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30 Cards in this Set
- Front
- Back
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A study of organizations that are among the best in the world at performing a particular tast
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Benchmarking
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A detailed plan for the future, usually expressed in formal quantitative terms
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Budget
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A series of steps that are followed in order to carry out some task in a business
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Business Process
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The member of the top management team who is responsible for providing timely and relevent data to support planning and control activities and for preparing financial statements for external users. An effective CFO is a key member of the top management team whose advice is sought in all major decisions
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Chief Financial Officer
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Anything that prevents an organization or individual from getting more of what it wants
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Constraint
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The 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
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Control
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The manager in charge of the accounting department in an organization
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Controller
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Ensuring that the plan is actually carried out and is appropriately modified as circumstances change
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Controlling
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The time required to manufacture a unit of product.
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Cycle Time / Throughput Time
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The 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
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Decentralization
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Mobilizing people to carry out plans and run routine operations
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Directing and motivating
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Accounting and other reports that help managers monitor performance and focus on problems and/or opportunities that might otherwise fo unnoticed
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Feedback
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The phase of accounting concerned with providing information to stockholders, creditors, and others outside the organization
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Financial accounting
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Units of product that have been completed but have not yet been sold to customers
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Finished goods
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A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand
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Just-In-Time (JIT)
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A position in an organization that is directly related to the achievement of the organization's basic objective
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Line
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The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making
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Managerial accounting
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An activity that consumes resources or takes time but that does not add value for which customers are willing to pay
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Non-value-added activity
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A visual diagram of a company's organizational structure that depicts formal lines of reporting, communication, and responsibility between managers
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Organizational Chart
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A detailed report comparing budgeted data to actual data
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Performance report
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Selecting a course of action and specifying how the action will be implemented
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Planning
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The flow of management activities through planning, directing, and motivating, and controlling, and then back to planning again
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Planning and control cycle
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An approach to improvement that involves completely redisigning business processes in order to eliminate unnecessary steps, reduce errors, and reduce costs
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Process Reengineering
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Materials that are used to make a product
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Raw materials
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Any part of an organization that can be evaluated independently of other parts and about which the manager seeks financial data. Examples include product line, a sales territory, a division, or a department
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Segment
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Activities that must be performed whenever production is switched over from making one type of item to another
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Setup
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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
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Staff
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A management approach that emphasizes the importance of managin constraints
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Theory of Constraints (TOC)
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An approach to continuous improvement that focuses on customers and using teams of front-line workers to systematically identify and solve problems
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Total Quality Management (TQM)
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Units of product that are only partially complete and will require further work before they are ready for sale to a customer
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Work in progress
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