ACCT208 Study Guide - Midterm Guide: Direct Labor Cost, Finished Good, Cost Driver
3 May 2016
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Document Summary
Management accountants: using technology to do the mechanics, reporting is less standardized, analysis- use reports to provide info, teamwork. What managers do? (1) plan (2) direct (3) control- Do our job within scope of these three activities all involve decision making. Planning: formulate strategy, identify alternatives and select the best one. Part of evaluation is the impact on revenues and expenses. Budgets (plans in quantitative form) are prepared annually. Directing and motivating: oversee daily operations, encourage employees, collect performance evaluation data. Controlling: feedback compare actual data to budget, use performance report . Organize/improve plant layout: machines used together to create one component- grouped in cell, each employee can perform on diff machines in cell; do maintenance on machines, inspect products. Create pull system: production or service is triggered when customer places order. Creates small group of ultra suppliers: small lots, frequent deliveries. Other aspects reduce set up times: set ups- when production is switched from one item to another.
