What are the two types of Accounting information?

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.

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

Data which provide objective measures of past operations.

Data which provide subjective estimates about future decision

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

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

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.

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.

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

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

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

What are the 2 classification of planning?

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

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

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

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

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.

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

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.

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

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

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

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.

What are the 2 costs identified with cost object?

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

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

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.

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.

It consist of direct materials and direct labor costs.

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

What are the 2 costs classified in financial resporting purposes?

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

It consist of selling and administrative expenses.

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

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