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35 Cards in this Set

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Mgmt Accounting Information System
provides info needed to satisfy specific mgmt objectives
Mgmt Acct Info System: 3 Objectives
1. Provide info for costing out services, products, and other objects of interest to mgmt.
2. Provide info for planning, controlling, evaluation, and continuous improvement.
3. Provide info for decision making.
Continuous Improvement
Searching for ways to increase the overall efficiency and productivity of activities by reducing waste, increasing quality, and reducing costs.
Strategic Decision Making
Process of choosing among alternative strategies with the goal of selecting one or more that provide a company w/a reasonable assurance of long-term growth and survival.
Employee Empowerment
Authorizing of operational personnel to plan, control, and make decisions w/out explicit authorization from middle- and higher-level mgmt.
Planning
The detailed formulation of action to achieve a particular end; it requires setting objectives and identifying methods to achieve those objectives.
Controlling
The managerial activity of monitoring a plan's implementation and taking corrective action as needed.
Feedback
Information that can be used to evaluate or correct the steps being taken to implement a plan.
Performance Reports
Financial and nonfinancial feedback in the form of formal reports that compare actual data w/planned data or benchmarks.
Decision Making
Process of choosing among alternatives; intertwined with planning and controlling.
Financial Accounting Info System
Primarily concerned w/the producing outputs for external users, using well-specified economic events as inputs and processes that meet certain rules and conventions.
Characteristics of Financial Accounting
1. Externally focused
2. Must follow externally imposed rules
3. Objective financial info
4. Historical orientation
5. Info about the firm as a whole
6. More self-contained
Characteristics of Mgmt Accounting
1. Internally focused
2. No mandatory rules
3. Financial and nonfinancial info; subjective info possible
4. Emphasis on the future
5. Internal evaluation and decisions based on very detailed info
6. Broad, multidisciplinary
Activity-based Mgmt
A systemwide, integrated approach that focuses mgmt's attention on activities w/the objective of improving customer value and the resulting profit.
Customer Value
Difference between what a customer received (customer realization) and what they give up (customer sacrifice).
Total Product
Complete range of tangible and intangible benefits that a customer receives from a purchased product.
Postpurchase Costs
Costs of using, maintaining, and disposing of the product.
Strategic Cost Mgmt
Use of cost data to develop and identify superior strategies that will produce a sustainable competitive advantage.
Internal Value Chain
Set of activities required to design, develop, produce, market, and deliver products and services to customers.
Industrial Value Chain
The linked set of value-creating activities from basic raw materials to the disposal of the final product by end-use customers.
Internal Linkages
Relationships among activities that are performed w/in a firm's portion of the industrial value chain (the internal value chain).
External Linkages
Activity relationships between the firm and the firm's suppliers and customers.
Supply Chain Mgmt
The mgmt of material flows beginning w/suppliers and their upstream suppliers, moving to the transformation of materials into finished goods, and finishing w/the distribution of finished goods to customers and their downstream customers.
Total Quality Mgmt
Philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products.
E-business
Any business transaction or info exchange that is executed using info and communication technology.
Line Positions
Positions that have direct responsibility for the basic objectives of an organization.
Staff Positions
Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives.
Controller
Chief accounting officer; supervises all accounting departments. (staff)
Treasurer
Responsible for the finance function. (staff)
Sarbanes-Oxley Act (SOX)
Established stronger government control and regulation of public companies in the U.S.
Publicly Traded Companies
Companies that issue stock traded on U.S. stock exchanges.
Ethical Behavior
Involves choosing actions that are "right," "proper," and "just."
CMA
Certified Mgmt Accountant
CPA
Certified Public Accountant
CIA
Certified Internal Auditor