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BUS 254 (50)
Chapter 1

Chapter 1 The Changing Role of Accounting.docx

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Simon Fraser University
Business Administration
BUS 254
Michelle Iorio

Bus 254 Managerial Accounting Chapter 1 Chapter 1: The Changing Role of Accounting Activity accounting The collection of financial or operational performance info about significant activities in an enterprise Activity-based costing (ABC) A two-stage procedure used to assign overhead costs to products or services produced. In the first stage: significant activities are identified and overhead costs are assigned to activity cost pools in accordance with the way resources are consumed by the activities In the second stage: the overhead costs are allocated from ach activity cost pool to each product line in proportion to the amount of the cost driver consumed by the product line Activity-based management (ABM) Using activity-based costing to improve the operations of an organization Attention-directing function The function of managerial accounting info in pointing out to managers any issues that need their attention Capacity The upper limit on the amount of goods and services that an organization can produce in a specified period of time Certified management accountant (CMA) An accountant who has earned professional certification in management accounting Chartered global management accountant Professional managerial accounting designation (CGMA) jointly issued by the American Institute of CPA and the UK Chartered Institute of Management Accountants Chief financial officer (CFO) An organization’s top management and financial accountant Continuous improvement The constant effort to eliminate waste, reduce response time, simplify the design of both products and processes, and improve quality and customer service Controller (comptroller) The top management and financial accountant in an organization. Supervises the accounting department and assists management at all levels in interpreting and using managerial accounting info Cost accounting system Part of the basic accounting system that accumulates costs in both management and financial accounting Cost management system A management planning and controlling system that measures the cost of significant activities, identifies non-value-added costs, and identifies activities that will improve organizational performance Employee empowerment The concept of encouraging and authorizing workers to take the initiative to improve operations, reduce
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