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;
13 Cards in this Set
- Front
- Back
|
What are the 3 pillars of managerial accounting?
|
Planning, Control, and Decision Making |
|
|
What are the characteristics of Managerial Accounting?
|
Used by management (internal users), future / forward focus, segment oriented, and not mandatory. |
|
|
What are the characteristics of Lean Production, or "just in time" |
Efficiency, No Inventory, Units Sold = Units Produced |
|
|
What elements goes in manufacturing or product cost? |
DM+DL+MOH |
|
|
What elements goes in non-manufacturing costs or period costs?
|
Selling, General, and Administrative Costs |
|
|
This varies in total in direct proportion to the level of activity, and remains constant on a per unit basis. |
Variable Costs |
|
|
This remains constant in total regardless of level of activity |
Fixed Costs |
|
|
This is both a variable component & a fixed component |
Mixed Costs |
|
|
This is the potential benefit that is given up when one alternative is selected over another.
|
Opportunity Costs |
|
|
These are costs that have already been incurred and cannot be changed now or in the future. These costs should be ignored when making decisions. |
Sunk Costs |
|
|
How do you calculate Prime Cost? |
DM + DL |
|
|
How do you calculate conversion cost? |
DL + MOH |
|
|
What are the types of inventory? |
Raw materials, WIP, FG, and COGS |
