Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Ma1 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What are the 6 differences b/w financial accounting and managerial accounting? Financial Accounting…

A
  1. fs. for external users, quarterly,annual reports, general purpose, pertainsto business as a whole, highly aggregated, limited to double entry and cost, GAAP
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the 6 differences b/w financial accounting and managerial accounting? Managerial Accounting…

A
  1. internal reprots, often as needed, specificpurpose, pertains to subuntis of the business, very detailed, any relevant data, stand is relvant to decsiions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are management’s functions?

A
  1. Planning, 2. Directing, 3. Controlling
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Explain Planning

A

look ahead to establish objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Explain DIrecting

A

Coordinating a copmany’s diverse activities and human resources, implementing planned objectives and providign necessary incentives to motivate employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Explain Controlling

A

the process of keeping the company’s activities on track

determine whether planned goals are being met, what changes are needed to get back on track

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How do managers achieve control in a small company

A

observe, ask questions, and know how to evaluate the answers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

How do managers achieve control in a large copany

A

use formal systems (budgets, responsiblitiy centres, performance evaluation reports)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are shareolders

A

owners, manager the company indirectly thourght the BOD which they elect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the Board of Directors

A

create operating policies, select officers such as president and vice president

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what is the CEO

A

over all responsiblitiy for managing the business, delegates responsiblities to the other officers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are line postions

A

-directly involved with company’s main revenue generating activities, vice pres of opearations, president of marketing, plant managers and supervisors, production personel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are staff positions

A

support lien employees, finance, legal, human resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the CFO

A

Responsible for all accoutning and finance, supported by the controller and the reasurer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is the controller

A
  1. maintains accoutning reocrds, 2. maintains adequate system of internal controls, 3. perparing f.s., tax returns and itnernal reports
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does the Treasurer do

A

has custody of the corporations’ funds an dis responsible for maintining the ocmpany’s cash position

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what does the internal audit staff do

A
  • also serve the CFO, reviwing teh reliabiltiy and integrityof finacial informaiton provided by the controller and treasurer, make sure internal control systems are funciton properly to safeguard corproate assets
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what is the VP of operations

A

oversees employees with line positions ex company might have multiple plant managers and each one would reprot to vp of operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the IMA’s statement of ethical professional practice?

A
  1. competence, confidentiality, integrity, creditability
20
Q

what does it mean by competence

A
  1. maintain professioanl competence, 2. perform professional duties in accordanc with relevant laws, regulationsa dn technical standards, 3. prepare complete and clear reports and recommendations, 4. communicate professional limitations that would preclude responsible judgement or successful performance of an activity
21
Q

What does it mean by confidentiality?

A
  • refrain from disclosing confidential info, inform suboridantes as how to handle confidental informaiton, refrain from using ocnfiential info for unethical or illegal advantage
22
Q

What does it mean by integrity?

A

avoid conflicts of interest, refrain from activity that would prejudice tehir ability to carry out their duties ethically, refrain from engaging in or supporting any activity that would discredit the accouting profession

23
Q

what does it mean by creditability- objectivity?

A

communciate informaiton fairly and objectiviely, disclsoe fully all relevant informaiton that oculd reasonably be expected to influence a suer’s understanding of the reports, comments and recommendations presented

24
Q

What is the value chain

A

all activities assocaited with provdiign a product or service

25
Q

Explain a value chain for a manufacutring company

A
  1. research and development
  2. Product design
  3. acquisition of raw materials
  4. Production
  5. sales and marketing
  6. delivery
  7. customer relations
  8. subsequent service
26
Q

What is ERP

A

Enterprise Resource Planning Software Systems

27
Q

Explain ERP

A
  1. used to help manage the value chain
  2. provides comprehensive, centralized and integrated sources of information
  3. used to manage all major business processes (from purchasing, to manufacutring to Human resources)
28
Q

What does CIM Stand for?

A

Computer Integrated Manufacturing

29
Q

Explain CIM

A
  1. untouched by human hands

2. automation significantly reduces direct labour costs in many cases

30
Q

What does B2B stand for

A

Business to Business e-commerce

31
Q

Describe B2B

A
  1. cuts out the middle man by purchasing online from an online supplier
  2. effects the value chain
32
Q

What is Just in time or JIT

A

Just in time Inventory Methods

33
Q

Define JIT

A

good are manufacutred or purchased just in time for use

  • reduces inventories, this can be huge advantage in an industry where products become obsolete overnight
  • also called lean production
34
Q

Descirbe Quality with JIT

A

JIT Inventory system also requires an increased emphasis on product quality
- many companies have installed TQM (total quality management) Systems

35
Q

What is Total Quality Management Systems

A
  • to reduce defects in finished products
  • goal to achieve zero defects
  • need timly data on defective products, rework costs, costs of honoring warranties,
  • usually teh info acquired helps to design the product or to reduce setup tiem and decrease error
  • also provides informaiton on non-finanical measures (customer satisfaction, nubmer of service calls etc)
36
Q

Define ABC

A

overhead is allocated based on each product’s use of economic resoruces as it undergoes various activities
- beneficial becasue it results in more accurate prodcut costing and more scrutiny in all activities involved in the value chain

37
Q

What is Theory of COnstraints?

A
  • used to identify and manage constraints in order to achieve company goals
  • all comapnies’ ahve certain aspects of their busienss that create “bottlenecks”
38
Q

What is lean manufacturing

A

manage operations more affectively and with more control

- Goal is to eliminate waste and concentrate more on customer’s needs

39
Q

what are the 5 basic principles to the lean thinking process

A
  1. Value, 2. Value Stream, 3. Make the value stream flow, 4. Implement a pull system, 5. strive for perfection
40
Q

Describe Value in the lean thinking process

A
  1. process of target costing,
  2. acceptable price a customer is willing to pay for a specific product
  3. Key: to achieve optimal price for customers while realizing the greatest profit potential
41
Q

Describe the value stream in the lean thinking process

A
  1. the entire flow of a prodcut’s life thorugh each stage of prodution
    - evaluate what is value added and what is waste
42
Q

Descirbe “make the value stream flow” in the lean thinking process

A
  • need ofr the produciton process to have a continuous flow

- any disruption in the flow can have determental effects on the functioning of a company and on customer satisfaction

43
Q

Describe “implement a pull system” in the lean thinking process

A

prodcut should not be made until the customer orders it

- prodcution capacity is flexible and each stage of the value chain is well designed and defined

44
Q

describe “strive for perfection” in the lean thinking process

A

deals with the target qualitythat managemetn is seeking to meet

45
Q

What changes need to be made when compaines change from traditonal mass prodcution to lean thinking

A

requires change in the way companies

  1. control
  2. measure
  3. accoutn for their process
46
Q

What is the Balance Scorecard

A

uses fianical and non-finaical measures to measure and evaluate all aspets of the company’sperations
ie. in order to increase return on assets the comapny must increase their sales

Ma1 (39 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions