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

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

It lessen the entity's product cost.

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

It pertains to everyone who manages the business.

These are the five basic phases of Management Process.

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

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

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

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.

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

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

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

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

Branches of Accounting

What are the classifications of cost as to nature?

What are the classifications of cost as to behavior?

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

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

It varies directly proportional to activity level.

It remains constant regardless of activity level.

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

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

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

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

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

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

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

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.

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.

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.

What are the basis of Financial Accounting?

What are the basis of Taxation?

What is the basis of Managerial Accounting?

What is the basis of Auditing?

What is the end product of Financial Accountants?

What is the end product of Taxation?

What is the end product of Management Accountants?

What is the end product for Auditing?

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

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

Financial statements are used by the following external users:

Managerial accounting information includes the following:

Which data provides objective measures of past operations?

Which data provides subjective estimates about future decisions?

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.

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).

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

What are three types of inventory?

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

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

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

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

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

What are the three employee bar codes?

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.

What is the process of assigning overhead cost to jobs?

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