Chapter 1 Reading Flashcards

1
Q

Accounting Information System

A

interrelated manual and computer parts and uses processes such as collecting data to provide to users

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2
Q

Financial Accounting concerned with

A

is primarily concerned with producing outputs for external users.

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3
Q

Cost Management System is concerned with

A

Info for internal users

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4
Q

Cost Management has three objectives

A

Costing out services, products, and other objects of interest.
Planning and control
Decision Making

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5
Q

Cost Accounting Information System

A

used to assign costs to individual products and services

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6
Q

Operational Control Information System

A

designed to provide accurate and timely feedback concerning the performance of managers and others relative to their planning and control activities

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7
Q

Enterprise Resource planning software

A

has the objective of providing an integrated system capability

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8
Q

Advances in Information Tech

A

ERP software
PC Accessability
Ecommerce

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9
Q

Electronic data interchange

A

exchange of documents between pcs and telephone lines

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10
Q

supply chain management

A

management of products and services from the acquisition of raw materials to produce products

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11
Q

Theory of constraints

A

method used to continuously improve manufacturing and non-manufacturing activities. it finds constraints and eliminates them

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12
Q

Just in Time Manufacturing (JIT)

A

strives to produce a product only when it is needed and only in the quantities demanded by the customer

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13
Q

Lean Manufacturing

A

part of JIT manufacturing, is the persistent pursuit and elimination of waste that simultaneously embodies respect for people.

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14
Q

Computer Integrated Manufacturing

A
  1. products are designed through the use of a computer assisted design system
  2. a computer assisted engineering system is used to test the design.
  3. the product is manufactured using a computer assisted manufacturing system
  4. an information system connects the various automated components.
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15
Q

value chain

A

set of activities required to design, develop, produce, market, and deliver products and services to customers

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16
Q

Target Based Costing

A

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

17
Q

Activity Based Management

A

identifies the activities produced at each stage of the development process and assesses their costs.

18
Q

Total Quality Management

A

focuses on making defect free products

19
Q

line postions

A

participate in producing or selling their companies product or service

20
Q

staff positions

A

positions that are indirect in nature and only have supporting roles

21
Q

Controller

A

the chief accounting officer, supervises all accounting departments

22
Q

Treasurer

A

is responsible for the finance portion of gathering capital and managing cash

23
Q

Cost and management account is responsible for

A

generating financial info required by the firm

24
Q

Planning

A

detailed formulation of future activities

25
Controlling
process of monitoring a plan and taking measures to correct it, it is achieved by feedback
26
performance reports
reports that show planned vs actual
27
Continuous Improvement
the relentless pursuit of improvement in the delivery of value to customers
28
Decision Making
choosing among competing alternatives
29
Business Ethics
Learning what is right and wrong in business
30
Certified Management Accountant
specifically for management accountants
31
Certified Public Accountant
you must have this to perform external audits
32
Certified Internal Auditor
audit their companies departments, but must pass a test and have 2 years work experience.