Exam (elaborations)
AC642 Exam 1 Questions And Answers Latest Update
- Course
- AC642
- Institution
- Boston University
AC642 Exam 1 Questions And Answers Latest Update
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Solution 2024/2025Pepper
AC642 Exam 1 Questions And Answers Latest
Update
Accounting Information System ANS✔✔ A system consisting of interrelated
manual and computer parts that uses processes such as collecting,
recording, summarizing, analyzing (using decision models), and managing
data to provide output information to users
Financial accounting ANS✔✔ The branch of the accounting system that is
concerned with the preparation of financial reports for users external to the
organization
Cost management ANS✔✔ Identifies, collects, measures, classifies, and
reports information that is useful to managers in costing (determining what
something costs), planning, controlling, and decision making
Cost accounting information system ANS✔✔ A cost management subsystem
designed to assign costs to individual products and services and other
objects as specified by management
Operational control information system ANS✔✔ A cost management
subsystem designed to provide accurate and timely feedback concerning
the performance of managers and others relative to their planning and
control of activities
Enterprise resource planning (ERP) software ANS✔✔ Software that has the
objective of providing an integrated system capability - a system that can
, Solution 2024/2025
Pepper
run all the operations of a company and provide access to real-time data
from the various functional areas of a company
Electronic commerce (e-commerce) ANS✔✔ Any form of business that is
executed using information and communications technology
Electronic data interchange (EDI) ANS✔✔ An inventory management
method that allows suppliers access to a buyer's online database
Supply chain management ANS✔✔ The management of products and
services from the acquisition of raw materials through manufacturing,
warehousing, distribution, wholesaling, and retailing
Theory of constraints ANS✔✔ Method used to continuously improve
manufacturing activities and nonmanufacturing activities
Just-in-time (JIT) manufacturing ANS✔✔ a demand-pull system that strives to
produce a product only when it is needed and only in the quantities
demanded by customers
Lean manufacturing ANS✔✔ An approach designed to eliminate waste and
maximize customer value; characterized by delivering the right product, in
the right quantity, with the right quality (zero-defect), at the exact time the
customer needs it and at the lowest possible cost
Value chain ANS✔✔ The set of activities required to design, develop,
produce, market, distribute, and service a product (the product can be a
service)
, Solution 2024/2025
Pepper
Target costing ANS✔✔ A method of determining the cost of a product or
service based on the price that customers are willing to pay. Also referred to
as price-driven costing
Activity-based management ANS✔✔ An advanced control system that
focuses management's attention on activities with the objective of
improving the value received by the customer and the profit received by the
customer and the profit received by providing this value. It includes driver
analysis, activity analysis, and performance evaluation and draws on
activity0based costing as a major source of information
Sustainable development ANS✔✔ Development that meets the needs of the
present without compromising the ability of future generations to meet their
own needs
Total quality management ANS✔✔ A philosophy that requires managers to
strive to create an environment that will enable workers to manufacture
perfect (zero-defects) products
Line positions ANS✔✔ A position in an organization filled by an individual
who is directly responsible for carrying out the organization's basic
objectives
Staff positions ANS✔✔ A position in an organization filled by an individual
who provides support for the line function; thus, a staff person is only
indirectly involved with the basic objectives of an organization
Controller ANS✔✔ The chief accountant of an organization
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