Cost Accounting

Front 1

This IS assigns cost to individual products and services. Reports inventory values and cost of sales. Must conform to outside rules

Back 1

Cost Accounting IS

Front 2

This IS provides accurate feedback concerning performance. Improves profit by increasing customer value

Back 2

Operational Control IS

Front 3

Method used to continuously improve manufacturing activities and nonmanufacturing activities

Back 3

Theory of Constraints

Front 4

Demand-pull system that strive to produce only when it's needed and only in the quantities demanded by customers

Back 4

Just-in-Time Manufacturing

Front 5

Automation of the manufacturing environment

Back 5

Computer-integrated Manufacturing

Front 6

Management has noticed that a high proportion of costs are during which phase of production?

Back 6

Development and Design phase

Front 7

The requirement of controlling costs encourages the use of what two things?

Back 7

Target Costing and Activity-Based Management

Front 8

What are the two foundation principles that govern a state of manufacturing excellence?

Back 8

Continual Improvement and Elimination of Waste

Front 9

Philosophy where managers strive to create an environment that will enable organizations to manufacture perfect products

Back 9

Total Quality Management

Front 10

This is the crucial element in all phases of the value chain

Back 10

Time

Front 11

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

Back 11

Line Positions

Front 12

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

Back 12

Staff Positions

Front 13

This person is in charge of financial reports, SEC reporting, tax planning and reporting, performance reporting, internal auditing, budgeting, and accounting systems and internal controls

Back 13

Controller

Front 14

This person collects cash, monitors cash payments, monitors cash availability, short-term investments, short and long-term borrowing, and issues capital stock

Back 14

Treasurer

Front 15

Detailed formulation of future actions to achieve a particular end

Back 15

Planning

Front 16

Managerial activity of monitoring a plan's implementation and taking corrective action as needed

Back 16

Controlling

Front 17

Information that can be used to evaluate or correct steps being taken to implement a plan

Back 17

Feedback

Front 18

Required in a dynamic environment if a firm is to remain competitive or to establish a competitive advantage

Back 18

Continuous Improvement

Front 19

Process of choosing among competing alternatives

Back 19

Decision Making

Front 20

Sacrifices made to obtain goods or services. As long as the remain unexpired, they remain on the B/S

Back 20

Costs

Front 21

Expired costs which are deducted from revenues on the I/S

Back 21

Expenses

Front 22

Anything for which costs can be measured and assigned

Back 22

Cost Objects

Front 23

Means costs can be assigned easily and accurately, using a causal relationship

Back 23

Traceability

Front 24

This type of tracing relies on physical observance of causal relationships to assign costs to cost objects

Back 24

Direct Tracing

Front 25

This type of tracing relies on drivers as causal factors to assign costs to cost objects

Back 25

Driver Tracing

Front 26

What are the three characteristics that set services apart from tangible products?

Back 26

Intangibility, Perishability, and Inseparability

Front 27

Prime costs consist of...

Back 27

Direct materials and direct labor

Front 28

Conversion costs consist of...

Back 28

Direct labor and manufacturing overhead

Front 29

The income statement is referred to as what type of costing?

Back 29

Absorption or Full-Costing