Exam 1 Flashcards
(22 cards)
SWOT
Ø Internal ○ Strength ○ Weaknesses Ø External ○ Opportunities
Threats
Balanced Score card
- FCIL ○ Financial ○ Customer ○ Internal ○ Learning and Growth
Strategy Map
Is a cause and effect diagram of the relationships among the BSC perspective
Value Chain
Is an analyss Tool firms use to Identify the specific steps required to provide a product or service
Critical Success Factors
Are measures of those aspects of the Frims performance that are essential to its competitive advantage and, there fore to its success.
Core Copetencies
What we do best
Sustanability
Means the balanceing of the companies short and long term goals in all three dimensions of Performance ( social, Environmental, and Financial
Three Dimensions of Performance
Social
Environmental
And Financial
Direct Materials
Raw Materials that can be easily Traced to a Cost Object
Direct Labor
Labor that can be easily traced to a Cost Object
Cost Drivers
High Correlation between it and applying overhead
Variable Cost
Change in total but not in Rate
Fixed Cost
Change in rate but not in Total
Appied overhead
Applied to using Predetermined Overhead rate and a cost driver
Actual Overhead
Actual cost of manufacturing
How to allocate for a material under allocation
Allocate based on % of the total of WIP, FGI, GOG
Mixed Costs
A cost with both Fixed and variable cost components
Relevant Range
The range in production that the costs are relevant
Standard cost
Uses all standard rates
Actual Costing
Uses Actual costs
Normal Costing
Uses Actual Materials, Actual Labor, and Applied Overhead
Flow of Processing Raw materials to COG
Materials Purchase, Materials Inventory, WIP materials used, COG Manufactured, FG inventory, COG sale
