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27 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 quantatative terms.
A series of steps that are followed in order to carry out some task in a business.
Business process
The member of the top mgmt team who is responsible for providing timely and relevant data to support planning and control activities and for preparing finiancial statements for external users. An effective ________ is a key member of the top mgmt team whose advice is sought in all major decisions.
Chief Financial Officer
Anything that prevents an organization or individual from getting more of what it wants.
The manager in charge of the accounting dept in an organization.
Ensuring that the plan is actually carried out and is appropriately modified as circumstances change.
The delegation of decision-making authority to make key decisions relating to their area of responsibility.
Mobilizing people to carry out plans and run routine operations.
Directing and motivating
Accounting and other reports that help managers monitor performance and focus on problems and/or opportunities that might otherwise go unnoticed.
The phase of accounting concerned with providing information to stockholders, creditors, and others outside the organization.
Financial Accounting
Units of product that have been completed but have not yet been sold to customers
Finished Goods
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.
The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making.
Managerial Accounting
An activity that consumes resources or takes time but that does not add value for which customers are willing to pay.
Non-value-added activity
A visual diagram of a company's organizational structure that depicts formal lines or reporting, communication, and responsibility between managers
Organization chart
A detailed report comparing budgeted data to actual data.
Performance report
The flow of management activites through planning, directing, motivating, and controlling, then back to planning again.
Planning and control cycle
An approach to improvement that involves completely redesigning business processes in order to eliminate unnescessary steps, reduce errors, and reduce costs.
Process Reengineering
Materials that are used to make a product.
Raw materials
Any part of an organization that can be evaluated independently of other parts and about which the manager seeks financial data. Examples include a product line, a sales territory, a division, or a department.
Activities that must be performed whenever production is switched over from making one type of item to another.
A position in 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.
A management approach that emphasizes the importance of managing constraints.
Theory of Constraints (TOC)
An approach to continuous improvement that focuses on customers and using teams of front-line workers to systematically identify and solve problems.
Total Quality Management
Units of product that are only partially complete and will require further work before they are ready for sale to a customer.
Work in process