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Questions and Answers
______ is the field of accounting that specifically focuses on reporting financial position and income in accordance with established accounting rules.
______ is the field of accounting that specifically focuses on reporting financial position and income in accordance with established accounting rules.
Financial Accounting
The income generated by a business through its regular operational activities, typically from the sale of goods or services, is known as ______.
The income generated by a business through its regular operational activities, typically from the sale of goods or services, is known as ______.
Revenue
The difference between the income a business generates and its total expenses in an operation is referred to as ______.
The difference between the income a business generates and its total expenses in an operation is referred to as ______.
Profit
The sequence of activities that transforms raw materials into finished goods and services for end consumers is known as the ______.
The sequence of activities that transforms raw materials into finished goods and services for end consumers is known as the ______.
______ is an accounting methodology that first assigns expenses to activities and then allocates these activity costs to products based on the product's consumption of each activity.
______ is an accounting methodology that first assigns expenses to activities and then allocates these activity costs to products based on the product's consumption of each activity.
In the United States, financial accounting statements are guided by a set of rules, standards, and conventions known as ______.
In the United States, financial accounting statements are guided by a set of rules, standards, and conventions known as ______.
A ______ system enables companies to pinpoint profitable customers by carefully evaluating both customer revenues and the costs associated with serving them.
A ______ system enables companies to pinpoint profitable customers by carefully evaluating both customer revenues and the costs associated with serving them.
The practice of evaluating a company's products, services, and activities against its top-performing competitors is known as ______.
The practice of evaluating a company's products, services, and activities against its top-performing competitors is known as ______.
Integrating all key business processes to boost performance and efficiency is the primary goal of an ______ system.
Integrating all key business processes to boost performance and efficiency is the primary goal of an ______ system.
A ______ is any metric used to evaluate the effectiveness of a business unit, product, individual, or the firm overall.
A ______ is any metric used to evaluate the effectiveness of a business unit, product, individual, or the firm overall.
Flashcards
Financial Accounting
Financial Accounting
Reports financial position and income based on accounting rules.
Revenue
Revenue
Income from normal business activities, typically sales.
Profit
Profit
The difference between revenue and costs; what's left over after expenses.
Value Chain
Value Chain
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Activity-Based Costing (ABC)
Activity-Based Costing (ABC)
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Generally Accepted Accounting Principles (GAAP)
Generally Accepted Accounting Principles (GAAP)
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Customer Relationship Management (CRM)
Customer Relationship Management (CRM)
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Benchmarking
Benchmarking
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Budget
Budget
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Cost Accounting System
Cost Accounting System
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Study Notes
- Financial accounting reports financial position and income based on accounting rules.
- Revenue is the income a business generates from its standard operations, typically from selling goods/services.
- Profit is the difference between a business's revenue and costs.
- The value chain includes all activities that transform raw materials into finished goods/services for end-users.
- Activity-Based Costing assigns costs to activities and then to products based on resource consumption.
- Generally Accepted Accounting Principles (GAAP) are the rules and standards for financial accounting statements in the U.S.
- Customer Relationship Management targets profitable customers by evaluating customer revenues and costs.
- Benchmarking is the comparison of a company's products, services, and activities against its competitors​.
- A budget is a financial plan for revenues and resources needed to achieve financial goals.
- A cost accounting system records financial transactions to support decision-making within an organization.
- A performance measure is a metric assessing the performance of an individual, business unit, product, or firm.
- Lean accounting provides performance measures at the work cell or process level to minimize waste.
- Enterprise Resource Planning (ERP) integrates major business functions to boost performance and efficiency.
- Total Quality Management (TQM) seeks excellence across all dimensions, with customers defining quality.
- Cost design selects cost-effective production processes.
- Value chain analysis determines the most cost-effective inventory holding locations within a firm or its supply chain.
- Responsibility center refers to a specific organizational unit managed by someone accountable for operations and resources.
- Outsourcing involves contracting out one or more firm activities to another company in the supply or distribution chain.
- A cost driver is a factor that directly influences costs in a business process.
- The Institute of Management Accountants (IMA) provides the ethical code for management accountants, focusing on competence, confidentiality, integrity, and credibility.
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