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ACC 202
Chapter 1 Terms
14
Accounting
Undergraduate 2
01/27/2011

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Term
CFO
Definition
The memeber of the top financial team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users.
Term
Controller
Definition
The member of the top management team who is responsible for providing relevant and timely to managers and for preparing financial statements to external users
Term
Just in Time
Definition
A production and inventory system in which materials are purchased and units are produced only as needed to meet actual customer demand.
Term
Enterprise System
Definition
A software system that integrates data from across an organization into a single cenrtalized database that enables all employees to access a common set of data.
Term
Sarabanes-Oxley Act of 2002
Definition
Legislation enacted to protect the interests of stockholders who invest in publicly traded companies by improving the reliability and accuracy of the disclosures provided to them.
Term
Value Chain
Definition
The major business functions that add value to a companies products and services such as research and development, product design, manufacturing, marketing, distribution, and customer service.
Term
4 roles of a Manager
Definition
Plan, Direct and Motivate, Control, Make decisions.
Term
VP: Customer Intimacy
Definition
"Choose us because we understand and respond to your individual needs better"
EX: Starbucks
Term
VP: Operational Excellence
Definition
"Choose us because we can deliver products and services faster, more conveniently, and at a lower price."
EX: Wal Mart
Term
VP: Product Leadership
Definition
"Choose us because we offer higher quality products than our competitors."
EX: BMW
Term
Six Sigma
Definition
A process improvement method that relies on customer feedback and fact-based data gathering and analysis to drive process improvement.
Term
4 Principles of the IMA Statement of Ethical Professional Practice
Definition
honesty, fairness, objectivity, responsibility
Term
4 Standards of the IMA Statement of Ethical Professional Practice
Definition
competence, confidentiality, integrity, credibility
Term
_____________ position is directly involved in achieving the basic objectives of the organization.
Definition
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