Flashcard Set Preview
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financial accounting
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1. Reports to those outside of org: Owners, Creditors, Tax Authorities, regulators2. emphasize...
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GAAP IFRS
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generally accepted accounting principles international financial reporting standards
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managerial accounting
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1. Reports to managers inside org for: planning, controlling and decision making2. Emphasizes...
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planning controlling decision making
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p: set goals and specify how to achieve them c: gathering feedback to ensure that the...
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operational excellence strategy
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deliver p/s faster, more conveniently at lower prices~walmart
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product leadership strategy
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offer higher quality products
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manufactiuring costs
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direct materials, direct labor, MOH ~all happens in the factory
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direct materials
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materials that become an integral part of the finished product and whose costs can be convenietly...
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indirect materials
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-> MOHex: glue, solder
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direct labor
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labor costs that can be easily traced to individual unit of product
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indirect labor
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labor costs that can't be physically traced to particular products or only at great cost and...
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MOH
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manufacturing costs taht can't be easily traced directly to specific unit produces~Indirect...
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Selling Cost
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costs that are inccured to secure customers orders and get finished products to customer.
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Admin. costs
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all costs associated w/ general mgmt of an org rather than w/ manuf/selling
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Nonmanu. cost
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selling and admin
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product cost
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all costs involved in acquiring or making a product.~DM,DL, MOH
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Pd cost
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selling and admin expenses
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prime cost
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= DM + DL
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conversion cost
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= DL + MOH
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cost behavior
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how a cost reacts to changes in level of activity
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variable cost
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varies in total, in direct proportion to changes in the level of activityEX: texting bill...
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activity base / cost driver
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measure w/e causes the incurrence of variable cost
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fixed cost
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remains constant regardless of activity levelEx: unlimited texting for $50 a month~more you...
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commited fixed costs
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org investments w/ multiyear planning horizon that can't be significantly reduced even for...
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discretionary fixed costs
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annual decision by mgmt to spend on certain fixed cost items-can be cut for short pd of time...
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mixed costs
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contain both variable and fixed cost elements EX: $25 fee per yr + $3 per unit...
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contribution approach
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provides managers w/ an income statement that clearly distinguished between fixed and variable...
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direct cost
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cost that can be easily and conveniently traced to specified cost object.-DM, DL
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indirect cost
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can't easily/convenietly be trace to cost object-MOH
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common cost
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cost thats incurred to support # of cost objects but can't be traced to them individually
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differential cost differential revenue
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difference in costs between any 2 alts difference in rev between 2 alts
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incremental cost
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cost increases/decreases between alt
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opportunity cost
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potential benefit thats given up when 1 alt is selected over another
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sunk cost
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cost that has already been incurred and can't be changed by any decison made now or in future
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