Managerial Accounting Chpt 1

Front 1

Accounting Information Systems (AIS)

Back 1

a transaction processing sys. that captures financial data resulting from accounting transactions within a company

Front 2

Enterprise resource planning Systems (ERP)

Back 2

sys used to collect, organize, report, and distribute organizational data and transform that data into critical information and knowledge

Front 3

Data

Back 3

reports, such as financial statements, customer lists, and inventory records

Front 4

Information

Back 4

data that have been organized, processed and summarized

Front 5

Knowledge

Back 5

Information that have been organized, processed, and summarized

Front 6

Data Warehouses

Back 6

central depositories for electronic data

Front 7

Data Mining

Back 7

a process of searching for and extracting information from data

Front 8

Knowledge Warehouses

Back 8

Used to store and provide access to a wide variety of qualitative data

Front 9

Electronic data interchange (EDI)

Back 9

The elctronic transmission of data, such as purchase orders and invoices

Front 10

Financial Accounting

Back 10

the area of accounting primarily concerned with the preparation and use of general use financial statements for use by creditors, investors, and other users outside the company

Front 11

Managerial Accoutning

Back 11

the area of accounting primarily concerned with generating financial and nonfinancial information for users by managers in their decision-making roles within a company

Front 12

External Users

Back 12

Stockholders, potential investors, creditors, gov't taxing agencies, regulators, suppliers, customers, and other outside the company

Front 13

Internal Users

Back 13

Individual employees, teams, departments, regions, top management, and other inside the company- often referred to as managers

Front 14

Planning

Back 14

the development of both short term (operational)and long term (stategic) and goals of an organization and an identification of the resources needed to achieve them

Front 15

Operational Planning

Back 15

development of short term objectives and goals (typically those to be achieved in less than one year)

Front 16

Strategic planning

Back 16

addresses long-term questions of how an organization positions and distinguishes itself from competitors

Front 17

Operating Activities

Back 17

the day to day operations of a business

Front 18

Controlling Activities

Back 18

the motivation and monitoring of employees and the evaluation of people and other resources used in the operations of the organization

Front 19

Operations and production function

Back 19

produces the products or services that an organization sells to its customers

Front 20

Marketing function

Back 20

involved with the process of developing, pricing, promoting, and distributing goods and services sold to customers

Front 21

Finance function

Back 21

responsible for managing the financial resources of the organization

Front 22

Human Resource function

Back 22

concerned with the utilization of human resources to help an organization reach its goals

Front 23

Decision Making

Back 23

the process of identifying alternative courses of action and selecting an appropriate alternative in a given decision-making situation

Front 24

Quantitative

Back 24

can be expressed in terms of dollars or other quantities (units, pounds, etc.)

Front 25

Qualitative

Back 25

deals with nonnumerical attributes or charateristics

Front 26

Relevant Costs

Back 26

those costs that differ between alternatives

Front 27

sunk costs

Back 27

costs that have already been incurred

Front 28

Opportunity Costs

Back 28

the benefits forgone by choosing one alternative over another

Front 29

Risk

Back 29

the likelihood that an option chosen in a decision situation will yeild unsatisfactory results

Front 30

Sensitivity analysis

Back 30

the process of changing the values of key variables to determine how sensitive decisions are to those changes