Topic 1- Managerial Accounting 1 Flashcards
What is the management process?
planning directing controlling improving decision making
What are the business trends ?
JIT manufacturing TQM CIM Globalisation of business service industry awareness
What are the professional ethics of a management accountant?
competence
confidentiality
integrity
objectivity
What are the specialised accounting functions
systems and procedures general accounting budgets and budget analysis special reports and analysis taxes cost accounting
What is the definition of cost
payment of cash or its equivalent
commitment to pay in the future for goods and services
expected to product current or future benefits to the organisation
what is a cost object
any item for which costs are measured and assigned to
What is the definition of competence
providing relevant and reliable information in accordance to technical standards, laws, and regulations
maintaining professional competence
What is the definition of confidentiality
not disclosing confidential information unless legally obliged to do so
not using information for personal advantage
What is the definition of integrity
avoid conflict of interest
avoid subversion of organisational objectives
avoid communicated biased information
avoid activities that discredit the profession
What is the definition of objectivity
communicate information fairly and objectively
disclose all information useful to management
What are the manufacturing costs
direct materials cost
direct labour cost
factory overhead cost
What is the definition of manufacturing costs
costs associated with product function in plant or factory
What is the definition of direct material costs
integral part of manufactured product
conveniently traced directly to it
What is the definition of direct labour cost
cost of wages of employees directly involved in converting materials into manufactured product
What is the definition of non manufacturing costs
costs associated with selling and administration finance
