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Related Flashcards
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Cards In This Set
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Cost mgmt info
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Is the info the manager needs to effectively manage the firm or organization
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Cost mgmt
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The practice of accounting in which the accountant develops and uses cost mgmt info
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Mgmt accountants
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Are the accounting professionals who develop and analyze cost mgmt info and other accounting info
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Cost mgmt info is provided for what 4 major mgmt functions?
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Strategic mgmt, planning and decision making, mgmt and operation control, and preparation of financial statements
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Strategic mgmt
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Is the development of a sustainable competitive position
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Planning and decision making
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Involves budgeting and profit planning, cash flow mgmt and other decisions related to operations
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Mgmt control
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Is the evaluation of mid-level managers by upper-level managers
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Operational control
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Takes place when mid-level managers monitor the activities of operating-level managers and employees
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Preparation of the financial statements requires managers to do what?
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Comply with the financial reporting requirements of regulatory agencies
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Managers must think________; doing so requires__________.
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Competitively; strategy
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Strategic thinking involves:
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Anticipating changes
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Strategic cost mgmt
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Is the development of cost mgmt info to facilitate the principal mgmt function, strategic mgmt
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Merchandising firms
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Purchase goods for resale; those who sell directly to customers are called retailers; those who sell to other merchandisers are called wholesalers
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Manufacturing firms
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Use raw materials, labor and manufacturing facilities and equipment to produce products; they sell to merchandising firms or to other manufacturers
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Service firms
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Provide a service to customers that offers convenience, freedom, safety or comfort
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