Acc 202 - Exam 1

Front 1

Belief System

Back 1

are descriptive and identify broad goals for organization behavior, such as honesty, fairness, and equal treatment.

Front 2

Boundary Systems

Back 2

are prescriptive and define behavior that is unacceptable and has direct consequences.

Front 3

Chief Financial Officers (CFO) Act

Back 3

requires each major federal agency to have a chief financial officer who is responsible for "the development and reporting of cost information" and the "systematic measurement of performance"

Front 4

Controlling

Back 4

activities focus on measuring and evaluating the performance of existing organization systems and entities to identify how each is contributing to achieving the organizations objectives.

Front 5

Financial Accounting

Back 5

reports, in contrast, communicate standard format economic information to individuals and organizations that are external to the company, such as shareholders, creditors, regulators, and government tax authorities.

Front 6

Belief System

Back 6

are descriptive and identify broad goals for organization behavior, such as honesty, fairness, and equal treatment.

Front 7

Boundary Systems

Back 7

are prescriptive and define behavior that is unacceptable and has direct consequences.

Front 8

Chief Financial Officers (CFO) Act

Back 8

requires each major federal agency to have a chief financial officer who is responsible for "the development and reporting of cost information" and the "systematic measurement of performance"

Front 9

Controlling

Back 9

activities focus on measuring and evaluating the performance of existing organization systems and entities to identify how each is contributing to achieving the organizations objectives.

Front 10

Financial Accounting

Back 10

reports, in contrast, communicate standard format economic information to individuals and organizations that are external to the company, such as shareholders, creditors, regulators, and government tax authorities.

Front 11

Government Performance and Results Act (GPRA)

Back 11

requries that each US federal agency: establish top-level agency goals, objectives, and annual program goals, define how it intends to achived these goals and demonstrate how it will measure agency and program performance in achieving these goals.

Front 12

Management accounting systems

Back 12

provide information, both financial and non-financial, to managers and employees inside an organization.

Front 13

Nonfinancial Information

Back 13

the perfomance characteristics of the systems they are monitoring and managing.

Front 14

Organizing

Back 14

focus on developing the organization systems that will develop, produce, and the deliver the organization's prodcuts and the required infrastructure to supoort the primary production systems.

Front 15

Planning

Back 15

activities such as product planning, production planning, and strategy development. What will I do?

Front 16

Value Propoistion

Back 16

what the organization tries to devliver to customers

Front 17

Batch-related activities

Back 17

activites triggered by the number of batches produced rather than y the number of units manufactured

Front 18

Breakeven Equation

Back 18

Breakeven unit sales = Fixed Costs/Contribution Margin per Unit

Front 19

Business-sustatining activites

Back 19

Activities required for the basic functioning of the business. These core activities are independent of the size of the organization or the volume and mix of products and customers.

Front 20

Capacity-related resources

Back 20

Resources that are acquired and paid for in advance of when the work is done. Capacity-related resources provide the oranization with the capacity to make or deliver goods or services.

Front 21

Channel-sustaining activities

Back 21

Activities that are required to maintain and sustain product distrubiton channels

Front 22

Contribution margin

Back 22

sales - variable cost

Front 23

Cost

Back 23

The monetary value of goods and services expended to obtain current or future benefits

Front 24

Cost Object

Back 24

Something for which a cost is computed. Examples of cost objects are a product, a product line, a department, a division, or a geographical plan.

Front 25

Cost-volume profit (CVP) analysis

Back 25

A study of how costs and profits vary with changes in volume.

Front 26

customer accounting

Back 26

Compare the revenues and costs of dealing with a particular customer or class of customers to determine whether the customer is profitable and, if the customer is unprofitable, to provide insights into both why and how to improve the customer's profitability.

Front 27

Direct Costs

Back 27

A costs of a resource or activity that is acquired for or used by a single cost object. An example is the cost of leather used to make a leather coat.

Front 28

Fixed Costs

Back 28

The cost that is associated with capacity-related resources. The amount of fixed costs is related to the planned rather than the actual level of activities.

Front 29

Flexible Resources

Back 29

Resources whose use is propotional to the amount of the resources used. An example of a flexible resource is fuel in a steel mill.

Front 30

Generaly accepted accounting principles (GAAP)

Back 30

GAAP prescribe how to determine costs for external reporting and the scope and form of external reporting.

Front 31

Indirect Costs

Back 31

The cost of a resource that organizations acquire to be used by more than one cost object. An example is the wage paid to a supervisor in a factory that makes different products when the cost object is a product.

Front 32

Long run

Back 32

The period over which capacity can be adjusted.

Front 33

Manufacturing costs

Back 33

The cost of flexible and capacity related resources used in the factory to make a product.

Front 34

Opportunity Costs

Back 34

The value sacrificed when the factor of production is used for a specific purpose.

Front 35

Product Costs

Back 35

Manufacturing costs incurred to produce the volume and mix of products made during the period.

Front 36

Product-sustaining activities

Back 36

Activities that provide the infrastructure that enable the production, distribtion, and sale of the product but are not involved directly in the production of the product.

Front 37

Short run

Back 37

The period over which a decision maker cannot adjust capacity.

Front 38

Unit-related Activities

Back 38

Activities whose volume or level is proportional to the number of units produced or to other measures, such as direct labor hours and machine hours that are themselves proportional to the amount of work done.

Front 39

Variable Costs

Back 39

The costs of flexible resources.