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Test bank For Cost/Managerial Accounting - MidTerm - Jones (Troy University)1st Edition by Farmer
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Test bank For Cost/ManagerialAccounting - MidTerm - Jones (Troy
University)1st Edition by Farmer
Financial Accounting - ANSThe branch of the accounting system that is concerned with the
preparation of financial reports for users external to the organization.
Cost Management - ANSIdentifies, collects, measures, classifies, and reports information that is
useful to managers in costing (determining what something costs), planning, controlling, and
decision making.
Cost Accounting Information System - ANSA cost management subsystem designed to assign
costs to individual products and services and other objects as specified by management.
Operational Control Information System - ANSA cost management subsystem designed to
provide accurate and timely feedback concerning the performance of managers and others
relative to their planning and control of activities.
Enterprise Resource Planning (ERP) Software - ANSSoftware that has the objective of
providing an integrated system capability, a system that can run all the operations of a company
and provide access to real-time data from the various functional areas of a company.
Electronic Commerce (E-Commerce) - ANSAny form of business that is executed using
information and communications technology.
Electronic Data Interchange (EDI) - ANSAn inventory management method that allows suppliers
access to a buyer's online database.
Supply Chain Management - ANSThe management of products and services from the
acquisition of raw materials through manufacturing, warehousing, distribution, wholesaling, and
retailing.
Theory of Constraints - ANSMethod used to continuously improve manufacturing activities and
non-manufacturing activities.
Just-In-Time (JIT) Manufacturing - ANSA demand-pull system that strives to produce a product
only when it is needed and only in the quantities demanded by customers.
, Lean Manufacturing - ANSAn approach designed to eliminate waste and maximize customer
value; characterized by delivering the right product, in the right quantity, with the right quality
(zero-defect), at the exact time the customer needs it and at the lowest possible cost.
Value Chain - ANSThe set of activities required to design, develop, produce, market, distribute,
and service a product (the product can be a service).
Target Costing - ANSA method of determining the cost of a product or service based on the
price that customers are willing to pay,. Also referred to as price-driven costing.
Activity-Based Management - ANSAn advanced control system that focuses management's
attention on activities with the objective of improving the value received by the customer and the
profit received by providing this value. It includes driver analysis, activity analysis, and
performance evaluation and draws on activity-based costing as a major source of information.
Sustainable Development - ANSDevelopment that meets the needs of the present without
compromising the ability of future generations to meet their own needs.
Total Quality Management - ANSA philosophy that requires managers to strive to create an
environment that will enable workers to manufacture perfect (zero-defects) products.
Line Positions - ANSA position in an organization filled by an individual who is directly
responsible for carrying out the organization's basic objectives.
Staff Positions - ANSA position in an organization filled by an individual who provides support
for the line function; thus, a staff person is only indirectly involved with the basic objectives of an
organization.
Controller - ANSThe chief accountant of an organization.
Treasurer - ANSThe financial officer responsible for the management of cash and investment
capital.
Planning - ANSSetting objectives and identifying methods to achieve those objectives.
Controlling - ANSThe monitoring of a plan through the use of feedback to ensure that the plan is
being implemented as expected.
Feedback - ANSInformation that can be used to evaluate or correct steps being taken to
implement a plan.
Performance Reports - ANSAccounting reports that provide feedback to managers by
comparing planned outcomes with actual outcomes.
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