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17 Cards in this Set
- Front
- Back
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Budgets
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financial plans prepared by managerial accountants
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Performance reports for control |
used to evaluate the performance of managers and the operations they control
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Managerial accounting
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stresses accounting concepts and procedures that are relevant to preparing reports for internal users of accounting information
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Nonmonetary information
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quantity of material consumed in production, # of hours worked; # of product defects
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Fixed costs
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costs that remain constant when there are changes in the level of business activity
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Opportunity costs |
when one decision alternative is selected over another
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Direct cost
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costs that are directly traceable to a product, activity or departments |
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Indirect costs
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costs that either can't be directly traced to a product, activity, department or are not worth tracing
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Controllable costs
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a cost that a manager can influence by the decision he or she makes
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Noncontrollable costs |
costs that a specific manager cannot influence
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Manufacturing costs |
all costs associated with the production of goods
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Manufacturing overhead
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cost of all manufacturing activities other than direct material and direct labor
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nonmanufacturing costs
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all costs that aren't associated with the production of goods
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Selling costs |
costs associated with securing and filling customer orders
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General and administrative costs
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costs associated with the firms general management (includes salaries of company president and accounting personnel and depreciation of builiding, etc.)
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Equivalent units
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when partially completed units are converted to a comparable number od completed units
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Cost per equivalent unit
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the average unit cost in a process costing system
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