Study ACC201 Quiz 1 Flash Cards

 
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ACC201 Quiz 1

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Indirect Cost
Cant easily be traced, Manufacturing Overhead
Direct Cost
Can be easily traced back to a cost object, DM DL
Product Cost
DM, DL, MOH
Period Costs
Anything not factory related
Net Operating income
Sales-COGS=Gross Profit-Operating Expenses=Non operating items
Cost of Goods Sold
Cost of Goods Manufactured+ FG beginning- FG ending
Cost of Goods Manufactured
Total Manufacturing costs+W/P beginning-W/P ending
Total Manufacturing Costs
Direct Materials Used+Direct Labor+Manufacturing Overhead
Direct Materials used
DM beginning+purchases-DM ending
Manufacturing Overhead
anything with factory, indirect labor salaries
Conversion costs
Direct labor and manufacturing overhead
prime costs
Direct material and direct labor
managing risk
Identifying risks before they occur to prevent loss or minimize risks
Sarbanes-Oxley Act of 2002 (SOX)
Congress' response to financial scandals of the 1990's. Developed whistleblower protection and document retention
Credibility
Disclose all relevant info
Integrity
Sign a conflict of interest survey
Confidentiality
dont disclose client info
Competence
Attend training
Six Sigma
A process improvement method that relies on customer feedback and fact-based data gathering and analysis to drive process improvement
Theory of Constraints
Manage the Constraint
Lean Production Thinking
Keep inventory levels low
Work is pulled through as customers demand product
Value Chain
Represents major business functions that add value to a company's products and services
Staff position
Chief financial officer CFO, treasurer, controller CAO, accountants, human resources, legal
Line position
Board of directors, president, VP operations CEO, manager US plants, Manager international plants
Product leadership
"We offer higher quality than competitors" BMW, Northface, Apple
operational excellence
"we deliver faster, more conveniently, at lower prices" wal-mart, best buy
Customer intimacy
"we understand our customers needs" Starbucks, Cruise lines
Manufacturing organization
direct material, work in progress, finished goods
Merchandising organization
inventory ready to sell
service organization
No inventory
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