Questions for exam Flashcards
What is the CFO?
Chief Financial Officer
What does IFRS stand for?
International Financial Reporting Standards
What is ABC?
Activity Based Costing
What is the SEC?
Securities and Exchange Commission
What is IMA?
Institute of management accountants
What is CMA?
Certified Management Accountant
What is AICPA?
American Institute of Certified Public Accountants
What is the CPA?
Certified Public Accountant
R-squared is
measure of explanatory power of regression
T-value is
measure of statistical reliability of each independent variable; degree the variable has a valid, stable long-term relationship with the dependent variable
Standard error of estimate is
measure of dispersion around regression line, provides measure of accuracy of regression’s estimate
Confidence interval is
range around regression line within which the unknown actual value for an estimate can reasonably be expected to fall
p-value
measure of the risk that a particular independent variable has only a chance relationship to the dependent variable there’s no significant statistical relationship
MAPE
taking the absolute value of each error in estimation and averaging those errors
dummy variable
represents the presence or absence of a condition
correlation coefficient
square root of R squared between 1 and +1 near zero
Basic financial statement formula
Beg + New - Ending = used/finished/fixed
What is strategy?
set of goals and specific action plans that if achieved provide the desired competitive advantage
What are the two strategies firms compete on?
Cost leadership or differentiation
What are the four components of the Balanced Scorecard?
- financial perspective 2. customer satisfaction 3. internal processes 4. learning and growth employees
What is the theory of constraints?
Your bottleneck in the process is as fast as your capacity
Breakeven formula
SPx - VCx - FC or FC / (SP - VC)
Total manufacturing cost equals?
DM + DL + M O/H
COGM equals?
Total manufacturing cost + Beg WIP - Ending WIP
