A
Focuses on estimating future revenues and costs.
What is management accounting?
Focuses on information that has occurred in the past and must comply with GAAP.
What is financial accounting?
Testing a new oil pump jack in the facilities lab is what classification in the value chain.
What is design?
Costs associated with direct material and direct labor
What are prime costs?
Costs associated with labor and manufacturing overhead.
What are conversion costs?
The most important tool when implementing strategy.
What is a budget?
The IMA principle that deals with the mitigation of conflicts of interest.
What is integrity?
Manufacturing costs that are related to a cost object but cannot be traced to it.
What is indirect manufacturing costs (overhead)?
Do management accountants have to comply with GAAP internally?
No
To predict results under various alternative ways of achieving goals.
What is planning?
Step one is identify the problem and uncertainties and step five is implement the decision.
What is the Decision-Making Process?
To assign direct costs to a particular cost object.
What is cost tracing?
Salaries of geologist searching for new oil reserves is what classification in the value chain.
What is Research and Development?
To assign indirect costs to cost object.
What is cost allocation?
What does (Beginning Finish Goods + Cost Of Goods Manufactured - Ending Finished goods) produce?
Cost of Goods Sold
The institution that provides guidelines of ethical behavior for cost accountants.
What is the IMA (Institute of Management Accountants)?
When a cost can be traced to a particular cost object in an economically feasible way.
What is a direct cost?
The account that houses goods partially worked on but not yet fully completed.
What is the Work-in-Process account?
A company that matches it opportunities in the marketplace with resources and capabilities.
What is strategy?
To measure employees with feedback to help learn and plan better in the future.
What is control?
When a manager looks at the expected benefits compared to the expected costs.
What is a cost-benefit approach?
Design, Production, Marketing and Customer Service are four business functions that appear in the ________.
What is a value chain?
Strategy that integrates people and technology in all business functions to deepen relationships with customers.
What is a CRM (customer relationship management)?
The type of sector that purchases materials and components and converts them into finished goods.
What is a manufacturing sector?
What does (Ending Finished Goods + Cost of Goods Sold - Beginning Finished Goods) produce?
Cost of Goods Manufactured