Managerial Account -Chapter 1

Front 1

All executive, organizational, and clerical cost associated with the general management of an organization rather than with manufacturing, marketing, or selling

Back 1

Adminstrative Cost

Front 2

A detailed plan for the future, usually expressed in formal quantitative terms

Back 2

Budget

Front 3

A cost that is incurred to support a number of cost objects but cannot be traced to them individually.

Back 3

Common Cost

Front 4

The process of instituting proecedures an dthen obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals.

Back 4

Control

Front 5

Ensuring that the plan is actually carried out and is appropriately modified as circumstances change.

Back 5

Controlling

Front 6

Direct labor cost plus manufacturing overhead cost.

Back 6

Conversion Cost

Front 7

The way in which a cost reacts or responds to chnages int he level of activity.

Back 7

Cost Behavior

Front 8

Anything for which cost data are desired.

Back 8

Cost Object

Front 9

The manufacturing costs associated with the good that were finished during the period.

Back 9

Cost of goods manufactured.

Front 10

A difference in ocst between any two alternatives.

Back 10

Differentail Cost

Front 11

Those factory labor costs that can be easily traced to individual units of production.

Back 11

Direct Materials

Front 12

Mobilizing people to carry out plans and run routine operations.

Back 12

Direct and Motivating

Front 13

Accounting and other reports that helpmanagers monitor performance and focus on problems and/or opportunities that might otherwise go unnoticed.

Back 13

Feedback

Front 14

The phase of accounting concerned with providing information to stockholders, creditors, and other outside the organization.

Back 14

Financial Accounting

Front 15

Units of product that have been completed but have not yet been sold to coustomers.

Back 15

Finished Goods

Front 16

A cost tha tremains constant, in total, regaredless of changes in the level of activity withing the relevant range.

Back 16

Fixed Cost

Front 17

An increses in cost between two alternatives.

Back 17

Incremental Cost

Front 18

A cost that cannot be easily and conveniently traced to a specifice cost object

Back 18

Indirect Cost

Front 19

The labor cost of janitors, supervisors, materials handlers, and other factory workds that cannot be conveniently traced directly to particular products.

Back 19

Indirect Labor

Front 20

Small items of material such as glue and nails.

Back 20

Indirect Materials

Front 21

The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making

Back 21

Managerial Accounting

Front 22

All costs associated with manufacturing except direct material and direct labor.

Back 22

Manuracturing Overhead

Front 23

All costs necessary to secure customer execept direct material and direct labor.

Back 23

Marketing or Selling Costs

Front 24

The potential benefit that is given up when one alternative is selected over another.

Back 24

Opportunity Cost

Front 25

A detailed report comparing budgeted data to actual data.

Back 25

Performance Report

Front 26

Costs that are taken directly to the income staement as ecpenses in the period in which they are incurred or accured.

Back 26

Period Costs.

Front 27

Selecting a course of action and specifying how the action will be implemented.

Back 27

Planning

Front 28

The flow of management activities through planning, directing and motivating, and controlling, an then back to planning again.

Back 28

Planning and Control Cycle

Front 29

Direct materials cost plus direct labor cost.

Back 29

Prime Cost

Front 30

All costs that are involded int e purchase or manufacture of goods. In the case of manufactured goods, thes costs consist of direct materials, direct labor, and manufacturing overhead.

Back 30

Product Costs

Front 31

Materials that are used to make a product.

Back 31

Raw Materials

Front 32

The range of activity within which assumption about variable and fixed cost behavior are valid.

Back 32

Revelant Range

Front 33

a schedule showing the direc material, direct labor,and manufacturing overhead costs incurred for a period and assigned to Work in Process and completed goods.

Back 33

Schedule of Cost of Goods Manufactured

Front 34

Any part of an organizations that can be evaluated independently of other parts and about which the manager seeks financial data.

Back 34

Segment

Front 35

Any cost that has already been incurred and that cannot be changed by any decision make now or in the future.

Back 35

Sunk Cost

Front 36

A cost that varies, in total, in direct proportion to changes in the level of activity.

Back 36

Variable Cost

Front 37

Units of product that are only partially complete and will require further work before they are ready for sale to a customer.

Back 37

Work In Process