Acct 3337- Ch. 1

Front 1

cost accounting

Back 1

attempts to satisfy costing objectives for both financial and management accounting

Front 2

management accounting

Back 2

concerned specifically with how cost information and other financial and nonfinancial information should be used for planning, controlling, and decision making

Front 3

cost management

Back 3

produces information for internal users

Front 4

cost accounting

Back 4

a subsystem of cost management that is concerned with determining the cost of products, services, projects, activities, and other objects that may be of interest to managers

Front 5

1. enterprise resource planning
2. PCs
3. electronic commerce

Back 5

3 advances related to information technology

Front 6

theory of constraints

Back 6

a method used to continuously improve manufacturing activities and nonmanufacturing activities

Front 7

1. theory of constraints
2. just-in-time manufacturing
3. computer-integrated manufacturing

Back 7

3 advances in management environment

Front 8

computer-integrated manufacturing

Back 8

the automation of the manufacturing environment

Front 9

target costing

Back 9

encourages managers to assess the overall cost impact of product designs over the product's life cycle and simultaneously provides incentives to make design changes to reduct costs

Front 10

activity-based management

Back 10

identifies the activities produced at each stage of the development process and assesses their costs

Front 11

total quality management

Back 11

a philosophy that requires managers to strive to create an environment that will enable workers to manufacture perfect products

Front 12

1. continual improvement
2. elimination of waste

Back 12

2 foundation principles that govern a state of manufacturing excellence

Front 13

line positions

Back 13

positions that have direct responsibility for the basic objectives of an organization

Front 14

staff positions

Back 14

positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives

Front 15

controller

Back 15

the chief accountant of an organization

Front 16

planning

Back 16

the detailed formulation of future actions to achieve a particular end

Front 17

controlling

Back 17

the process of monitoring a plan's implementation and taking corrective action as needed. usually achieved with the use of feedback

Front 18

decision making

Back 18

the process of choosing among competing alternatives

Front 19

1. competence
2. confidentiality
3. integrity
4. objectivity

Back 19

standards of ethical conduct for management accounting