Exam (elaborations)
Cost Accounting FMGT 3210 Chapters 1-4 (1).
- Course
- GPSTC Class 290
- Institution
- GPSTC Class 290
Cost Accounting FMGT 3210 Chapters 1-4 (1).
[Show more]
Seller
Follow
Content preview
Cost Accounting FMGT 3210 Chapters 1-4cost 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.57. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now