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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 tast
A detailed plan for the future, usually expressed in formal quantitative 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 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
Chief Financial Officer
Anything that prevents an organization or individual from getting more of what it wants
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
The manager in charge of the accounting department in an organization
Ensuring that the plan is actually carried out and is appropriately modified as circumstances change
The time required to manufacture a unit of product.
Cycle Time / Throughput Time
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
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 fo 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
Just-In-Time (JIT)
A position in an organization that is directly related to the achievement of the organization's basic objective
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 of reporting, communication, and responsibility between managers
Organizational Chart
A detailed report comparing budgeted data to actual data
Performance report
Selecting a course of action and specifying how the action will be implemented
The flow of management activities through planning, directing, and motivating, and controlling, and then back to planning again
Planning and control cycle
An approach to improvement that involves completely redisigning business processes in order to eliminate unnecessary 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 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 managin 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 (TQM)
Units of product that are only partially complete and will require further work before they are ready for sale to a customer
Work in progress