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17 Cards in this Set

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Budgets

financial plans prepared by managerial accountants

Performance reports for control

used to evaluate the performance of managers and the operations they control

Managerial accounting

stresses accounting concepts and procedures that are relevant to preparing reports for internal users of accounting information

Nonmonetary information

quantity of material consumed in production, # of hours worked; # of product defects

Fixed costs

costs that remain constant when there are changes in the level of business activity

Opportunity costs

when one decision alternative is selected over another

Direct cost

costs that are directly traceable to a product, activity or departments

Indirect costs

costs that either can't be directly traced to a product, activity, department or are not worth tracing

Controllable costs

a cost that a manager can influence by the decision he or she makes

Noncontrollable costs

costs that a specific manager cannot influence

Manufacturing costs

all costs associated with the production of goods

Manufacturing overhead

cost of all manufacturing activities other than direct material and direct labor

nonmanufacturing costs

all costs that aren't associated with the production of goods

Selling costs

costs associated with securing and filling customer orders

General and administrative costs

costs associated with the firms general management (includes salaries of company president and accounting personnel and depreciation of builiding, etc.)

Equivalent units

when partially completed units are converted to a comparable number od completed units

Cost per equivalent unit

the average unit cost in a process costing system