Horngren Chapter 1 Cost
Accounting
Study online at https://quizlet.com/_emv8a0
1. Managerial Accounting: accounting used to provide information and analyses to managers
inside the organization to assist them in decision making
based on cost benefit analysis NOT GAAP
Future oriented (budget for 2019 prepared last year)
2. Financial Accounting: has a focus on the financial information that is given to
external parties: Past oriented: reports on 2018 performance prepared in the following year
GAAP and certified by external, independent auditors.
3. cost accounting: measures, analyzes and reports financial and nonfinancial information related
to the costs of acquiring or using resources in an organization
4. financial or managerial accounting?: help managers make decision to fulfill an
organizations goals
5. who are the primary users in management accounting?: managers of the
organization
6. who are the primary users in financial accounting?: external users such as
investors banks
regulators and suppliers
7. Time span and type of reports-management accounting: varies from hourly to
15-20 years, financial and non-financial reports on products, departments, territories, and strategies
8. Time span and type of reports- financial accounting: annual and quarterly
financial reports, primarily on the company as a whole
9. two strategies management accounting: cost leadership and product
ditterentiation
10. Strategic Cost Management: cost management that specifically focuses on
strategic issues
11. Cost Leadership: a strategy that aims to provide a product or service at as low a price
as possible to a
broad audience
12. Management Accounting Information: who are the best customers and how
can we deliver value to them?
what substitutes exist and how do they ditter from our
own? most critical capability?
got enough cash, or need more?
13. Value Chain: the sequence of business functions in which a product is made
progressively more useful to customers.
1/
5
, Horngren Chapter 1 Cost
Accounting
Research Study online at https://quizlet.com/_emv8a0
& development
Design of Products and Processes
Production
2/
5
Accounting
Study online at https://quizlet.com/_emv8a0
1. Managerial Accounting: accounting used to provide information and analyses to managers
inside the organization to assist them in decision making
based on cost benefit analysis NOT GAAP
Future oriented (budget for 2019 prepared last year)
2. Financial Accounting: has a focus on the financial information that is given to
external parties: Past oriented: reports on 2018 performance prepared in the following year
GAAP and certified by external, independent auditors.
3. cost accounting: measures, analyzes and reports financial and nonfinancial information related
to the costs of acquiring or using resources in an organization
4. financial or managerial accounting?: help managers make decision to fulfill an
organizations goals
5. who are the primary users in management accounting?: managers of the
organization
6. who are the primary users in financial accounting?: external users such as
investors banks
regulators and suppliers
7. Time span and type of reports-management accounting: varies from hourly to
15-20 years, financial and non-financial reports on products, departments, territories, and strategies
8. Time span and type of reports- financial accounting: annual and quarterly
financial reports, primarily on the company as a whole
9. two strategies management accounting: cost leadership and product
ditterentiation
10. Strategic Cost Management: cost management that specifically focuses on
strategic issues
11. Cost Leadership: a strategy that aims to provide a product or service at as low a price
as possible to a
broad audience
12. Management Accounting Information: who are the best customers and how
can we deliver value to them?
what substitutes exist and how do they ditter from our
own? most critical capability?
got enough cash, or need more?
13. Value Chain: the sequence of business functions in which a product is made
progressively more useful to customers.
1/
5
, Horngren Chapter 1 Cost
Accounting
Research Study online at https://quizlet.com/_emv8a0
& development
Design of Products and Processes
Production
2/
5