Chapter 1 Reading Flashcards
Accounting Information System
interrelated manual and computer parts and uses processes such as collecting data to provide to users
Financial Accounting concerned with
is primarily concerned with producing outputs for external users.
Cost Management System is concerned with
Info for internal users
Cost Management has three objectives
Costing out services, products, and other objects of interest.
Planning and control
Decision Making
Cost Accounting Information System
used to assign costs to individual products and services
Operational Control Information System
designed to provide accurate and timely feedback concerning the performance of managers and others relative to their planning and control activities
Enterprise Resource planning software
has the objective of providing an integrated system capability
Advances in Information Tech
ERP software
PC Accessability
Ecommerce
Electronic data interchange
exchange of documents between pcs and telephone lines
supply chain management
management of products and services from the acquisition of raw materials to produce products
Theory of constraints
method used to continuously improve manufacturing and non-manufacturing activities. it finds constraints and eliminates them
Just in Time Manufacturing (JIT)
strives to produce a product only when it is needed and only in the quantities demanded by the customer
Lean Manufacturing
part of JIT manufacturing, is the persistent pursuit and elimination of waste that simultaneously embodies respect for people.
Computer Integrated Manufacturing
- products are designed through the use of a computer assisted design system
- a computer assisted engineering system is used to test the design.
- the product is manufactured using a computer assisted manufacturing system
- an information system connects the various automated components.
value chain
set of activities required to design, develop, produce, market, and deliver products and services to customers
Target Based Costing
encouraged managers to asses the overall cost impact of product designs over the products life cycle and simultaneously provides incentives to make design changes to reduce costs
Activity Based Management
identifies the activities produced at each stage of the development process and assesses their costs.
Total Quality Management
focuses on making defect free products
line postions
participate in producing or selling their companies product or service
staff positions
positions that are indirect in nature and only have supporting roles
Controller
the chief accounting officer, supervises all accounting departments
Treasurer
is responsible for the finance portion of gathering capital and managing cash
Cost and management account is responsible for
generating financial info required by the firm
Planning
detailed formulation of future activities
Controlling
process of monitoring a plan and taking measures to correct it, it is achieved by feedback
performance reports
reports that show planned vs actual
Continuous Improvement
the relentless pursuit of improvement in the delivery of value to customers
Decision Making
choosing among competing alternatives
Business Ethics
Learning what is right and wrong in business
Certified Management Accountant
specifically for management accountants
Certified Public Accountant
you must have this to perform external audits
Certified Internal Auditor
audit their companies departments, but must pass a test and have 2 years work experience.
