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Managerial Accouting Terms.docx

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Department
Accounting
Course
ACCT 1022
Professor
Ken Porter
Semester
Fall

Description
Managerial Accounting­ process of identifying, measuring, analyzing, interpreting, and  communicating info in pursuit of an organization’s goals Balanced Scorecard­ model of business performance evaluation that balances measures of  financial performance, internal operations, innovation, learning, and customer satisfaction Managerial Acct. is an integral part of the management process Four fundamental management processes that help organizations attain their goals are  decision making, planning, directing operational activities, and controlling 5 Objectives of managerial accounting are 1­providing info for decision making and  planning, 2­ assisting managers in directing and controlling operations, 3­motivating  managers and other employees to achieve the goal, 4­measuring the performance of  activities, 5­assessing the organization’s competitive position Cost­sacrifice Expense­ defined as the cost incurred when an asset is used up or sold Product Cost­ cost assigned to goods that were either purchased or manufactured for  resale. In the period of sale, the product cost is recognized as cost of goods sold Product Cost are Inventoriable Cost Period Costs­ all costs that aren’t product costs Raw Material Inventory­ includes all materials before they are placed into production Work In Process Inventory­ refers to manufactured products that are only partially  completed at the date of Finished Goods­ inventory refers to manufactured goods that are complete and ready for  sale Direct Material­Raw material consumed in the manufacturing process and is incorporated  in the finished product, can be traced to products relatively easy Direct Labor­the cost of salaries, wages, and fringe benefits for personnel who work  directly on the manufactured products Manufacturing Overhead­ all other costs of manufacturing are classified as this which  includes three types of costs: indirect material, indirect labor, and other manufacturing  costs Indirect Material­cost of materials that are required for the production process but do not  become an integral part of the finished product Conversion Costs­ what they call direct labor and overhead, since they are the costs of  converting raw materials into finished goods Prime Costs­direct material and direct labor are often referred to as this Cost of Goods Manufactured­ total cost of direct material, direct labor and manufacturing  overhead transferred from work in process inventory to finished goods inventory Cost Driver­ characteristic of an activity or event that causes costs to be incurred by that  activity or event Variable C
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