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1st Year - Second Sem > SCM > Flashcards

SCM Flashcards

1
Q

involves the development if a sustainable competitive position or strategy. It is simply how to develop a strategy

A

Strategic Management

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2
Q

is the financial and non-financial data needed by the manager to effectively manage the firm.

A

Cost Management Information

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3
Q

is the practice in accounting
in which the accountant develops and uses cost management information.

A

Cost Management

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4
Q

is the development of cost management information (gathering of data) to aid in strategic management

A

Strategic Cost Management

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5
Q

It is also important to view a problem not as a separate departmental problem but as a problem of all departments or the use of

A

Cross functional View

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6
Q

actively but not directly involved in the process of managing the entity, which includes strategic (long term), tactical (mid long/short), and operating (short) decisions.

A

Management Accountant

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7
Q

often do the following:
1. scorekeeping or data accumulation
2. interpreting and reporting information
3. problem-solving

Also provide cost management data

A

Management Accountant

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8
Q

Organizational leaders must be able to unite the behaviors of employees who have diverse needs, beliefs, and goals.

A

Leadership Perspective

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9
Q

 concern is to create value for customers and how to attain this is what strategy is about.
 considers how to make the business stand out among others to attract customer.

A

Strategic Management Approach

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10
Q

“We can customize our products
and services to meet your individual
needs better than our competitors.”

A

Customer Intimacy

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11
Q

“We deliver products and service
faster, more conveniently, and at a
lower price than our competitors.”

A

Operational Excellence

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12
Q

“We offer higher quality products
than our competitors.”

A

Product Leadership

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13
Q

 also called the finance director
 chiefly responsible for the financial operations of the organization.

A

CFO

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14
Q

aims to ensure that resources are
utilized in line with goals and
objectives.

A

Controllership

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15
Q

 authority to give orders or command action to subordinates
 people with this authority are directly responsible for attaining the objectives of the business
 exercised downward. (e.g. sales and production managers, CEO)

A

Line Authority

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16
Q

ensure that the procedures and
policies of the company are followed
especially procedures about
accounting.

A

Internal Audit

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17
Q

you are expert and reliable because you know what you are doing because of your technical knowledge and skills

A

Competence

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18
Q

undergo ongoing and continuous development of knowledge and skills

A

Competence

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19
Q

prepare complete, clear, and comprehensive
reports

A

Competence

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20
Q

refrain from unnecessary sharing of
information

A

Confidentiality

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21
Q

don’t use information for unethical and illegal personal advantage

A

Confidentiality

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22
Q

refers to honesty and purity of image, character, conscience, and professional position

A

Integrity

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23
Q

avoid actual or apparent conflict of interest

A

Integrity

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24
Q

refrain from actively or passively subverting the organization’s goals and objectives

A

Integrity

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25
Q

disclose fully all relevant information that could influence an intended user’s understanding of comments, reports, and recommendations.

A

Objectivity

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26
Q

objective means based from facts and what the real data or result is.

A

Objectivity

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27
Q

 involved identifying constraints
 constraints are barriers that hinder or impede the progress toward an objective
 steps are taken to improve or remove this constraint.
 look for possible mix of products to maximize the limited resources and
therefore push the profit to become higher.
 analyzes constraint and find ways to eliminate that limit.

A

Theory of constraints

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28
Q

are barriers that hinder or impede the progress toward an objective

A

constraints

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29
Q

 use of technology in designing and manufacturing a product to quickly respond to the market demand.
 use of computer to make intricate design and produce it as well in an instant.

A

Computer Aided Design

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30
Q

 involves radical redesigning of processes
 aims to simplify processes and eliminate waste.

A

Process Reeningineering

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31
Q

 procedures are evaluated whether they are value-adding or non-value adding
 jobs are modified, combined, and
eliminated

A

Process Reengineering

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32
Q

involves looking at the best practices within the firm or industry and aiming to achieve or surpass that standard.

A

Benchmarking

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33
Q

 costs are grouped into cost pools and finding cost drivers.
 cost drivers are managed to minimize cost

A

Activity Based Costing Management

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34
Q

ensures that budget guidelines are being followed by reviewing and approving the budget.

A

Top Management

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35
Q

composed of representatives
from the different functional areas is formed with the controller as the head in many cases.

A

Budget Committee

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36
Q

acts as the coordinator of the
process and:
- recommends how budgets must be prepared
- assembles the budgets
- prepares budgetary reports and analysis
- offers suggestions for improvement

A

Controller

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37
Q

quarterly or annually (maximum) overall financial and operating plan

A

Master Budget

38
Q

plan for major expenditures on
plant, equipment, or product lines, prepared for a period of 5 to 10 years.

A

Capital Budget

39
Q

a monthly report on the
budgetary performance of a particular segment
- comparison of actual performance to the budget prepared and analyze why there are significant deviation or variances.

