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Financial Analysis > Managerial Accounting > Flashcards

Managerial Accounting Flashcards

1
Q

Strategic Planning

A

Identify mission
Identify goals
Define strategy and action steps

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2
Q

Identify mission
Identify goals
Define strategy and action steps

A

Strategic Planning

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3
Q

Production Prioritizing

A

Best use committed resources to maximize profits

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4
Q

Best use committed resources to maximize profits

A

Production Prioritizing

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5
Q

Break-Even Analysis

A

How does change in (cost and volume) change (company’s profit)

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6
Q

How does change in (cost and volume) change (company’s profit)

A

Break-Even Analysis

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7
Q

Product costs

A

directly related to the product or service provided (food, salary, labor, wages, supply)

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8
Q

directly related to the product or service provided (food, salary, labor, wages, supply)

A

Product costs

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9
Q

Period costs

A

indirectly related to the product or services provided (president’s salary, admin cost, office expenditure)

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10
Q

indirectly related to the product or services provided (president’s salary, admin cost, office expenditure)

A

Period costs

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11
Q

Types of product costs

A

Direct material
Direct labor
manufacturing overhead

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Financial Analysis (4 decks)

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