Chapter 1 Flashcards
Financial Accounting
The phase of accounting that is concerned with reporting historical financial information to external parties, such as stockholders, creditors, and regulators.
Managerial Accounting`
The phase of accounting that is concerned with providing information to managers for use within the organization.
Segment
A part or activity of an organization about which managers would like cost, revenue, or profit data.
Planning
The process of establishing goals and specifying how to achieve them.
Controlling
The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.
Decision Making
Selecting a course of action from competing alternatives.
Performance Report
A report that compares budgeted data to actual data to highlight instances of excellent and unsatisfactory performance.
Enterprise Risk Management
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.
Corporate Social Responsibility
A concept whereby organizations consider the needs of all stakeholders when making decisions.
Business Process
A series of steps that are followed in order to carry out some task in a business.
Value Chain
- R & D
- Product Design
- Manufacturing
- Marketing
- Distribution
- Customer Service
Lean Production
management approach that organizes resources like people & machines around the flow of business processes and that only produces units in response to customer orders. It is often called just-in-time production
