Ch. 1
The type of reporting that managerial accounting focuses on.
What is Internal Reporting?
The 3 Common types of companies. (Based on what activities they perform)
What are service, merchandising and manufacturing companies?
The measure we use to allocate manufacturing overhead.
What is Allocation Base?
The Journal Entry for use of direct materials.
What is Debit WIP, Credit Raw Materials?
The costing system that results in the least cost distortion.
What is Activity-Based Costing?
The congressional act that enacted sweeping changes in internal control and financial reporting for public companies in 2002.
What is the Sarbanes-Oxley Act of 2002 (SOX)?
The 3 inventory accounts that manufacturing companies have.
What are Raw Materials, Work-In-Process, and Finished Goods Inventory?
The two types of manufacturing costing.
What is Process Costing and Job Costing?
The journal entry for usage of indirect labor.
What is Debit Manufacturing Overhead, Credit Wages Payable?
The cost of quality that is related to customer support for defective products.
What are External Failure Costs?
The 3 levels of corporate governance, from the owners to upper management.
What are the Shareholders, Board of Directors, and Corporate Officers/C-Suite.
This/These activities on the value chain will have their costs added to the inventory account.
What is Production?
The formula for Allocating Manufacturing Overhead.
What is Pre-Determined Manufacturing Overhead Rate X Actual Allocation Base?
The journal entry for depreciation of plant equipment.
What is Debit Manufacturing Overhead, Credit Accumulated Depreciation - Equipment?
The cost of quality that is related to discovery of defects.
What are Appraisal Costs?
The certification for management accounts.
What is the CMA (Certified Management Accountant)?
The formula for Cost of Goods Sold for a Merchandising Company. (Purchases rather than completed inventory)
What is Beginning Inventory + Purchases - Ending Inventory?
The formula for the Pre-Determined Overhead Rate.
What is Estimated Manufacturing Overhead / Estimated Allocation Base.
The journal entry for allocation of Manufacturing Overhead.
The four levels of activity costs.
What is Unit-level, Batch-level, Product-level, and Facility-level?
The ethical standard that relates to communicating information fairly and objectively, whilst providing all relevant information.
What is Credibility?
The 6 Activities of the value chain in order.
What is Research and Development, Design, Production, Marketing, Distribution and Customer Service?
The forms used to trace direct labor and direct materials.
What is Labor Time Records and Materials Requisition or Raw Materials Record?
The journal entry for adjusting under-allocated MOH.
What is Debit Cost of Goods Sold, Credit Manufacturing Overhead?
An inventory management philosophy that focuses on minimizing wait time between purchase of materials and manufacturing, and completion of finished goods and distribution to customers.
What is Just-In-Time Inventory Management?