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30 Cards in this Set

  • Front
  • Back
A study of organizations that are among the best in the world at performing a particular task
A detailed plan for the future, usually expressed in formal quantitative terms
Business Process
A series of steps that are followed in order to carry out some task in a business
Chief Financial Officer
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
anything that prevents an organization or individual from getting more of what it wants
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
the manager in charge of the accounting department in an org.
Ensuring that the plan is actually carried out and is appropriately modified as circumstances change.
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
Directing and Motivating
Mobilizing people to carry out plans and run routine operations
Accounting and other reports that help managers monitor performance and focus on problems and/or opportunities that might otherwise go unnoticed
Financial accounting
The phase of accounting concerned with providing information to stockholders, creditors, and others outside the organization
Finished goods
units of product that have been completed but have not yet been sold to customers
Just-In-Time (JIT)
A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand
A position in an organization that is directly related to the achievement of the organization's basic objectives
Managerial accounting
The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making
Non-value-added activity
An activity that consumes resources or takes time but that does not add value for which customers are willing to pay
Organization Chart
A visual diagramof a company's organizational structure that depicts fromal lines of reporting, communication, and responsibility between managers
Performance Report
A detailed report comparing budgeted data to actual data
selecting a course of action and specifying how the action will be implemented
Planning and control cycle
the flow of management activities through planning, directing and motivating, and controlling, and then back to planning again
Process Reengineering
an approach to improvement that involves completely redesigning business processes in order to eliminate unnecessary steps, reduce errors, and reduce costs
Raw materials
materials that are used to make a product
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.
Activities that must be performed whenever production is swithced over from making one type of item to another
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
Theory of Constraints (TOC)
a management approach that emphasizes the importance of managing constraints
Throughput time
the time req. to manufacture a unit of product. Throughput time is also known as "Cycle Time"
Total Quality Management (TQM)
An approach to cont. improvemnt that focuses on customers and using teams of front-line workers to systematically identify and solve problems
Work in process
Units of pruduct that are only partially copmlete and will req. further work before they are ready for sale to a customer