A

Responsibility Budget

40
Q

varies from day-to-day to monthly
basis.
- forecast of cash flows

A

Cash Budget

41
Q

constantly reviewed and updated; another period, usually a month, is added every end of the period.

A

Continuous Budget

42
Q

requires continuous improvements and these are incorporated in the next period’s budget.

A

Kaizen Budgeting

43
Q

looks at the inefficiencies on the
previous period and improvements are injected this year.

A

Kaizen Budgeting

44
Q

unyielding and continually improving effort by everyone in an organization to understand, meet, and exceed the expectation of customers.

A

TQM

45
Q

Operations and quality
are continuously improving from time to time and has no finish line. It always looks for an area within the area to improve the output quality.

A

TQM

46
Q

 also called Zero-Defects Conformance
 quality is expressed as a range of
values
 quality is accepted as long as it falls under the specific range

A

Goalpost Conformance

47
Q

 also called the Robust Quality Approach
 quality is meeting an exact value without any variation

A

Absolute Quality Conformance

48
Q

 also called inspection costs
 incurred to assess the quality of
products before shipment

A

Appraisal Cost

49
Q

ex: inspector’s salary, supplies used in testing

A

Appraisal Cost

50
Q

incurred to avoid poor quality during and after the production

A

Prevention Cost

51
Q

ex: testing of raw materials, cost in
finding quality supplier

A

Prevention Cost

52
Q

 results from identification of defects before delivery to customer

A

Internal Failure Cost

53
Q

cost of failing to meet the quality that happened before the delivery

A

Internal Failure Control

54
Q

ex: scrap, spoilage, rework labor and
overhead, re-inspection, retesting,
disposal of defective products

A

Internal Failure Cost

55
Q

results from identification of defects after delivery to customers

A

External Failure Cost

56
Q

ex: warranty cost, liability arising from defects, returns and allowances from

A

External Failure Cost

57
Q

costs of conformance because they are incurred to conform or to
meet the standards

A

Prevention and Appraisal Costs

58
Q

are costs of nonconformance because they arose due to
failure to meet the standards.

A

Internal and External Failure Cost

59
Q

also known as Lean Production System

A

JIT

60
Q

a demand-pull system because each component in a production line is produced as soon as and only when needed by the next step in the production line.

A

JIT

61
Q

are errors in the way an entity utilizes scorecard.

A

Pitfalls

62
Q

measure the firm’s ability to develop and utilize human resources

A

Innovation and Learning

63
Q

translates an organization’s mission and strategy into a set of performance measures

A

Balanced Scorecards

64
Q

 uses financial and non-financial measures
 mission and goals are expressed into specific tasks and performance measures

A

Balanced Scorecards

65
Q

the consideration of both financial and non-financial measures is being balanced because there are either good or bad effects of decision which may not be reflected in the financial statements but are evident to have an effect to other departments or aspects in the entity expressed in non-financial terms.

A

Balanced Scorecards

66
Q

Systems development

A

Prevention Cost

67
Q

Quality circles

A

Prevention Cost

68
Q

Statistical process control activities

A

Prevention Cost

69
Q

Test and inspection of incoming materials

A

Appraisal Costs

70
Q

also known as inspection cost

A

Appraisal Costs

71
Q

Finished product testing and inspection

A

Appraisal

72
Q

Net cost of scrap

A

Internal Failure Cost

73
Q

Net cost of spoilage

A

Internal Failure Cost

74
Q

Downtime caused by quality problems

A

Internal Failure Cost

75
Q

Reinspection of reworked products

A

Internal Failure

76
Q

Retesting of reworked products.

A

Internal Failure Cost

77
Q

Quality data gathering, analysis, and reporting

A

Prevention Cost

78
Q

Audits of the effectiveness of the quality system

A

Prevention Cost

79
Q

Technical support provided to suppliers

A

Prevention Cost

80
Q

Supervision of testing and inspection activities

A

Appraisal

81
Q

Depreciation of test equipment Maintenance of test equipment

A

Appraisal Costs

82
Q

Disposal of defective products

A

Internal Failure Cost

83
Q

Analysis of the cause of defects in production

A

Internal Failure Cost

84
Q

Debugging of software errors

A

Internal Failure Cost

85
Q

Cost of field servicing and handling complaints

A

External Failure Cost

86
Q

Returns and allowances arising from the quality problems

A

External Failure Cost

87
Q

Liability arising from defective products

A

External Failure Cost

88
Q

Lost sales arising from a reputation for poor quality

A

External Failure Cost

89
Q

Cost of field servicing and handling complaints

A

External Failure Cost

90
Q

Product recalls

A

External Failure Cost

91
Q

Repairs and replacements beyond the warranty period

A

External Failure Cost

1st Year - Second Sem (13 decks)

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