Strategic Cost Management

60問 • 1年前

問題一覧

It is the process of reducing total cost while improving the strategic position of the business.

Strategic Cost Management

It is developed by William Demming. It reduces errors, ensure that employees are up to speed training, and improves customer experience.

Total Quality Management

It lessen the entity's product cost.

Just in Time

A Japanese word which means "change for better" or "continuous improvement of management."

Kaizen

It pertains to everyone who manages the business.

Management

These are the five basic phases of Management Process.

Planning, Directing, Controlling, Improving, Decision-making

It develops the company's preparations and objectives or goals and translating these objectives into courses of actions.

Planning

The process by which managers run day-to-day operations.

Directing

It monitors operating results and comparing actual results with the expected results. It also includes job rotationing and the analysis of financial statements.

Controlling

It eliminates the source of problems in the process. In this way, the right products or services are delivered in the right quantities at the right time.

Improving

It is inherent in each of the preceding management process wherein management must continually decide among alternative actions.

Decision-making

What is the highest position in the Finance and Accounting Organizational Chart?

Chief Financial Officer

What are the positions in the right side of the Finance and Accounting Organizational Chart?

Treasury Director, Cash management, Investments

What are the positions in the left side of the Finance and Accounting Organizational Chart?

Controller, Financial Accounting, Management Accounting, Taxation

Branches of Accounting

Financial, Taxation, Managerial, Auditing

What are the classifications of cost as to nature?

Product Cost, Period Cost

What are the classifications of cost as to behavior?

Variable Cost, Fixed Cost

It is the inventoriable or capitalizable cost. It includes Direct Materials, Direct Labor and Manufacturing Overhead.

Product Cost

It is the cost related to support production. It includes the Selling, Administrative and General Expenses.

Period Cost

It varies directly proportional to activity level.

Variable Cost

It remains constant regardless of activity level.

Fixed Cost

They are directly involved in providing goods or services to the customers of the company.

Line Department

They provide services, assistance and advice to the departments with line or other staff responsibilities. They have no direct authority over a line department.

Staff Department

It is the chief management accountant who are responsible for specialized accounting functions such as systems and procedures, general accounting, budgets and budget analysis, special reports and analysis, taxes, and cost accounting.

Controller

It is the development of long-term actions to achieve the company's objectives which often involve periods of 5 to 10 years.

Strategic Planning

The development of short-term actions for managing the day-to-day operations of the company.

Operational Planning

It is a payment of cash or the commitment to pay cash in the future for the purpose of generating revenues.

Cost

They are identified with and can be traced to a cost object.

Direct Cost

They cannot be identified with or traced to a cost object.

Indirect Cost

It is the cost of any material that is an integral part of the finished product and a significant portion of the total cost of the product.

Direct Material Cost

It is the cost of employee wages that is an integral part of the finished product and a significant portion of the total cost of the product.

Direct Labor Cost

It is the cost other than direct materials and direct labor that are incurred in the manufacturing process. It is sometimes called as manufacturing overhead or factory burden.

Factory Overhead Cost

What are the basis of Financial Accounting?

PFRS/PAS

What are the basis of Taxation?

NIRC and BIR rulings

What is the basis of Managerial Accounting?

Management policy

What is the basis of Auditing?

PSA

What is the end product of Financial Accountants?

Financial statements

What is the end product of Taxation?

Tax returns

What is the end product of Management Accountants?

Reports and budgets

What is the end product for Auditing?

Audit opinion

The time focus of Financial, Taxation, and Auditing are Historical while Managerial is more on Future.

True

The users of Financial and Auditing are External while Taxation is the Government and Managerial is the Internal Users.

True

Financial statements are used by the following external users:

Shareholders, Creditors, Government agencies, The general public

Managerial accounting information includes the following:

Historical data, Estimated data

Which data provides objective measures of past operations?

Historical data

Which data provides subjective estimates about future decisions?

Estimated data

It is sometimes called as raw materials inventory. This inventory consists of the costs of the direct and indirect materials that have entered the manufacturing process.

Materials inventory

The inventory consists of the direct materials, direct labor, and factory overhead costs for products that have entered the manufacturing process, but are not yet completed (in process).

Work in process inventory

This inventory consists of completed (or finished) products that have not been sold.

Finished goods inventory

What are three types of inventory?

Materials/Raw Materials Inventory, Work in process inventory, Finished goods inventory

It is used in situations where many different products, each with individual and unique features, are produced each period.

Job-order costing

It is a document that lists the quantity of each type of direct materials needed to complete a unit of product.

Bill of materials

What is issued when an agreement has been reached with the customer concerning the quantities, prices, and shipment date for the order?

Purchase order

It is a document that specifies the type and quantity of materials to be drawn from the storeroom and identifies the job that will be charged for the cost of the materials. This form is used to control the flow of materials into production and also for making journal entries in the accounting records.

Material requisition form

It records the materials, labor, and manufacturing overhead costs charged to that job.

Job cost sheet

It is an hour-by-hour summary of the employee's activities through out the day.

Time ticket

What are the three employee bar codes?

First bar code indicates that a task is being started, Second is the unique bar code on the employee's identity badge, Third is the unique bar code of the job itself

It is a measure such as direct labor-hours (DLH) or machine-hours (MH) that is used to assign overhead costs to products and services.

