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32 Cards in this Set
- Front
- Back
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ENSURING THAT THE PLAN IS ACTUALLY CARRIED OUT AND IS APPROPRIATELY MODIFIED AS CIRCUMSTANCES CHANGE...
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CONTROLLING
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MOBILIZING PEOPLE TO CARRY OUT PLANS AND RUN ROUTINE OPERATIONS...
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DIRECTING AND MOTIVATING
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THE PHASE OF ACCOUNTING CONCERNED WITH PROVIDING INFORMATION TO STOCKHOLDERS, CREDITORS, AND OTHERS OUTSIDE THE ORGANIZATION...
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FINANCIAL ACCOUNTING
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A PRODUCTION AND INVENTORY CONTROL SYSTEM IN WHICH MATERIALS ARE PURCHASED AND UNITS ARE PRODUCED ONLY AS NEEDED TO MEET ACTUAL CUSTOMER DEMAND...
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JUST-IN-TIME (JIT)
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A POSITION IN AN ORGANIZATION THAT IS DIRECTLY RELATED TO THE ACHIEVEMENT OF THE ORGANIZATION'S BASIC OBJECTIVES...
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LINE
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THE PHASE OF ACCOUNTING CONCERNED WITH PROVIDING INFORMATION TO MANAGERS FOR USE INSIDE THE ORGANIZATION...
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MANAGERIAL ACCOUNTING
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A DIAGRAM OF A COMPANY'S ORGANIZATIONAL STRUCTURE THAT DEPICTS FORMAL LINES OF REPORTING, COMMUNICATION, AND RESPONSIBILITY BETWEEN MANAGERS...
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ORGANIZATION CHART
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SELECTING A COURSE OF ACTION AND SPECIFYING HOW THE ACTION WILL BE IMPLEMENTED...
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PLANNING
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LEGISLATION ENACTED TO PROTECT THE INTERESTS OF STOCKHOLDERS WHO INVEST IN PUBLICLY TRADED COMPANIES BY IMPROVING THE RELIABILITY AND ACCURACY OF THE DISCLOSURES PROVIDED TO THEM...
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SARBANES-OXLEY ACT OF 2002
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A POSITION IN AN ORGANIZATION THAT IS ONLY INDIRECTLY RELATED TO THE ACHIEVEMENT OF THE ORGANIZATION'S BASIC OBJECTIVES...
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STAFF
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A "GAME PLAN" THAT ENABLES A COMPANY TO ATTRACT CUSTOMERS BY DISTINGUISHING ITSELF FROM COMPETITORS...
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STRATEGY
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A MANAGEMENT APPROACH THAT EMPHASIZES THE IMPORTANCE OF MANAGING CONSTRAINTS...
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THEORY OF CONSTRAINTS (TOC)
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DIRECT LABOR COST PLUS MANUFACTURING OVERHEAD COST...
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CONVERSION COST
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A DIFFERENCE IN COST BETWEEN TWO ALTERNATIVES...
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DIFFERENTIAL COST
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THE DIFFERENCE IN REVENUE BETWEEN TWO ALTERNATIVES...
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DIFFERENTIAL REVENUE
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A COST THAT CAN BE EASILY AND CONVENIENTLY TRACED TO A SPECIFIED COST OBJECT...
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DIRECT COST
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FACTORY LABOR COSTS THAT CAN BE EASILY TRACED TO INDIVIDUAL UNITS OF PRODUCT...
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DIRECT LABOR
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MATERIALS THAT BECOME AN INTEGRAL PART OF A FINISHED PRODUCT AND WHOSE COSTS CAN BE CONVENIENTLY TRACED TO IT...
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DIRECT MATERIALS
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A COST THAT REMAINS CONSTANT, IN TOTAL, REGARDLESS OF CHANGES IN THE LEVEL OF ACTIVITY WITHIN THE RELEVANT RANGE...
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FIXED COST
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A COST THAT CANNOT BE EASILY AND CONVENIENTLY TRACED TO A SPECIFIED COST OBJECT...
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INDIRECT COST
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ALL MANUFACTURING COSTS EXCEPT DIRECT MATERIALS AND DIRECT LABOR...
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MANUFACTURING OVERHEAD
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THE POTENTIAL BENEFIT THAT IS GIVEN UP WHEN ONE ALTERNATIVE IS SELECTED OVER ANOTHER...
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OPPORTUNITY COST
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COSTS THAT ARE TAKEN DIRECTLY TO THE INCOME STATEMENT AS EXPENSES IN THE PERIOD IN WHICH THEY ARE INCURRED OR ACCRUED...
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PERIOD COSTS
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DIRECT MATERIALS COST PLUS DIRECT LABOR COST...
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PRIME COST
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ALL COSTS THAT ARE INVOLVED IN ACQUIRING OR MAKING A PRODUCT. IN THE CASE OF MANUFACTURED GOODS, THESE COSTS CONSIST OF DIRECT MATERIALS, DIRECT LABOR, AND MANUFACTURING OVERHEAD...
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PRODUCT COSTS
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A SCHEDULE SHOWING THE DIRECT MATERIALS, DIRECT LABOR, AND MANUFACTURING OVERHEAD COSTS INCURRED DURING A PERIOD AND THE PORTION OF THOSE COSTS THAT ARE ASSIGNED TO WORK IN PROCESS AND FINISHED GOODS...
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SCHEDULE OF COST OF GOODS MANUFACTURED
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A COST THAT HAS ALREADY BEEN INCURRED AND THAT CANNOT BE CHANGED BY ANY DECISION MADE NOW OR IN THE FUTURE...
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SUNK COST
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A COST THAT VARIES, IN TOTAL, IN DIRECT PROPORTION TO CHANGES IN THE LEVEL OF ACTIVITY; CONSTANT PER UNIT...
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VARIABLE COST
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A COSTING SYSTEM USED IN SITUATIONS WHERE MANY DIFFERENT PRODUCTS, JOBS, OR SERVICES ARE PRODUCED EACH PERIOD...
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JOB-ORDER COSTING SYSTEM
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A CREDIT BALANCE IN THE MANUFACTURING OVERHEAD ACCOUNT THAT OCCURS WHEN THE AMOUNT OF OVERHEAD COST APPLIED TO WORK IN PROCESS EXCEEDS THE AMOUNT OF OVERHEAD COST ACTUALLY INCURRED DURING A PERIOD...
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OVER-APPLIED OVERHEAD
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A COSTING SYSTEM USED IN SITUATIONS WHERE A SINGLE, HOMOGENEOUS PRODUCT (SUCH AS CEMENT OR FLOUR) IS PRODUCED FOR LONG PERIODS OF TIME...
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PROCESS COSTING SYSTEM
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A DEBIT BALANCE IN THE MANUFACTURING OVERHEAD ACCOUNT THAT OCCURS WHEN THE AMOUNT OF OVERHEAD COST ACTUALLY INCURRED EXCEEDS THE AMOUNT OF OVERHEAD COST APPLIED TO WORK IN PROCESS DURING A PERIOD...
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UNDER-APPLIED OVERHEAD
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