Accounting Exam 3

Front 1

Managerial Accounting

Back 1

provides information to managers and other internal decision makers.

Front 2

Planning

Back 2

Setting goals and making plans to achieve them.

Front 3

Control

Back 3

Monitoring planning decisions and evaluating an organization's activities and employees.

Front 4

Lean Business Model

Back 4

Eliminate waste.

Front 5

Total Quality Management

Back 5

Focuses on quality management.

Front 6

Just-in-time Manufacturing

Back 6

Acquires inventory and produces only when needed.

Front 7

Direct Cost

Back 7

Costs traceable to a single cost object.

Front 8

Indirect Cost

Back 8

Cannot be traced to a single cost object.

Front 9

Period Costs

Back 9

Expenditures identified more with a time period than with finished products.

Front 10

Factory Overhead

Back 10

All manufacturing costs that are not direct materials or direct labor.

Front 11

Prime Costs

Back 11

Directly associated with the manufacture of finished goods.

Front 12

Conversion Costs

Back 12

Expenditures incurred in the process of converting raw materials to finished goods.

Front 13

Manufacturing Statement

Back 13

Summarizes the types and amounts of costs incurred in a company's manufacturing costs.

Front 14

Cost Accounting System

Back 14

Perpetual inventory system - Continuously updates records for costs of materials, goods in process, and finished goods.

Front 15

General Accounting System

Back 15

Periodic inventory system

Front 16

Job Order Production

Back 16

Special-order, custom jewelry, wedding invitations...

Front 17

Job Order Cost Accounting System

Back 17

Determine the cost of producing each job or job lot.

Front 18

Job Cost Sheet

Back 18

Separate record maintained for each job.

Front 19

Materials Ledger Cards

Back 19

Perpetual records that are updated each time units are purchased and each time units are issued for use in production.

Front 20

Cost-Volume-Profit Analysis

Back 20

Predict how changes in costs and sales levels affect income.

Front 21

Mixed Cost

Back 21

Includes both fixed and variable cost components. (sales representatives often includes a fixed monthly salary + sales commissions)

Front 22

Continuous Budgeting

Back 22

Prepare rolling budgets as each month or pay period goes by.

Front 23

Sales Budget

Back 23

Shows the planned sales units and the expected dollars from these sales.

Front 24

General and Administrative Expense Budget

Back 24

Plans the predicted operating expenses not included in the selling expenses budget.

Front 25

Capital Expenditures Budget

Back 25

Lists dollar amounts to be both received from plant asset disposals and spent to purchase additional plant assets to carry out the budgeted business activities.

Front 26

Cash Budget

Back 26

Shows expected cash inflows and outflows during the budget period.

Front 27

Budgeted Income Statement

Back 27

Shows predicted amounts of sales and expenses for the budget period.

Front 28

Budgeted Balance Sheet

Back 28

Shows predicted amounts for the company's assets, liabilities, and equity as of the end of the budget period.

Front 29

Mixed Cost

Back 29

Includes both fixed and variable cost components. (sales representatives often includes a fixed monthly salary + sales commissions)

Front 30

Continuous Budgeting

Back 30

Prepare rolling budgets as each month or pay period goes by.

Front 31

Sales Budget

Back 31

Shows the planned sales units and the expected dollars from these sales.

Front 32

General and Administrative Expense Budget

Back 32

Plans the predicted operating expenses not included in the selling expenses budget.

Front 33

Capital Expenditures Budget

Back 33

Lists dollar amounts to be both received from plant asset disposals and spent to purchase additional plant assets to carry out the budgeted business activities.

Front 34

Cash Budget

Back 34

Shows expected cash inflows and outflows during the budget period.

Front 35

Budgeted Income Statement

Back 35

Shows predicted amounts of sales and expenses for the budget period.

Front 36

Budgeted Balance Sheet

Back 36

Shows predicted amounts for the company's assets, liabilities, and equity as of the end of the budget period.

Front 37

Relevant Benefits

Back 37

Additional revenue generated by selecting one course of action over another.

Front 38

Capital Budgeting

Back 38

Process of analyzing alternative long-term investments and deciding which assets to acquire or sell.