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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
3 main goals of customer support
Resolve incidents efficiently Identify common support problems Identify top customers and prioritize service needs
26
Field service
used to manage installations, service, or repairs of systems previously sold to customers
27
Benefits of a Knowledge management system
``` Sharing best practices Downsizing and outsourcing Knowledge commands a premium price in the market Globalization and competition Innovation ```
28
Chief knowledge officer
Oversees the content, strategy and structure of KM system
29
Obstacles of a Knowledge management system
``` Starting to big Relying on technological shortcuts Not modeling the behavior Thinking KM will work quickly Ignoring rewarding employees System must be maintained ```
30
Supply Chain 4 activities
Plan Source Make Deliver
31
6 steps of purchase to pay
``` Purchase requisition Sourcing Purchase Order Goods or Services Receipt Supplier, invoice, 3-way match Payment ```
32
three way match
check to compare purchase order, goods receipt, and supplier invoice before accepting goods
33
tolerance limits
allow for slight differences between quantities received and quantities ordered
34
spend analysis
when companies evaluate their expenditures to identify unneeded spending and contracts
35
5 types of supplier relationship management
``` sourcing supplier performance management spend analysis contract management catalog management ```
36
Bin, coordinate
a unique address of every storage location of the warehouse
37
two-step picking
warehouse employees pick required materials for many orders, minimizes number of trips
38
wave picking
customer deliveries are made in waves of common route, carrier, or departure time
39
serpentine picking
staff moves through warehouse in a snake motion
40
cycle counting
when small subsets of inventory in a particular location is counted on a specified day
41
dynamic cycle counting
allows normal warehouse operations to continue during bin counts without requirements for bins to be blocked for placement or removal
42
material requirements planning
1970's, assists production managers in scheduling and placing orders for dependent demand items
43
dependent demand
raw materials, component parts needed for final product
44
inspection lot
sample of material chosen according to a sample plan
45
plant maintenance
helps an organization increase the availability of plant assets
46
transceiver
reads radio frequency and transfers the data to ERP system
47
Active tags
RFID tags that have an internal battery that transmits data to be read from hundreds of feet away
48
Passive tags
RFID tags with no battery and small range
49
Electronic data interchange
computer to computer to computer exchange of business event data between business partners
50
Value added network
a third party that acts like a post office for many companies conducting EDI
51
human capital
the set of skills that employees acquire that create economic value for the organization
52
Employee Life Cycle (Recruit to retire process)
``` Recruitment Onboarding Compensation/Benefits Coaching/Training Performance management Succession planning Transition ```
53
Data owners
employees who approve access to the data, responsible for its accuracy
54
personnel administration, (BFOQ)
Captures employee basic info, hiring, salary increases, promotions, leaves, terminations Bonafide Occupational Qualification- qualifications necessary to do the job
55
benefits administration
retirement plans, vacation time, maternity leave, employee details that determine eligibility for benefits
56
Time and Attendance Management
Managers use to schedule employee time, schedule employees based on skills, seniority, availability
57
Compensation management
Administering wage policies to attract and motivate employees
58
Steps in Recruitment management life cycle
Candidate attraction- posting jobs Candidate tracking- organising applications Candidate selection- matching employee skills with job description Onboarding
59
bench strength
capabilities and readiness of employees who can fill vacant positions
60
succession planning
Identifying key employees that are ready to be promoted to leadership roles
61
Learning and Event management
Maintains employee education throughout the organization and training profiles, and what courses employees should take
62
Top five HR Functions to Outsource
``` Payroll Legal compliance Benefits administration Background checks Strategic workforce analysis ```
63
business analytics
The comprehensive use of data and quantitative analysis for decision making Structured and unstructured data
64
Business intelligence
Rear view mirror approach to gathering information | Structured data, looking backward to look forward
65
Query by example
User can fill in blanks or select items to generate a query
66
Dashboard
Displays info in a condensed and efficient manner Requires tacit knowledge, managerial level Do not contain reports, summarize data
67
Scorecard
Formal framework for corporate performance Executive level Focused on customer satisfaction and timeliness
68
Data mining
Analysis of large pools of data to find hidden correlations and trends
69
Data warehouse
A multi-dimensional database that combines data to summarized form The central point of data integration Subject oriented, stable, time variant
70
Data mart
Repository of data to serve specific users | Meets specific needs of a particular group
71
Corporate/enterprise performance management
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
Lagging indicator
Provide knowledge of past activity and an incomplete picture of performance
73
Leading indicator
Balance financial KPI
74
Strategy map
Shows the cause and effect relationship among perspectives | Main tool used for visualization and communication in the balanced scorecard
75
Qualify a lead
Service- show clients our past success by referring them to past clients
76
Benefits of Supply Chain Management
1. Increase visibility- we can see through the supply chain 2. Reduce inventory 3. Customer trends- we can understand them better
77
Supplier Relationship Management
Shadow of a future relationship Supplier performance management Spend analysis Contract management analysis
78
Manufacturing measures
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
Big data
Used to describe the exponential growth and availability of data, everything we do leaves a digital trace
80
Four ways to identify Big Data
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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