Allocation base

What is the process of assigning overhead cost to jobs?

Overhead application

This applies overhead costs to jobs by multiplying overhead rate by the actual amount of the allocation base incurred by the jobs.

Normal cost system

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問題一覧

It is the process of reducing total cost while improving the strategic position of the business.

Strategic Cost Management

It is developed by William Demming. It reduces errors, ensure that employees are up to speed training, and improves customer experience.

Total Quality Management

It lessen the entity's product cost.

Just in Time

A Japanese word which means "change for better" or "continuous improvement of management."

Kaizen

It pertains to everyone who manages the business.

Management

These are the five basic phases of Management Process.

Planning, Directing, Controlling, Improving, Decision-making

It develops the company's preparations and objectives or goals and translating these objectives into courses of actions.

Planning

The process by which managers run day-to-day operations.

Directing

It monitors operating results and comparing actual results with the expected results. It also includes job rotationing and the analysis of financial statements.

Controlling

It eliminates the source of problems in the process. In this way, the right products or services are delivered in the right quantities at the right time.

Improving

It is inherent in each of the preceding management process wherein management must continually decide among alternative actions.

Decision-making

What is the highest position in the Finance and Accounting Organizational Chart?

Chief Financial Officer

What are the positions in the right side of the Finance and Accounting Organizational Chart?

Treasury Director, Cash management, Investments

What are the positions in the left side of the Finance and Accounting Organizational Chart?

Controller, Financial Accounting, Management Accounting, Taxation

Branches of Accounting

Financial, Taxation, Managerial, Auditing

What are the classifications of cost as to nature?

Product Cost, Period Cost

What are the classifications of cost as to behavior?

Variable Cost, Fixed Cost

It is the inventoriable or capitalizable cost. It includes Direct Materials, Direct Labor and Manufacturing Overhead.

Product Cost

It is the cost related to support production. It includes the Selling, Administrative and General Expenses.

Period Cost

It varies directly proportional to activity level.

Variable Cost

It remains constant regardless of activity level.

Fixed Cost

They are directly involved in providing goods or services to the customers of the company.

Line Department

They provide services, assistance and advice to the departments with line or other staff responsibilities. They have no direct authority over a line department.

Staff Department

Controller

It is the development of long-term actions to achieve the company's objectives which often involve periods of 5 to 10 years.

Strategic Planning

The development of short-term actions for managing the day-to-day operations of the company.

Operational Planning

It is a payment of cash or the commitment to pay cash in the future for the purpose of generating revenues.

Cost

They are identified with and can be traced to a cost object.

Direct Cost

They cannot be identified with or traced to a cost object.

Indirect Cost

It is the cost of any material that is an integral part of the finished product and a significant portion of the total cost of the product.

Direct Material Cost

It is the cost of employee wages that is an integral part of the finished product and a significant portion of the total cost of the product.

Direct Labor Cost

It is the cost other than direct materials and direct labor that are incurred in the manufacturing process. It is sometimes called as manufacturing overhead or factory burden.

Factory Overhead Cost

What are the basis of Financial Accounting?

PFRS/PAS

What are the basis of Taxation?

NIRC and BIR rulings

What is the basis of Managerial Accounting?

Management policy

What is the basis of Auditing?

PSA

What is the end product of Financial Accountants?

Financial statements

What is the end product of Taxation?

Tax returns

What is the end product of Management Accountants?

Reports and budgets

What is the end product for Auditing?

Audit opinion

The time focus of Financial, Taxation, and Auditing are Historical while Managerial is more on Future.

True

The users of Financial and Auditing are External while Taxation is the Government and Managerial is the Internal Users.

True

Financial statements are used by the following external users:

Shareholders, Creditors, Government agencies, The general public

Managerial accounting information includes the following:

Historical data, Estimated data

Which data provides objective measures of past operations?

Historical data

Which data provides subjective estimates about future decisions?

Estimated data

It is sometimes called as raw materials inventory. This inventory consists of the costs of the direct and indirect materials that have entered the manufacturing process.

Materials inventory

The inventory consists of the direct materials, direct labor, and factory overhead costs for products that have entered the manufacturing process, but are not yet completed (in process).

Work in process inventory

This inventory consists of completed (or finished) products that have not been sold.

Finished goods inventory

What are three types of inventory?

Materials/Raw Materials Inventory, Work in process inventory, Finished goods inventory

It is used in situations where many different products, each with individual and unique features, are produced each period.

Job-order costing

It is a document that lists the quantity of each type of direct materials needed to complete a unit of product.

Bill of materials

What is issued when an agreement has been reached with the customer concerning the quantities, prices, and shipment date for the order?

Purchase order

Material requisition form

It records the materials, labor, and manufacturing overhead costs charged to that job.

Job cost sheet

It is an hour-by-hour summary of the employee's activities through out the day.

Time ticket

What are the three employee bar codes?

First bar code indicates that a task is being started, Second is the unique bar code on the employee's identity badge, Third is the unique bar code of the job itself

It is a measure such as direct labor-hours (DLH) or machine-hours (MH) that is used to assign overhead costs to products and services.

Allocation base

What is the process of assigning overhead cost to jobs?

Overhead application

This applies overhead costs to jobs by multiplying overhead rate by the actual amount of the allocation base incurred by the jobs.

Normal cost system