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33 Cards in this Set
- Front
- Back
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IMA Code of Standards |
1. Competence 2. Confidentiality 3. Integrity 4. Credibility |
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1. Competence |
professional expertise, accordance w/ laws and regulations, recommendation are clear, accurate, concise, and timely, Recognize professional limits |
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2. Confidentiality |
monitor subordinates to ensure compliance, don't use confident information for unethical or illegal advantage |
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3. Integrity |
Mitigate actual conflict of interest, aviod engagements that prejudice carrying out duties ethically, abstain engagement that might discredit the profession |
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4. Credibility |
info fairly & objt, Disclose all relevant that could influence an intended user's understanding, Disclose delays or deficiencies |
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CASB |
Cost Accounting Standards Board- uniformity in regulations est. 1970 |
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Federal Accounting Standards Advisory Board |
Established 1990 published reports and docs on cost accounting used in business |
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Differentiation |
Is a competitive strategy in which a firm succeeds by developing and maintaining a unique value for the product or service. Example Rolex, Harley Davidson,BMW |
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Cost Leadership |
competitive strategy in which firms outperforms competitors in producing products and services at the LOWEST cost. Walmart, Target, Dollar General |
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Sustainability |
short and long term goals in all three dimensions- social, environmental, and financial |
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Enterprise Risk Management |
Framework and process that is use to manage risk that could negatively or positively effect the company. |
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Total Quality Management |
Policies and practices to ensure the firm's products and services exceed customer's expectations |
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Business Process Improvement |
Management method by which mangers and workers commit to program of continuous improvement in quality and other critical success factors |
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Life-cycle Costing |
method of ID and monitoring costs of products 1. Research and development 2. Product design 3. Manufacturing, inspecting, packaging, and warehousing. 4. Marketing, promotion, distribution 5. sales and services |
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Balanced Score Card (BSC) |
accounting report that includes the firm's critical success factors in 4 areas 1. financial performance 2. customer satisfaction 3. internal processes 4. learning and growth |
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1. Financial Performance |
profitability and market value, how well it satisfies its owners and shareholders |
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2. Customer Satisfaction |
quality of services, low cost, and others indicators on how well they are performing for customers |
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3. Internal Processes |
Measures of the efficiency and effectiveness with which the firms produces the products and services |
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4. Learning and Growth |
Measures of the firm's ability to develop and utilize human resources to meet its strategic goals |
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Strategy Map |
Method based on the balanced scored card, that links the various perspectives in a cause-and-effect diagram |
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Value Chain |
Analysis tool firms use to ID the specific steps required to provide a product or service to the customer. Complete Beg to End |
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Manufacturing Process(Prior 60's) |
High Volume, long production runs, significant levels of in-process and finished inventory; this is called "PUSH" approach |
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Manufacturing Process(Almost today) |
Low Volume, short production runs, focus on reducing inventory levels and other non-value added activities and cost; "Pull" approach |
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Markets (60's) |
Largely domestic |
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Markets (today) |
Global |
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Speed-to-market |
Ability to deliver the product or service faster than the competition |
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Lean Manufacturing |
Reduce the cost and waste of maintaining large leves of Raw Materials and unfinished product |
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4 functions of Cost Management |
1. Strategic Management 2. Planning and Decision Making 3. Management and Operational Control 4. Preparation of Financial Statements
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1. Strategic Management |
sound strategic decisions regarding products, manufacturing methods,marketing techniques |
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2. Planning and Decision Making |
Support recurring info regarding replacing equipment, managing cash flow, budgeting Raw materials purchases, scheduling production |
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3. Management and Operational Control |
fair and effective base for ID operations and to reward and motivate the most effect managers |
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4. Preparations of Financial Statements |
Accurate accounting info, in compliance with regulations |
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Activity-based costing (ABC) |
is used to improve the accuracy of cost analysis by improving the tracing of cost to products or to individual customers |
