ACC 406 Midterm Review |2025 Revised Update |
100% Correct Complete Solutions
Managerial Accounting
the provision of accounting information for a company's internal users, unlike financial
accounting it is not bound by formal criteria
Planning
the detailed formulation of action to achieve a particular end
Controlling
monitoring a plans implementation and taking corrective action as needed
Decision Making
the process of choosing among competing alternatives
Financial Accounting
primarily concerned with producing information for external users (financial statements)
The Triple Bottom Line
is a reference to establishing objectives within the organization that reflects the company's
concern for its social and environmental impact
Activity- based costing (ABC)
is a more detailed approach to determining the cost of goods and services
Product Life Cycle
,the series of stages that new products progress through (conception, introduction to the market,
growth, maturity and finally decline and eventually withdrawn from the market)
Value Chain
refers to the set of business functions that add value to an organizations products or services
Inbound Logistics
receiving raw materials and goods from the company's suppliers
Operations
manufacturing or assembling goods
Outbound Logistics
sending finished goods to wholesalers, retailers, or the final consumer
Marketing and Sales
developing a marketing, communications, and promotions strategy to meet the needs of targeted
customers
Service
providing customers with installation, after service, complaint handling and so on
Procurement
Securing the lowest prices for inputs of the highest quality, and deciding which components or
operations will be provided in house or obtained from external sources
Cross Functional Perspective
, allows us to see the big picture (to see that the increased revenue may come at the expense of
much higher product costs)
Lean Accounting
organizes costs according to the value chain and collects both financial and non-financial
information
Line Positions
have responsibility for the basic objectives of an organization
Staff Positions
supportive in nature and have only indirect responsibility for an organization's basic objectives
CPA
chartered professional accountant
Cost
is the amount of cash or cash equivalent sacrificed for goods and or services that are expected to
bring a current or future benefit to the organization
Expenses
costs incurred to produce profits
Cost object
any item such as a product, service, customer, department, project, geographic region, plant and
so on
100% Correct Complete Solutions
Managerial Accounting
the provision of accounting information for a company's internal users, unlike financial
accounting it is not bound by formal criteria
Planning
the detailed formulation of action to achieve a particular end
Controlling
monitoring a plans implementation and taking corrective action as needed
Decision Making
the process of choosing among competing alternatives
Financial Accounting
primarily concerned with producing information for external users (financial statements)
The Triple Bottom Line
is a reference to establishing objectives within the organization that reflects the company's
concern for its social and environmental impact
Activity- based costing (ABC)
is a more detailed approach to determining the cost of goods and services
Product Life Cycle
,the series of stages that new products progress through (conception, introduction to the market,
growth, maturity and finally decline and eventually withdrawn from the market)
Value Chain
refers to the set of business functions that add value to an organizations products or services
Inbound Logistics
receiving raw materials and goods from the company's suppliers
Operations
manufacturing or assembling goods
Outbound Logistics
sending finished goods to wholesalers, retailers, or the final consumer
Marketing and Sales
developing a marketing, communications, and promotions strategy to meet the needs of targeted
customers
Service
providing customers with installation, after service, complaint handling and so on
Procurement
Securing the lowest prices for inputs of the highest quality, and deciding which components or
operations will be provided in house or obtained from external sources
Cross Functional Perspective
, allows us to see the big picture (to see that the increased revenue may come at the expense of
much higher product costs)
Lean Accounting
organizes costs according to the value chain and collects both financial and non-financial
information
Line Positions
have responsibility for the basic objectives of an organization
Staff Positions
supportive in nature and have only indirect responsibility for an organization's basic objectives
CPA
chartered professional accountant
Cost
is the amount of cash or cash equivalent sacrificed for goods and or services that are expected to
bring a current or future benefit to the organization
Expenses
costs incurred to produce profits
Cost object
any item such as a product, service, customer, department, project, geographic region, plant and
so on
