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28 Cards in this Set

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Accounting system:
a formal mechanism for gathering, organizing communicating info about an organization activities.
Attention directing:
reporting and interpreting info that helps managers to focus on operating problems, imperfections, inefficiencies, and opportunities
B2B:
electronic commerce from one business to another business
B2C:
Electronic commerce from a business to customer
Behavioral implications:
the accounting system’s effect on the behavior (decisions) of managers.
Budget:
a quantitative expression of a plan of action, and an aid to coordinating and implementing the plan.
Computer-integrated manufacturing (CIM) systems:
Systems that use computer-aided design and computer-aided manufacturing, together with robots and computer-controlled machines.
Controller (comptroller):
The top accounting officer of an organization> the term comptroller is uses primarily in government organizations.
Cost-benefit balance:
weighing estimated costs against probable benefits, the primary consideration in choosing among accounting systems and methods
Decision making:
the purposeful choice from among a set of alternative courses of action designed to achieve some objective.
E-procurement:
buying manufacturing or operating inputs electronically.
Financial accounting:
the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.
Foreign Corrupt Practices Act:
US law forbidding bribery and other corrupt practices, and requiring that accounting records be maintained in reasonable detail and accuracy, and that an appropriate system of internal accounting controls be maintained.
Generally accepted accounting principles (GAAP):
broad concepts or guidelines and detailed practices, including all conventions, rules, and procedures, that together make up accepted accounting practice at a given time.
Institute of Management Accountants (IMA):
the largest US professional organization of accountants whose major interest is management accounting.
Just-in-time (JIT) philosophy:
a philosophy to eliminate waste by reducing the time products spend in the production process and eliminating the time products spend on activities that do not add value.
Line authority:
authority exerted downward over subordinates
Management accounting:
the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information that helps manager fulfill organizational objectives.
Management audit:
a review to determine whether the policies and procedures specified by top management have been implemented
Management by exception:
concentrating on areas that deviate from the plan and ignoring areas that are presumed to be running smoothly
Performance reports:
feedback provided by comparing results with plans and by highlighting variances
Problem solving:
the aspect of accounting that quantifies the likely results of possible courses of action and often recommends the best course of action to follow
Product life cycle:
the various stages through which a product passes, from conception and development through introduction into the market through maturation and finally, withdrawal from the market.
Scorekeeping:
the accumulation and classification of data
Staff authority:
authority to advise but no command. It may be exerted downward, laterally, or upward.
Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management:
Codes of conduct developed by the Institute of Management Accounting; these codes include competence, confidentiality, integrity, and objectivity.
Value chain:
the set of business functions that add value to the products or services on an organization.
Variances:
deviations from plans