Classification of planning which included developing long-term actions to achieve the company's objectives.

What are the 2 costs identified with cost object?

Expenses incurred in managing the company and are not directly related to the manufacturing or selling functions.

Department that is directly involved in providing goods or services to the customers of the company.

The long-term actions in strategic planning is called what? It is often involve periods of 5 to 10 years.

Management uses this phase in developing the company's objectives (goals) and translating these objectives into courses of action.

Department that provides servuces, assistance, and advice to the departments with line or other staff responsibilities. This department has no direct authority over the other department.

What are the 2 classification of planning?

It consist of manufacturing costs: direct materials, direct labor, and factory overhead.

It consist of direct labor and factory overhead cost. These are the costs of converting the materials into a finished product.

It consist of direct materials and direct labor costs.

What are the 2 types of departments that can be viewed in company?

What are the 5 basic phases or functions of management process?

Manufactured products begin with raw materials that are converted into finished products. This is the cost of any material that is an integral part of the finished product.

Feedback is also used by mamagers to support continuous process improvement.

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

It is the chief management accountant in most companies. The staff of this consists a variety of other accountants who are responsible for specialized accounting functions.

Operations of a business can be classified as ______,______ or ______

What are the 2 costs classified in financial resporting purposes?

It consist of selling and administrative expenses.

It is the philosophy of continually improving employees, business processes, and products. The objective of this is to eliminate the source of problems in a process. In this way, the right products (services) are delivered in the right quantities at the right time.

Costs that cannot be identified with or traced to a cost object.

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

Data which provide objective measures of past operations.

What are the two types of Accounting information?

Expenses incurred in marketing the product and delivering the product to customers.

Data which provide subjective estimates about future decision

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

Accounting information that is designed to meet the specific needs of a company's management.

Inherent in each of the preceding management process is this phase. In managing a company, management must continuallt decide among alternative actions.

Most manufacturing processes uses employees to convert materials into finished products. This cost include all the employee wages that is an integral part of the finished product.

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

Accounting information that is reported at fixed intervals (monthly,quarterly, yearly) in general-purpose financial statements. These financial statements-the income statements, retained earnings statement, balance sheet, and statement of cash flows- are prepared according to generally accepted accounting principles (GAAP). These statements are used by external users such as the shareholders, creditors, government agencies and the general public.

Monitoring operating results and comparing actual results with the expected results. This feedback allows management to isolate areas for further investigation and possible remedial action. It may also lesd to revising future plans.

It is the philosophy of controlling by comparing actual and expected results.

Classification of planning which develops short-term actions for managing th day-to-day operations of the company.

Which of the following are included in the specialized accounting functions of controller's staff?

It is classified by their relationship to a segment of operations. It may be a product, a sales territory, a department, or an activity, such as research and development.