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23 Cards in this Set

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Managerial accounting

The form of accounting
concerning providing information
to managers for use in planning
and controlling operations and
for decision making.


Financial accounting

The form of accounting
concerning providing
information to shareholders,
creditors, and others outside
the organization.


Planning

Developing goals and specifying
how to achieve them.


Decision making



Selecting a course of action
from among alternatives.


Budget

A quantitative plan for acquiring
and using financial and other
resources over a specified future
time period.
Directing and motivating

Mobilizing people to carry out
plans and run routine operations.
Controlling

Gathering feedback to ensure
that the plan is being properly
executed or modified as necessary.
Controller

The manager in charge of the
accounting department in an
organization.


Performance reports

Detailed reports prepared on a
periodic basis that compare
budgeted data to actual data.


Planning and control cycle

The flow of management
activities through planning,
directing and motivating, and
controlling, and then back to
planning again.

Strategy

A game plan that enables a
company to attract and retain
customers by distinguishing itself
from competitors.

Segments

Any parts of an organization
that can be evaluated
independently of other parts
and about which the manager
seeks financial data.

Decentralization

The delegation of decision
making throughout an
organization by providing
managers at various operating
levels with the authority to make
key decisions relating to their
areas of responsibility.

Organization chart

A diagram of a firm’s organizational
structure that depicts formal lines
of reporting, communication, and
responsibility between managers.


Staff position

A job position that is only indirectly
related to the achievement of the
organization’s basic objectives.
Such positions are supportive in
nature in that they provide service
or assistance to line positions or to
other staff positions.
Line position

A job position that is directly
related to the achievement
of the organization’s basic
objectives.
Business process

A series of steps that are
followed to carry out some task
or activity in a business.


Just-in-time (JIT) production

A system in the lean production
model where production is not
initiated until a customer has
ordered a product.
Value chain

Consists of the major business
functions that add value to a
company’s products and services.
Enterprise system

A software system designed to
overcome problems in data
duplication, inconsistencies, and
errors by integrating data across
an organization into a single
software system.

Enterprise risk management

A process used by a company to
proactively identify and manage
foreseeable risks.

Corporate governance

A system by which a company
is directed and controlled.

Corporate social
responsibility


A concept whereby
organizations consider the
needs of all stakeholders when
making decisions.