Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
16 Cards in this Set
- Front
- Back
|
Managerial Accounting
|
Activity that provides financial and non financial information to an organization's managers and other internal decision makers.
|
|
|
Customer Orientation
|
Employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.
|
|
|
Internal Control System
|
Monitor and control business activities. Protect assets, promote efficient operations
|
|
|
Total Quality Management
|
Focuses on quality improvement and applies this standard to all aspects of business activities.
|
|
|
Fixed Cost
|
Does not change with changes in volumeof activity
|
|
|
Variable Costs
|
Changes in proportion to changes in the volume of activity
|
|
|
Sunk Cost
|
Already been incurred and cannot be avoided or changed
|
|
|
Out of Pocket Cost
|
Requires a future outlay of cash and is relevant for decision making
|
|
|
Opportunity Cost
|
The potential benefit lost by choosing a specific action from two or more alternatives
|
|
|
Product Costs
|
Costs capitalized as inventory
|
|
|
Period Costs
|
Costs expensed... identified with a time period than finished products
|
|
|
Raw materials Inventory
|
The goods a company acquires to use in making products
|
|
|
Indirect Materials
|
Not clearly identified with specific product units or batches
|
|
|
Finished Goods Inventory
|
Consists of completed products ready for sale
|
|
|
Goods in Process Inventory
|
Consists of products in the process of being completed
|
|
|
EUP
|
Refers to the number of units that could haven been started and completed given the cost and to assign costs to finished goods and goods in process inventory
|
