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chapter 1 and 2 managerial accounting garrison Questions And Answers Graded A+
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Lean Production - ️️a management approach that organizes resources such as people and machines around the flow of business processes and that only produces units in response to customer orders Managerial Accounting - ️️concerned with providing information to managers for use within the ...

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  • September 18, 2024
  • 5
  • 2024/2025
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chapter 1 and 2 managerial accounting
garrison
Lean Production - ✔️✔️a management approach that organizes resources such as
people and machines around the flow of business processes and that only produces
units in response to customer orders


Managerial Accounting - ✔️✔️concerned with providing information to managers for
use within the organization.

Budget - ✔️✔️Detailed plan for the future that is usually expressed in formal
quantitative terms

Performance Report - ✔️✔️compares budget data to actual data in an effort to identify
and learn from excellent performance and to identify and eliminate sources of
unsatisfactory performance

Strategy - ✔️✔️a "game plan" that enables a company to attract customers by
distinguishing itself from competitors.

Financial Accounting - ✔️✔️concerned with reporting financial information to external
parties (stockholders, creditors, and regulators).

Corporate social Responsibility (CSR) - ✔️✔️A concept whereby organizations
consider the needs of all stakeholders when making decisions such as the environment
and the community around the business

Business Process - ✔️✔️a series of steps that are followed in order to carry out some
tasks in a business

Value train - ✔️✔️consists of the major business functions that add value to a
company's products and services.


Segment - ✔️✔️activity of an organization about which managers would like cost,
revenue, or profit data

Planning - ✔️✔️The process of establishing goals and specifying how to achieve them

, Enterprise Risk Management - ✔️✔️A process used by a company to identify its risks
and develop responses to them that enable it to be reasonably assured of meeting its
goals


Account analysis - ✔️✔️A method for analyzing cost behavior in which an account is
classified as either variable or fixed based on the analyst's prior knowledge of how the
cost in the account behaves

Activity base - ✔️✔️A measure of whatever causes the incurrence of a variable cost.
For example, the total cost of X- ray film in a hospital will increase as the number of X-
rays taken increases. Therefore, the number of X- rays is the activity base that explains
the total cost of X- ray film

Administrative costs - ✔️✔️All executive, organizational, and clerical costs associated
with the general management of an organization rather than with manufacturing or
selling

Committed fixed costs - ✔️✔️Investments in facilities, equipment, and basic
organizational structure that can't be significantly reduced even for short periods of time
without making fundamental changes

Common cost - ✔️✔️A cost that is incurred to support a number of cost objects but that
cannot be traced to them individually. For example, the wage cost of the pilot of a 747
airliner is a common cost of all of the passengers on the aircraft. Without the pilot, there
would be no flight and no passengers. But no part of the pilot's wage is caused by any
one passenger taking the flight

Contribution approach - ✔️✔️An income statement format that organizes costs by their
behavior. Costs are separated into variable and fixed categories rather than being
separated into product and period costs for external reporting purposes

Contribution margin - ✔️✔️The amount remaining from sales revenues after all variable
expenses have been deducted

Conversion cost - ✔️✔️Direct labor cost + manufacturing overhead cost (DL + MoH)

Cost behavior - ✔️✔️The way in which a cost reacts to changes in the level of activity

Cost object - ✔️✔️Anything for which cost data are desired. Examples of cost objects
are: products, customers, jobs, and parts of the organization such as departments or
divisions

Cost structure - ✔️✔️The relative proportion of fixed, variable, and mixed costs in an
organization

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