Term
| 3 standards on handling ethical misconduct |
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Definition
| Discuss issue with immediate superiors then up; initiate discussion with a IMA Ethics counselor; consult attorney to legal obligations and right regarding ethical conflict. |
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Term
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Definition
| planning, controlling, and decision making |
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Term
| 4 areas of ethical responsibility |
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Definition
| maintain high level of professional competence;to treat sensitive matters with confidence;maintain personal integrity; disclose information in a credible fashion. |
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Term
Break Even/Target Profit Analysis
Equation Method |
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Definition
Profit=Unit CM * Q-fixed Ext(units)
Profit=CMR * sales - fixed Exp ($) |
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Term
Break Even/Target Profit Analysis
Formula Method |
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Definition
Unit Sales= Target Profit and Fixed Exp
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unit CM
$ Target Profit + Fixed Exp
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CMR |
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Term
| Contribution format income statement |
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Definition
| income statement for internal purposes that distinguishes between fixed and variable costs. |
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Term
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Definition
| beginning inventory+ purchases- ending inventory |
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Term
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Definition
| can be easily and conveniently traced |
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Term
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Definition
| process designed to provide reasonable assurance that objectives are being achieved reports are reliable |
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Term
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Definition
| where many different products are produced each month |
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Term
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Definition
| Direct materials; Direct Labor; Manufacturing overhead |
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Term
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Definition
| budget sales - break even sales tis how much we are above break even |
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Term
| Measuring Direct Material |
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Definition
| bill of material; production order; materials requisition form. |
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Term
| Process management skills and theories |
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Definition
| Lean production; traditional production; the theory of contraints |
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Term
| Sarbanes-Oxley Act of 2002 |
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Definition
| CEO/CFO certify in writing financial statements are fairly represented; Public Accounting Oversight Board to conduct investigators, discipline,enact standards; power to hire, compensate,and terminate in audit committee of Board of Directors; place restrictions on audit firms. |
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Term
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Definition
| fixed b/c existence of particular business segment that would be eliminated if segment were eliminated |
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Term
| Types of internal controll |
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Definition
| Authorizations of certain transactions; segregation of duties; physical safeguards to protect assets; information systems security |
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Term
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Definition
| all manufacturing cost are part of product cost |
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Term
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Definition
| an account is classified as either variable or fixed based on analysis prior knowledge of how cost in account behaves. |
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Term
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Definition
| direct labor hours, machine hours, etc |
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Term
| applying manufacturing overhead |
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Definition
| predetermined overhead rate * amount of the allocation base incurred by the job |
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Term
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Definition
| a detailed plan for the future that is usually expressed in formal quantitative terms. |
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Term
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Definition
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Term
| change in net operation income |
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Definition
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Term
| characteristics of managerial accounting |
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Definition
| reports insides organization to influence decisions forplanning, controlling, and decision making. Emphasis on decision affecting future, and relevance, and segment reports, timeliness,not mandatory. nor GAAP/IFRS |
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Term
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Definition
| is a cost that is incurred to support a number of cost objects but cannot be traced |
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Term
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Definition
| supports more than one business segment |
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Term
| contribution income statement |
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Definition
sales
-variable expenses
= cogs
-variable selling
-variable admin
=contribution margin
-fixed expenses
=Net operating income |
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Term
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Definition
| amount remaining from sales revenue after variable expenses. Covering fixed costs then results in profit. |
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Term
| contribution margin ratio |
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Definition
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Term
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Definition
| the process of gatering feedback to ensure that a plan is being properly executed or modified as circumstances change. |
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Term
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Definition
| direct labor and manufacutring overhead |
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Term
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Definition
| system by which a company is directed and controlled |
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Term
| corporate social responsibility |
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Definition
| concept whereby organizations consider the needs of all stakeholder when making decisions. |
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Term
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Definition
| refers to how cost reacts to changes in the level of activity. |
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Term
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Definition
| variable, fixed, and mixed |
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Term
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Definition
| difference in cost between 2 alterntives |
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Term
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Definition
| a factor causing overhead |
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Term
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Definition
| anything for which cost data is desired either direct or indirect |
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Term
| customer value proposistions |
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Definition
