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35 Cards in this Set
- Front
- Back
Mgmt Accounting Information System
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provides info needed to satisfy specific mgmt objectives
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Mgmt Acct Info System: 3 Objectives
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1. Provide info for costing out services, products, and other objects of interest to mgmt.
2. Provide info for planning, controlling, evaluation, and continuous improvement. 3. Provide info for decision making. |
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Continuous Improvement
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Searching for ways to increase the overall efficiency and productivity of activities by reducing waste, increasing quality, and reducing costs.
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Strategic Decision Making
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Process of choosing among alternative strategies with the goal of selecting one or more that provide a company w/a reasonable assurance of long-term growth and survival.
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Employee Empowerment
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Authorizing of operational personnel to plan, control, and make decisions w/out explicit authorization from middle- and higher-level mgmt.
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Planning
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The detailed formulation of action to achieve a particular end; it requires setting objectives and identifying methods to achieve those objectives.
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Controlling
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The managerial activity of monitoring a plan's implementation and taking corrective action as needed.
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Feedback
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Information that can be used to evaluate or correct the steps being taken to implement a plan.
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Performance Reports
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Financial and nonfinancial feedback in the form of formal reports that compare actual data w/planned data or benchmarks.
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Decision Making
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Process of choosing among alternatives; intertwined with planning and controlling.
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Financial Accounting Info System
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Primarily concerned w/the producing outputs for external users, using well-specified economic events as inputs and processes that meet certain rules and conventions.
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Characteristics of Financial Accounting
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1. Externally focused
2. Must follow externally imposed rules 3. Objective financial info 4. Historical orientation 5. Info about the firm as a whole 6. More self-contained |
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Characteristics of Mgmt Accounting
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1. Internally focused
2. No mandatory rules 3. Financial and nonfinancial info; subjective info possible 4. Emphasis on the future 5. Internal evaluation and decisions based on very detailed info 6. Broad, multidisciplinary |
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Activity-based Mgmt
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A systemwide, integrated approach that focuses mgmt's attention on activities w/the objective of improving customer value and the resulting profit.
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Customer Value
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Difference between what a customer received (customer realization) and what they give up (customer sacrifice).
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Total Product
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Complete range of tangible and intangible benefits that a customer receives from a purchased product.
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Postpurchase Costs
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Costs of using, maintaining, and disposing of the product.
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Strategic Cost Mgmt
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Use of cost data to develop and identify superior strategies that will produce a sustainable competitive advantage.
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Internal Value Chain
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Set of activities required to design, develop, produce, market, and deliver products and services to customers.
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Industrial Value Chain
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The linked set of value-creating activities from basic raw materials to the disposal of the final product by end-use customers.
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Internal Linkages
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Relationships among activities that are performed w/in a firm's portion of the industrial value chain (the internal value chain).
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External Linkages
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Activity relationships between the firm and the firm's suppliers and customers.
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Supply Chain Mgmt
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The mgmt of material flows beginning w/suppliers and their upstream suppliers, moving to the transformation of materials into finished goods, and finishing w/the distribution of finished goods to customers and their downstream customers.
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Total Quality Mgmt
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Philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products.
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E-business
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Any business transaction or info exchange that is executed using info and communication technology.
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Line Positions
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Positions that have direct responsibility for the basic objectives of an organization.
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Staff Positions
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Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives.
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Controller
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Chief accounting officer; supervises all accounting departments. (staff)
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Treasurer
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Responsible for the finance function. (staff)
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Sarbanes-Oxley Act (SOX)
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Established stronger government control and regulation of public companies in the U.S.
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Publicly Traded Companies
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Companies that issue stock traded on U.S. stock exchanges.
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Ethical Behavior
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Involves choosing actions that are "right," "proper," and "just."
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CMA
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Certified Mgmt Accountant
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CPA
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Certified Public Accountant
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CIA
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Certified Internal Auditor
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