Chapter 1
Accounting 202 with Trombly at Michigan State University
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By: Tommy Hesslau
Created: 2011-01-25
Size: 34 flashcards
Views: 13
Created: 2011-01-25
Size: 34 flashcards
Views: 13
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budget
a detailed plan for the future, usually expressed in formal quantitative terms
business process
a series of steps that are followed to carry out some task in a business
chief financial officer (CFO)
member of the top management team who is responsible for providing timely relevant date to support planning/control activities and for preparing financial statements for external users
constraint
anything that prevents an organization or individual from getting more of what it wants
control
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
controller
the member of the top management team who is responsible for providing relevant and timely data to managers and for preparing financial statements for external users. reports to CFO.
controlling
ensuring that the plan is actually carried out and is appropriately modified as circumstances change
corporate governance
the system by which a company is directed and controlled. if properly implemented it should provide incentives for top management to pursue objectives that are in the interest of the company and it should effectively monitor performance
decentralization
the delegation of decision-making authority throughout an organization by providing managers with the authority to make decisions relating to their area of responsibility
directing and motivating
mobilizing people to carry out plans and run routine operations
enterprise system
a software system that integrates data from across an organization into a single centralized database that enables all employees to access a common set of data.
enterprise risk management
a process used by a company to help identify the risks that it faces and to develop responses to those risks that enable the company to be reasonably assured of meetings its goals
feedback
accounting and other reports that help managers monitor performance and focus on problems and/or opportunities that might otherwise go unnoticed
financial accounting
the phase of accounting concerned with providing info to stockholders, creditors, and other outside organizations
finished goods
units of product that have been completed but have not yet been sold to customers
just-in-time (JIT)
a production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand
lean thinking model
a 5 step management approach that organizes resources around the flow of business processes and that pulls units through these processes in response to customer orders
line
a position in an organization that is directly related to the achievement of the organization's basic objectives
managerial accounting
the phase of accounting concerned with providing info to managers for use inside the organization
non-value-added activities
activities that consume resources but do not add value for which customers are willing to pay
organization chart
a diagram of a company's organizational structure that depicts formal lines of reporting, communication, and responsibility between managers
performance report
a detailed report comparing budgeted data to actual data
planning
selecting a course of action and specifying how the action will be implemented
planning and control cycle
the flow of management activities through planning,directing and motivating, and controlling, and then back to planning again
raw materials
materials that are used to make a product
sarbanes-oxley act of 2002
legislation enacted to protect the interests of stockholders who invest in publicly traded companies by improving the reliability and accuracy of the disclosures provided to them
segment
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
six sigma
a method that relies on customer feedback and objective data gathering and analysis techniques to drive process improvement
staff
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
strategy
a 'game plan' that enables a company to attract customers by distinguishing itself from competitors
supply chain management
a management approach that coordinates business processes across companies to better serve end consumers
theory of constraints (TOC)
a management approach that emphasizes the importance of managing constraints
value chain
the major business functions that add value to a company's products and services such as research and development, product design, manufacturing, marketing, distribution, and customer service
work in process
units of product that are only partially complete and will require further work before they are ready for sale to a customer
About this deck
By: Tommy Hesslau
Created: 2011-01-25
Size: 34 flashcards
Views: 13
Created: 2011-01-25
Size: 34 flashcards
Views: 13
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have been getting MUCH better grades on all my tests for school. Flash cards, notes, and quizzes are great on here. Thanks!”
Kathy
Kathy