QUIZ- (SCM)

38問 • 2年前

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What are the two types of Accounting information?

FINANCIAL ACCOUNTING AND MANAGERIAL ACCOUNTING

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.

FINANCIAL ACCOUNTING INFORMATION

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

MANAGERIAL ACCOUNTING INFORMATION

Data which provide objective measures of past operations.

HISTORICAL DATA

Data which provide subjective estimates about future decision

ESTIMATED DATA

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

LINE DEPARTMENT AND STAFF DEPARTMENT

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

LINE DEPARTMENT

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.

STAFF 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.

CONTROLLER

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

SYSTEMS AND PROCEDURES, GENERAL ACCOUNTING, BUDGETS AND BUDGET ANALYSIS, SPECIAL REPORTS AND ANALYSIS, TAXES, COST ACCOUNTING

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

PLANNING, DIRECTING, CONTROLLING, IMPROVING AND DECISION MAKING

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

PLANNING

What are the 2 classification of planning?

STRATEGIC PLANNING AND OPERATIONAL PLANNING

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

STRATEGIC PLANNING

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

STRATEGIES

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

OPERATIONAL PLANNING

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

DIRECTING

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.

CONTROLLING

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

MANAGEMENT BY EXCEPTION

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

IMPROVING

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.

CONTINUOUS PROCESS IMPROVEMENT

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

DECISION MAKING

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

SERVICE, MERCHANDISING OR MANUFACTURING

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

COST

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.

COST OBJECT

What are the 2 costs identified with cost object?

DIRECT COST AND INDIRECT COST

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

DIRECT COST

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

INDIRECT COST

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.

DIRECT MATERIAL COST

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.

DIRECT LABOR COST

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.

FACTORY OVERHEAD COST

It consist of direct materials and direct labor costs.

PRIME COST

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

CONVERSION COST

What are the 2 costs classified in financial resporting purposes?

PRODUCT COST AND PERIOD COST

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

PRODUCT COST

It consist of selling and administrative expenses.

PERIOD COST

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

SELLING EXPENSES

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

ADMINISTRATIVE EXPENSES

VITMOLOGY-PPT2

Anndrea S. Galupo · 22問 · 1年前

VITMOLOGY-PPT2