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Cost Accounting FMGT 3210 Chapters 1-4 (1). $7.99   Add to cart

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Cost Accounting FMGT 3210 Chapters 1-4 (1).

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Cost Accounting FMGT 3210 Chapters 1-4 (1).

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  • July 18, 2024
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  • 2023/2024
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Cost Accounting FMGT 3210 Chapters 1-4
cost accounting - ANS-measures, analyzes and reports financial and non
financial information related to the costs of acquiring or using resources in an organization.
-provides information on the accumulation and recovery of costs

cost management - ANS-includes the activities of identifying, reporting, and analyzing all costs
of operations
-an integral part of management strategies

financial accounting - ANS-Measures and records business transactions and provides financial
statements that are based on generally accepted accounting principles.
-It focuses on reporting to external parties such as investors and banks.
-goal is to present fairly to external parties
-uses standardized reports such as balance sheet, income statement, and cash flow statement
-based on gaap and ifrs

management accounting - ANS-measures, analyzes, and reports financial and non financial
information to internal managers.
-goal is to use past information to predict the future

business operations - ANS-activities that convert resources into a product or service ready for
sale

strategy - ANS-specifies how an organization matches its own capabilities with the opportunities
in the marketplace
two strategies
1. cost leadership (quality products services at low prices)
2.value leadership (unique, higher value products and services)

the value chain - ANS-the sequence of business functions in which customer usefulness is
added to products or services
-management accounting provides financial information for each function

business functions and costs of the value chain - ANS-r&d costs
design costs
production costs
marketing costs
distribution costs
customer service costs

, supply chain analysis - ANS-describes the flow of goods, services and information from the
initial sources of materials and services to the delivery of products to consumers (customers),
regardless of whether those activities occur in one or multiple organizations

supply chain management - ANS-integrates and coordinates activities across:
all companies in the supply chain function
business functions in each companys value chain
aims to reduce cost and improve reliability

key success factors - ANS-are those activities that are essential to successful corporate
performance
-cost and efficiency
-quality through total quality management
-time
-innovation

5 step decision making process - ANS-1. Identify the problem and uncertainties
2. Obtain information (benchmarking)
3. Make predictions about the future
4. Chose among alternatives
5. Implement the decision, evaluate performance, and learn

control - ANS-actions to measure and evaluate performance and take corrective action

cost-benefit approach - ANS-Net benefits from using resources should exceed cost of those
resources

behavioural and technical considerations - ANS-considerations that motivate managers and
other employees to try and achieve the goals of the organization
-systems are not confined to technical matters
-include the role of individuals and groups

different costs for different purposes - ANS-one concept does not fit all purposes

line management - ANS-managers directly responsible for attaining the goals of the
organization

staff management - ANS-Staff (such as management accountants and human resources
managers) who provide advice and assistance to line management.

Chief Financial Officer (CFO) aka finance director - ANS-is the senior officer empowered to
oversee the financial operations of an organization

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