| 3 broad categories customer intimacy, operational excellence, and product leadership |
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Term
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Definition
| selecting a course of action from competing alternatives |
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Term
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Definition
| a control that detects undesireable events that have alreay occurred |
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Term
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Definition
| A control that detects undesireable events that have already occurred |
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Term
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Definition
| called touch labor and traceable |
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Term
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Definition
| integral part of finished product where costs can be traced |
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Term
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Definition
| difference in cost between 2 alternative; incremental and decremental |
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Term
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Definition
| detailed analysis of what cost behavior should be |
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Term
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Definition
remains constant
committed or discretionary |
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Term
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Definition
| cannot be easily and conveniently traced. |
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Term
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Definition
| not worth tracing go in overhead |
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Term
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Definition
| also same as product costs |
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Term
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Definition
| records all materials, labor, and manufacturing overhead cost charged to that job. |
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Term
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Definition
unit product cost
TMC/job
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units |
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Term
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Definition
| customer order, production,figure out components, order |
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Term
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Definition
| concerned with information with in the organization |
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Term
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Definition
| all cost except direct costs and labor |
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Term
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Definition
| costs incurred to generate a particular revenue should be recognized as expenses in the same period tat the revenue is recognized. |
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Term
| methods to estimate fixed/variable components |
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Definition
| account analysis, engineering approach, high-low method, least squares regression analysis. |
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Term
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Definition
| both variable and fixed cost behavior is strictly linear is a valid assumption |
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Term
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Definition
| divided into 2 categories; selling and adminstrative |
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Term
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Definition
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Term
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Definition
| potential benefit given up when alternative is selected over another |
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Term
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Definition
(PDR * amount of allocated base incurred)
which is on job cost sheet |
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Term
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Definition
| manufacturing overhead is an indirect cost; machine grease to annual salary of production manager; remain relatively constant. |
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Term
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Definition
| a report that compare budgeted data to actual data to highlight instances of excellent and unsatisfactory performance. |
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Term
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Definition
| all selling and administrative cost |
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Term
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Definition
| the process of establishing goals and specifying how to achieve them |
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Term
| predetermined overhead rate |
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Definition
estimated overhead
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estimated allocation base |
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Term
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Definition
| a control that deters undesirable events |
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Term
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Definition
| direct material and direct labor cost |
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Term
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Definition
co produces many units of product indistinguishable units.
TMC Total manufacturing cost
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TU total units |
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Term
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Definition
| all costs involved in making a product |
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Term
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Definition
| used in final product direct or indirect |
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Term
| raw materials used in production formula |
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Definition
| beginning inventory + purchase - ending |
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Term
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Definition
| range of activity within which cost behavior is strictly linear is a valid assumption |
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Term
| scatter graph plot / high-low |
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Definition
| perform before least squares regression analysis 1.) dependent variable 2.) independent variable |
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Term
| schedule of cost of goods sold where schedule of cost of good manufactured |
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Definition
summarizes cost remaining in ending work in progress.
summarizes portions of cost that are in ending finished good inventory |
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Term
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Definition
| activity or part of, were manager wants cost, revenue, or profit data |
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Term
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Definition
| a company's "game plan" for attracting customers by distinguishing itself from competitors. |
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Term
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Definition
| already incurred and cant change |
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Term
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Definition
| find weakest link, set tempo,improve link, repeat |
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Term
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Definition
| measure hour by hour summary of the employee's activities. |
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Term
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Definition
| forecast sales, order components, store inventory, product product, store again,make sale |
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Term
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Definition
| varies, in total, in direct proportion to changes in the level of activity |
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