Chapter 1 Flashcards
A detailed plan for the future that is usually expressed in formal quantitative terms.
Budget
A series of steps that are followed in order to carry out some task in a business.
Business process
The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.
Controlling
A concept whereby organizations consider the needs of all stakeholders when making decisions.
Corporate social responsibility
Selecting a course of action from competing alternatives.
Decision making
A process used by a company to identify its risks and develop responses to them that enable it to be reasonably assured of meeting its goals.
Enterprise risk management
The phase of accounting that is concerned with reporting historical financial information to external parties, such as stockholders, creditors, and regulators.
Financial accounting
A 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.
Lean Production
The phase of accounting that is concerned with providing information to managers for use within the organization.
Managerial accounting
A report that compares budgeted data to actual data to highlight instances of excellent and unsatisfactory performance.
Performance report
The process of establishing goals and specifying how to achieve them.
Planning
A part or activity of an organization about which managers would like cost, revenue, or profit data.
Segment
A company’s “game plan” for attracting customers by distinguishing itself from competitors.
Strategy
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.
Value chain
