Chapter 1 Flashcards
Budget
A detailed plan for the untrue that is usually expressed in formal quantitative terms.
Business Process
A series of steps that are followed in order to carry out some task in a business.
Controlling
The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.
Corporate Social Responsibility
A concept whereby organizations consider the needs of all stake holders when making decisions.
Decision Making
Selecting a cours of action from competing alternatives.
Financial Accounting
The phase of accounting that is concerned with reporting historical financial information to external parties, such as stock holders, creditors, and regulators.
Lean Production
A management approach that organizes resources such a s people and machines around the flow of business processes and that only produces units in response to customer orders.
Managerial Accounting
The phase of accounting that is concerned with providing information to managers for use within the organization.
Planning
The process of establishing goals and specifying how to achieve them.
Segment
A part or activity of an organization about which managers would like cost, revenue, or profit data.
Strategy
A company’s “game plan” for attracting customers by distinguishing itself from competitors.
Value Chain
The major business functions that add value to a company’s products and services, such as R&D, product design, manufacturing, marketing, distribution, and customer service.
