Ch 1 Flashcards
financial accounting
is concerned with reporting financial information to external parties, such as stockholder, creditor, and regulators
managerial accounting
is concerned with providing information to managers of the use within the organization
segment
a part or activity of an organization about which managers would like cost, revenue, or profit data
planning
involves establishing goals fand specifying how to achieve them
controlling
involves gathering feedback to ensure the the plan is being properly executed or modified as circumstances change
decision making
involves selecting a course of action form competing alternatives
budget
detailed plan for the future that is usually expressed in formal quantitative terms
performance report
compare budgeted at to actual dat in an effort to identify an learn from excellent performance and to identify and eliminate sources o unsatisfactory performance
strategy
a game plan that enable a company to attract customers by distinguishing itself form competitors
enterprise risk management
is a process used by a company to identify those risk and develop responses to them that enable it to be reasonable assured of meeting its goals
CSR
corporate and social responsibility
corporate social responsibility
is a concept whereby organizations consider the needs of all stakeholders when making decisions
business process
a series of step that are follow in order to carry out some taks in a bsuiness
value chain
the major business function that add value to a company’s products and services
lean production
management approach that organizes resources such as people and machines around the flow of business processes and that only produces units in response to customer orders
