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Cost Accounting
Chapter 1
13
Accounting
Undergraduate 3
06/08/2010

Additional Accounting Flashcards

 


 

Cards

Term
Managerial Accounting
Definition
Used to make decisions using some history, focusing mostly on the future. Rules- Rules of Logic. Focus on Internal Reporting, uses financial and non-financial information to make reports to aid managers in decision making. Used for strategy.
Term
Financial Accounting
Definition
External, Measures and records business transactions. Based on GAAP. Managers are responsible for Financial Statements. Executive compensation is often tied to these statements
Term
Cost Accounting
Definition
Provides Information for Man. and Fin. accounting. Measures and Reports financial and nonfinancial info. relating to the cost of acquiring or utilizing resources
Term
Mgmt Accountants Role in Strategy
Definition
Planning
Budget
Control
Term
Strategic Planning
Definition
selecting organization goals
predicting results based for multiple options
deciding how to achieve goals, communicating goals thru organization
Term
Strategic Budget
Definition
Common expression of a plan
Term
Strategic Control
Definition
taking actions to implement planning decisions and deciding how to evaluate performance and give feedback
Term
Behavioral Implications of Performance Evaluation Measures
Definition
Individuals favor measures that make their performance look better.
Individuals will focus on measures tied to evaluation
Term
Competence (standards of ethical conduct)
Definition
I am competent enough to know the rules of the game, what's right and wrong, I follow those rules, and I have no problem with the rules.
Term
Confidentiality (standards of ethical conduct)
Definition
Do not tell other people what you are told not to tell them.
Term
Integrity (standards of ethical conduct)
Definition
Don't be influenced to do things you should not do. Do not have a conflict of interest or appear to have a conflict of interest.
Term
Credibility (standards of ethical conduct)
Definition
Communicate totally, disclose all information completely and accurately, include the bad with the good
Term
Resolution (standards of ethical conduct)
Definition
Follow established procedures of the organization, discuss with your immediate supervisor (or next level if immediate is involved)
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