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CIS 380 > ACC 444 exam 2 > Flashcards

ACC 444 exam 2 Flashcards

1
Q

financial accounting

A

the reporting of the financial position and performance of an organization

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2
Q

Benefits of financial accounting

A

How are we doing- financial literacy
Improve collections- identify people who do consulting
Improve purchasing
One voice- people working in different countries of an international company
Stay out of jail. Section 404- testing for internal controls. CEO and CFO sign off on them.

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3
Q

Chart of accounts

A

classification of every asset, liability, equity, revenue, and expense used by the organization

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4
Q

General ledger

A

The single integrating element that summarizes transactional data

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5
Q

5 steps in Accounting cycle

A 
Source document
Record transactions
Post to GL account
Prepare a Trial Balance
Prepare financial statements
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6
Q

parallel accounting

A

keeping several GLs simultaneously with different principles or regulations

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7
Q

Accounts receivable and payable are known as _____ in the GL because they _______

A

control accounts,

summarizes the details

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8
Q

Management accounting

A

Supports the information needs of internal decision makers, communicates for the purpose of pursuing company’s goals

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9
Q

bill of material

A

master data that lists all the raw materials necessary to make a finished product

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10
Q

Routing

A

list of operations required to make a product and their costs

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11
Q

cost object

A

anything for which a discrete cost measurement is desired

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12
Q

cost allocation

A

dividing a total cost into parts and assigning the parts to relevant objects

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13
Q

cost centers/ cost pools

A

Departments in a company that are accountable for incurring or influencing costs

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14
Q

Investment center

A

Management oversees R&D, production, marketing, customer service, and efficient use of assets

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15
Q

Fixed asset life cycle

A 
Planning and Approval
Procurement
Deployment- master data entered
Use- provides value for organization
Maintenance
Upgrade or Overhaul
Disposal
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16
Q

Planned trip to payment process

A

Helps employees submit request for business travel, book, and create expense reports

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17
Q

CES Framework dimensions

A

Search- all products and some services
Experience- some services and person performing service matters
Credence- remaining service. Afterward, not able to judge, provider has specialized knowledge

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18
Q

contract to contract to cash process
quote to cash
order to cash

A

Name for sales processes, begins first interaction with customer, ends with collecting cash from customer

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19
Q

Steps in sales process

A 
Lead generation
Qualify lead
Opportunity
Quotation
Sales Order
Order Fulfillment
Invoice
Cash collection
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20
Q

What qualifies a lead?

A

Applicability- do they need our product?
Authority- Do they decide whether to buy?
Affordability

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21
Q

quotation

A

legally binding offer to deliver certain products or services at a specified time and price

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22
Q

Available to promise

A

Confirms a delivery can be met on a required delivery date

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23
Q

Top 3 marketing goals

A

Generating demand
Creating brand awareness
Building long term relationships with customers

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24
Q

Sales pipeline

A

Projects estimated revenue that will be generated in upcoming months
Opportunity amount x Confidence rate

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25
Q

3 main goals of customer support

A

Resolve incidents efficiently
Identify common support problems
Identify top customers and prioritize service needs

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26
Q

Field service

A

used to manage installations, service, or repairs of systems previously sold to customers

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27
Q

Benefits of a Knowledge management system

A 
Sharing best practices
Downsizing and outsourcing
Knowledge commands a premium price in the market
Globalization and competition
Innovation
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28
Q

Chief knowledge officer

A

Oversees the content, strategy and structure of KM system

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29
Q

Obstacles of a Knowledge management system

A 
Starting to big
Relying on technological shortcuts
Not modeling the behavior
Thinking KM will work quickly
Ignoring rewarding employees
System must be maintained
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30
Q

Supply Chain 4 activities

A

Plan
Source
Make
Deliver

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31
Q

6 steps of purchase to pay

A 
Purchase requisition
Sourcing
Purchase Order
Goods or Services Receipt
Supplier, invoice, 3-way match
Payment
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32
Q

three way match

A

check to compare purchase order, goods receipt, and supplier invoice before accepting goods

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33
Q

tolerance limits

A

allow for slight differences between quantities received and quantities ordered

34
Q

spend analysis

A

when companies evaluate their expenditures to identify unneeded spending and contracts

35
Q

5 types of supplier relationship management

A 
sourcing
supplier performance management
spend analysis
contract management
catalog management
36
Q

Bin, coordinate

A

a unique address of every storage location of the warehouse

37
Q

two-step picking

A

warehouse employees pick required materials for many orders, minimizes number of trips

38
Q

wave picking

A

customer deliveries are made in waves of common route, carrier, or departure time

39
Q

serpentine picking

A

staff moves through warehouse in a snake motion

40
Q

cycle counting

A

when small subsets of inventory in a particular location is counted on a specified day

