Managerial Accounting-Managerial Accounting
Management Functions in Managerial Accounting
Planning.
Directing.
Controlling
Managerial accounting
A field of accounting that provides economic and financial
information for managers and other internal users.
Activity-based costing (ABC)
A method of allocating overhead based on each product's use
of activities in making the product.
Balanced scorecard
A performance-measurement approach that uses both financial
and nonfinancial measures, tied to company objectives, to
evaluate a company's operations in an integrated fashion.
Board of directors
The group of officials elected by the stockholders of a
corporation to formulate operating policies and select officers
who will manage the company.
Chief executive officer (CEO)
Corporate officer who has overall responsibility for managing
the business and delegates responsibilities to other corporate
officers.
, Chief financial officer (CFO)
Corporate officer who is responsible for all of the accounting
and finance issues of the company.
Controller
Financial officer responsible for a company's accounting
records, system of internal control, and preparation of financial
statements, tax returns, and internal reports.
Corporate social responsibility
The efforts of a company to employ sustainable business
practices with regard to its employees, society, and the
environment.
Cost of goods manufactured
Total cost of work in process less the cost of the ending work in
process inventory.
Direct labor
The work of factory employees that can be physically and
directly associated with converting raw materials into finished
goods.
Direct materials
Raw materials that can be physically and directly associated
with manufacturing the finished product.
Enterprise resource planning (ERP) system
Management Functions in Managerial Accounting
Planning.
Directing.
Controlling
Managerial accounting
A field of accounting that provides economic and financial
information for managers and other internal users.
Activity-based costing (ABC)
A method of allocating overhead based on each product's use
of activities in making the product.
Balanced scorecard
A performance-measurement approach that uses both financial
and nonfinancial measures, tied to company objectives, to
evaluate a company's operations in an integrated fashion.
Board of directors
The group of officials elected by the stockholders of a
corporation to formulate operating policies and select officers
who will manage the company.
Chief executive officer (CEO)
Corporate officer who has overall responsibility for managing
the business and delegates responsibilities to other corporate
officers.
, Chief financial officer (CFO)
Corporate officer who is responsible for all of the accounting
and finance issues of the company.
Controller
Financial officer responsible for a company's accounting
records, system of internal control, and preparation of financial
statements, tax returns, and internal reports.
Corporate social responsibility
The efforts of a company to employ sustainable business
practices with regard to its employees, society, and the
environment.
Cost of goods manufactured
Total cost of work in process less the cost of the ending work in
process inventory.
Direct labor
The work of factory employees that can be physically and
directly associated with converting raw materials into finished
goods.
Direct materials
Raw materials that can be physically and directly associated
with manufacturing the finished product.
Enterprise resource planning (ERP) system
