Accounting 241 Ch 1 HW Dallmus – Flashcards
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Managerial Accounting
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Systems report on various segments or business units of the company
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When Managers evaluate the company's performance compared to the plan,
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They are performing the controlling role of management
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Information on a company's past performance is provided to
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External parties by financial accounting
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Managerial Accounting systems are chosen by
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Comparing the costs versus the benefits of the system and are not restricted by GAAP or IFRS
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CPAs audit the Financial Accounting
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Statements of public companies
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Financial Accounting develops reports for external parties such as
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Creditors & Shareholders
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Companies must follow GAAP or IFRS in their
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Financial Accounting systems
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Managers are the
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Decision makers in a company
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Choosing goals & the means to achieve them is
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The planning function of management
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Managerial Accounting differs from Financial Accounting in that Managerial Accounting
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Emphasize data relevance over data objectivity
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Which corporate positions is responsible for raising capita & investing funds?
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Treasurer
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What skills are needed by today's management accountants?
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-Knowledge of both managerial & financial accounting -knowledge of how a business functions -oral & written communications skills
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Research & Development
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Researching & developing new or improved products or services, & the processes for producing them
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Design
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Detailed engineering of products & services, & the processes for producing them
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Direct Materials
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The primary raw materials that become a physical part of the finished product
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Direct Labor
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The cost of compensating employees who physically convert raw materials into the company's products
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Manufacturing OverHead
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Includes all manufacturing costs other than direct materials & direct labor
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Marketing
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Promotion & advertising of products or services
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Distribution
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Delivery of products or services to customers
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Customer service
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Assistance for customers to ensure satisfaction
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Delivery Expense
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Distribution