41
Q

dynamic cycle counting

A

allows normal warehouse operations to continue during bin counts without requirements for bins to be blocked for placement or removal

42
Q

material requirements planning

A

1970’s, assists production managers in scheduling and placing orders for dependent demand items

43
Q

dependent demand

A

raw materials, component parts needed for final product

44
Q

inspection lot

A

sample of material chosen according to a sample plan

45
Q

plant maintenance

A

helps an organization increase the availability of plant assets

46
Q

transceiver

A

reads radio frequency and transfers the data to ERP system

47
Q

Active tags

A

RFID tags that have an internal battery that transmits data to be read from hundreds of feet away

48
Q

Passive tags

A

RFID tags with no battery and small range

49
Q

Electronic data interchange

A

computer to computer to computer exchange of business event data between business partners

50
Q

Value added network

A

a third party that acts like a post office for many companies conducting EDI

51
Q

human capital

A

the set of skills that employees acquire that create economic value for the organization

52
Q

Employee Life Cycle (Recruit to retire process)

A 
Recruitment
Onboarding
Compensation/Benefits
Coaching/Training
Performance management
Succession planning
Transition
53
Q

Data owners

A

employees who approve access to the data, responsible for its accuracy

54
Q

personnel administration, (BFOQ)

A

Captures employee basic info, hiring, salary increases, promotions, leaves, terminations
Bonafide Occupational Qualification- qualifications necessary to do the job

55
Q

benefits administration

A

retirement plans, vacation time, maternity leave, employee details that determine eligibility for benefits

56
Q

Time and Attendance Management

A

Managers use to schedule employee time, schedule employees based on skills, seniority, availability

57
Q

Compensation management

A

Administering wage policies to attract and motivate employees

58
Q

Steps in Recruitment management life cycle

A

Candidate attraction- posting jobs
Candidate tracking- organising applications
Candidate selection- matching employee skills with job description
Onboarding

59
Q

bench strength

A

capabilities and readiness of employees who can fill vacant positions

60
Q

succession planning

A

Identifying key employees that are ready to be promoted to leadership roles

61
Q

Learning and Event management

A

Maintains employee education throughout the organization and training profiles, and what courses employees should take

62
Q

Top five HR Functions to Outsource

A 
Payroll
Legal compliance
Benefits administration
Background checks
Strategic workforce analysis
63
Q

business analytics

A

The comprehensive use of data and quantitative analysis for decision making
Structured and unstructured data

64
Q

Business intelligence

A

Rear view mirror approach to gathering information

Structured data, looking backward to look forward

65
Q

Query by example

A

User can fill in blanks or select items to generate a query

66
Q

Dashboard

A

Displays info in a condensed and efficient manner
Requires tacit knowledge, managerial level
Do not contain reports, summarize data

67
Q

Scorecard

A

Formal framework for corporate performance
Executive level
Focused on customer satisfaction and timeliness

68
Q

Data mining

A

Analysis of large pools of data to find hidden correlations and trends

69
Q

Data warehouse

A

A multi-dimensional database that combines data to summarized form
The central point of data integration
Subject oriented, stable, time variant

70
Q

Data mart

A

Repository of data to serve specific users

Meets specific needs of a particular group

71
Q

Corporate/enterprise performance management

A

Area of BA that enables organizations to collect and analyze data from multiple sources
Bridges gap between long term strategies and day to day operations

72
Q

Lagging indicator

A

Provide knowledge of past activity and an incomplete picture of performance

73
Q

Leading indicator

A

Balance financial KPI

74
Q

Strategy map

A

Shows the cause and effect relationship among perspectives

Main tool used for visualization and communication in the balanced scorecard

75
Q

Qualify a lead

A

Service- show clients our past success by referring them to past clients

76
Q

Benefits of Supply Chain Management

A
  1. Increase visibility- we can see through the supply chain
  2. Reduce inventory
  3. Customer trends- we can understand them better
77
Q

Supplier Relationship Management

A

Shadow of a future relationship
Supplier performance management
Spend analysis
Contract management analysis

78
Q

Manufacturing measures

A

Economic order quantity- Purchase cost + Holding cost + Stock out costs
MRP= Projected sales. Thinking about who the customers are
JIT (Just in Time) = Actual sales
Outsourcing

79
Q

Big data

A

Used to describe the exponential growth and availability of data, everything we do leaves a digital trace

80
Q

Four ways to identify Big Data

A

Veracity- truth/correct, probability that something is true
Variety- sources, number of sources linked together
Volume- How much data, problem is it takes a lot of time and money to go through
Velocity- how quickly the data is coming at you, speed of data. If data comes too fast we can’t process it

CIS 380 (4 decks)

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