Accounting Chapter 1

Front 1

Benchmarking

Back 1

A study of organizations that are among the best in the world at performing a particular task

Front 2

Budget

Back 2

A detailed plan for the future, usually expressed in formal quantitative terms

Front 3

Business Process

Back 3

A series of steps that are followed in order to carry out some task in a business

Front 4

Chief Financial Officer

Back 4

Member of the top mang. team who is responsible for providing timely and relevant data to support planning and control activities anf for preparing financial statements for external users

Front 5

Constraint

Back 5

anything that prevents an organization or individual from getting more of what it wants

Front 6

Control

Back 6

Process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals

Front 7

Controller

Back 7

the manager in charge of the accounting department in an org.

Front 8

Controlling

Back 8

Ensuring that the plan is actually carried out and is appropriately modified as circumstances change.

Front 9

Decentralization

Back 9

Delegation of decision-making authority throughout an organization by providing managers at various operating levels with the authority to make key decisions relating to their area of responsibility

Front 10

Directing and Motivating

Back 10

Mobilizing people to carry out plans and run routine operations

Front 11

Feedback

Back 11

Accounting and other reports that help managers monitor performance and focus on problems and/or opportunities that might otherwise go unnoticed

Front 12

Financial accounting

Back 12

The phase of accounting concerned with providing information to stockholders, creditors, and others outside the organization

Front 13

Finished goods

Back 13

units of product that have been completed but have not yet been sold to customers

Front 14

Just-In-Time (JIT)

Back 14

A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand

Front 15

Line

Back 15

A position in an organization that is directly related to the achievement of the organization's basic objectives

Front 16

Managerial accounting

Back 16

The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making

Front 17

Non-value-added activity

Back 17

An activity that consumes resources or takes time but that does not add value for which customers are willing to pay

Front 18

Organization Chart

Back 18

A visual diagramof a company's organizational structure that depicts fromal lines of reporting, communication, and responsibility between managers

Front 19

Performance Report

Back 19

A detailed report comparing budgeted data to actual data

Front 20

Planning

Back 20

selecting a course of action and specifying how the action will be implemented

Front 21

Planning and control cycle

Back 21

the flow of management activities through planning, directing and motivating, and controlling, and then back to planning again

Front 22

Process Reengineering

Back 22

an approach to improvement that involves completely redesigning business processes in order to eliminate unnecessary steps, reduce errors, and reduce costs

Front 23

Raw materials

Back 23

materials that are used to make a product

Front 24

Segment

Back 24

any part of an organization that can be evaluated independently of other parts and about which the manager seeks financial data. Ex. product line, sales territory, division, or dept.

Front 25

Setup

Back 25

Activities that must be performed whenever production is swithced over from making one type of item to another

Front 26

Staff

Back 26

a positionin an organization that is only indirectly related to the achievement of the organization's basic objectives. Such positions provide service or assistance to line positions or to other staff positions

Front 27

Theory of Constraints (TOC)

Back 27

a management approach that emphasizes the importance of managing constraints

Front 28

Throughput time

Back 28

the time req. to manufacture a unit of product. Throughput time is also known as "Cycle Time"

Front 29

Total Quality Management (TQM)

Back 29

An approach to cont. improvemnt that focuses on customers and using teams of front-line workers to systematically identify and solve problems

Front 30

Work in process

Back 30

Units of pruduct that are only partially copmlete and will req. further work before they are ready for sale to a customer