An amount recorded on the left side of the T account Credit An amount recorded on the right side of the T account Normal balance The side of the account that is increased Chart of accounts A list of accounts used by a business

An amount recorded on the left side of the T account

Credit

An amount recorded on the right side of the T account

Normal balance

The side of the account that is increased

Chart of accounts

A list of accounts used by a business

Accounts payable

Amounts to be paid in the future for goods and services already acquired.

Accounts receivable

Amounts to be received in the future due to the sale of goods or services.

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.

 

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