Cost Ch1 Key Terms

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Author:
asalbright82
ID:
167158
Filename:
Cost Ch1 Key Terms
Updated:
2012-08-23 15:37:48
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Cost Accounting Ch1 Key Terms
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Description:
Key Terms from Cost Accounting Textbook
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  1. Value Chain
    Set of activities that transforms raw resources into the goods and services that end users purchase andĀ consume.
  2. Value-Added Activities
    Those activities that customers perceive as adding utility to the goods or services they purchase.
  3. Supply Chain
    Set of firms and individuals that sells goods and servies to the firm.
  4. Distribution Chain
    Set of firms and individuals that buys and distributes goods and services from the firm.
  5. Financial Accounting
    Field of accounting that reports financial position and income according to accounting rules.
  6. Cost Accounting
    Field of accounting that measures, records, and reports information about costs.
  7. Gennerally Accepted Accounting Principles (GAAP)
    Rules, standards, and conventions that guide the preparationi of financial accounting statements for firms registerd in the U.S.
  8. International Financial Reporting Standards (IFRS)
    Rules, standards, and conventions that guide the preparation of the financial accounting statements in many other countries.
  9. Nonvalue-Added Activities
    Activities that do not add value to the good or service from the customer's perspective.
  10. Cost-Benefit Analysis
    Process of comparing benefits (often measured in savingsĀ or increased profits) with costs associated sith a proposed change within an organization.

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