
|
Term
| How do you estimate total MOH with only estimated fixed MOH available? |
|
Definition
Y=a + bX
Where Y is estimated total moh
a = estimated total fixed moh
b = estimated variable moh - cost per unit of cost driver
x = the estimated total amount of cost driver/allocation base. |
|
|
