Managerial Accounting

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Author:
rebekaheh
ID:
28892
Filename:
Managerial Accounting
Updated:
2010-08-25 18:57:22
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Chapter One
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Description:
Managerial Accounting and the Business Enviornment
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  1. the member of the top management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users.
    Chief Financial Officer (CFO)
  2. A series of steps that are followed to carry out some task in a business.
    Business Process
  3. Anything that Prevents an organization or individual from getting more of what it wants
    Constraint
  4. 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. the _____reports to the CFO
    Controller
  5. 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 interests of the company and it should effectively monitor performance.
    Corporate governance
  6. A concept whereby organizations consider the needs of all stakeholders when making decisions. it extends beyond legal compliance to include voluntary actions that satisfy stakeholder expectations.
    Corporate social Responsibility
  7. The delegation of decision-making authority throughout an organization by providing managers with the authority to make decisions relating to their area of responsibility.
    Decentralization
  8. 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 meeting its goals.
    Enterprise Risk Management
  9. Units of product that have been completed but have not yet been sold to customers.
    Finished Goods
  10. A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demands
    Just-in-time (JIT)
  11. A five-step management approach that organizes resources around the flow of business processes and that pulls units through these processes in response to customer orders.
    Lean thinking model
  12. A position in an organization that is directly related to the achievement of the organization's basic objectives
    Line
  13. Activities that consume resources but do not add value for which sustomers are willing to pay
    Non-value -added activites
  14. A diagram of a company's organizational structure that depicts formal lines of reporting, communications, and responsibility between managers.
    Organization Chart
  15. Materials that are used to make a product
    Raw Materials
  16. Legislation encated to protect the interests of stockholders who invest in publicly traded companies by improving the reliability and accuracy of the disclosures provided to them.
    Sarbanes-Oxly Act of 2002
  17. A method that relies on customer feedback and objective data gathering and analysis techniques to drive process improvement.
    Six Sigma
  18. 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.
    Staff
  19. A "game plan" that enables a company to attract customers by distinguishing itself from competitors
    Strategy
  20. A management approach that coordinates business processes across companies to better serve end consumers.
    Supply chain management
  21. A Management approach that emphasizes the importance of managing constraints
    Theory of Constraints (TOC)
  22. 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.
  23. 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
  24. Units of products that are only partially complete and will require further work before they are ready for sale to a customer.
    Work in Process

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