Ch 1

Question 1

what is cost Accounting

Answer 1

Measures/reports financial and non financial info like cost for gaining and using resources

Info on accumulation of costs
Recovery costs

Question 2

Cost management

Answer 2

Identify/report/analyze operation cost

Decisions
Integral to management strategies

Question 3

Financial Accounting

Answer 3

External
Economic Health
SFP
Statement of Comprehensive income
Statement of cashflows

Uses GAAP- IFRS and ASPE

Question 4

what is Management Accounting?

Answer 4

Measure/Analyze/Report financial and non-financial info to internal managers

Accountants reorganize and analyze financial/nonfinancial data with methods

Future orientated
Cost - benefits
Hourly-yearly
Influence managers/ other employees

Question 5

Management accounting is also called?

Answer 5

Cost accounting

Question 6

Valueable info to convert resources into a product/service ready for sale:

Answer 6

Strategic decisions:
advanced information
analyses
decision-making

ST, Operating decisions- expectations arise

Question 7

Strategy

Answer 7

Organization accomplishes its objections by matching capability with opportunities
2 broad strategies:
Cost Leadership
Value Leadership

Question 8

Value Chain

Answer 8

Sequences of business functions that add usefulness to products or services

Question 9

What costs are in a value chain

Answer 9

Research and development
Design
Production
Marketing
Distribution
Customer service

Question 10

Supply chain Analysis

Answer 10

Includes Supply chain, info from initial sources to delivery of finished products
across all organizations, playing a role in bringing products to consumers
Cost management

Question 11

KSF

Answer 11

Key success Factor

Question 12

KSF

Answer 12

key success factor essential to successful performance:
Lower cost, greater efficiency
Higher quality
Improved timeliness
innovation
Performance on KSF’s benchmarked relative to competitors

Question 13

5 step decision making process

Answer 13

[1. Identify the problem and uncertainties
2. obtain info
3. Predictions
4. Decide on one of the avail alternatives] PLANNING
[5. Implement the decision, evaluate performance, learn.] CONTROL

Question 14

Key management accounting guidelines and organization structure

Answer 14

-Cost-benefit Aproach
-Behavioural and technical considerations - motivate manager+employes to achieve goals of organization
-Different costs for diff purposes- one concept does not fit al purposes

Question 15

Management corportate structure

Answer 15

Line management
Staff management

Question 16

CFO corporate structure

Answer 16

Senior officer - overseeing financial operations of the organization (controllership, audit, treasury, tax, risk management, investor relations)

Question 17

Professional Ethics

Answer 17

Ethical obligation of accountants responsible for financial info provided to internal/external parties

Bill 198C
CPA

Question 18

CSR

Answer 18

voluntary integration of social and environmental concerns into business decisions
PROFIT PPL PLANET

Question 19

Sustainability Accounting

Answer 19

Reporting on financial and non financial activities impacting society, environment and financial aspects of an organizations performance

Alternative reporting:
based on spec goals and strategies