A fundamental management process that involves developing detailed finanical and operational descriptions of anticipated operations
What is Planning?
100
This objective of managerial accounting activity directs managers' attention to an issue that requires their skills
What is assisting managers in directing and controlling operational activities? (also attention-directing function)
100
Defined as the sacrifice made to achieve a particular purpose
What is a cost?
100
Companies which utilize mass-customization often utilize this sales approach, in which the consumer orders directly from the manufacturer and often via the Internet
What is the direct-sales approach?
100
The difference between product costs and period costs can be emphasized by examining this financial statement.
What is the Income Statement?
200
The type of accounting in which information is used for internal users and publishing reports is not required and not regulated
What is Managerial Accounting?
200
This model of business performance evaluation balances measures of financial, internal, innovation and learning, and customer perspectives.
What is the balanced scorecard?
200
Defined as the cost incurred when an asset is used up or sold for the purpose of generating revenue.
What is an expense?
200
Easily confused with raw material, this is consumed in the manufacturing process, physically incorporated into the finished product, and can be traced to products relatively easily
What is direct material?
200
Direct material and direct labor are often referred to as this
What is prime costs?
300
These managers supervise activities that support the overall mission, but they are only indirectly involved in operational activities
What are staff positions?
300
Defined as the upper limit on the amount of goods or services that an organization can produce in a specified period of time
What is capacity?
300
A cost assigned to goods that were either purchased or manufactured for resale
What is a product cost?
300
Includes three types of costs: indirect material, indirect labor, and other manufacturing costs
What is Manufacturing Overhead?
300
Often unavoidable, this is time not spent productively by an employee.
What is idle time?
400
This position is responsible for supervising the personnel in the accounting department and for preparing the information and reports used in both managerial and financial accounting
What is the CFO?
400
In this production system, raw materials and parts are purchased or produced only when immediately ready to be used at each stage of the production process
What is Just-in-time (JIT) production system?
400
The three types of inventory held by manufacturers
What is raw-material, work-in-progress, and finished-goods?
400
Defined as the total cost of direct material, direct labor, and manufacturing overhead transferred from work-in-progress inventory to finished-goods inventory
What is cost of goods manufactured?
400
The two main responsibilities of a treasurer
What is raising capital and safeguarding assets?
500
These four activities comprise the day-to-day work of the management team.
What is decision making, planning, directing operational activities, and controlling?
500
The balanced scorecard model of business performance evaluation takes into account these four perspectives.
What is financial, customer, internal, and innovation/learning?
500
Type of production process that produces multiple products at low volume.
What is Batch Production?
500
The extra cost incurred when one additional unit is produced
What is marginal cost?
500
Bring together personnel from multiple staff positions and departments in order to focus their varied expertise and experience on virtually all management issues