Term
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Definition
1)Private- work withing an orginazation, prepare reports, analyze financial info, budgets, prepare reports, and financial statements (for managers, stakeholders, and owners)
2)Internal Auditors- private, verify accuracy of organizations internal records and validity of accounting procedures. They can find areas of mismanagement, waste, and fraud .
3)Public- provide services to clients on a fee basis. Clients such as individuals, corporations, nonprofit organizations, or government agencies.
4)Government- work for gov. agencies (local, state, and federal levels - IRS, FBI, & other s). Forensic accountants combine normal skills with investigative skills. Investigate white collar crimes (tax evasion, money laundering, and securities fraud). Serve as expert witnesses. |
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Term
| •Customers-Value. Honestly and Communication |
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Definition
o The right to be safe
o The right to be heard
o The right to choose
o The right to be informed |
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Term
| Role of Financial Standards Accounting Board(FASB) & Generally Accepted Accounting Principles (GAAP) ensure statements are |
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Definition
1) Relevant-must contain info that helps the user understand the firm’s financial performance.
2) Reliable- info must be objective, accurate, and verifiable.
3) Consistent- financial statements must be based on the same core assumptions and procedures over time. Changes must be clearly identified and described.
4) Comparable- statements must reasonably standardize to track records and compare results. |
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Term
| Universal Ethical standards |
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Definition
• Trustworthiness
• Respect
• Responsibility
• Fairness
• Caring
• Citizenship |
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Term
| •Investors- Fair stewardship and Full Disclosure |
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Definition
oLegal Requirements
oResponsible use of Corporate Dollars
oMaximize the value of firm to owners |
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Term
| •Community- Business and the Greater Good |
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Definition
o Cause-related Marketing
o Corporate philanthropy
o Corporate Responsibility |
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Term
| •Environment- Sustainable Development |
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Definition
oEnvironment is part of community
oReducing the amount of trash (more important than recycling)
oAlthough consumers support green may not want to risk quality |
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Term
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Definition
•Employees- Creating Jobs that Work
•Customers-Value. Honestly and Communication
•Investors- Fair stewardship and Full Disclosure
•Community- Business and the Greater Good
•Environment- Sustainable Development |
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Term
| •Employees- Creating Jobs that Work |
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Definition
oMeet Legal standards
oWorkplace safety
oMinimum Wage/Overtime requirements
oValue Employees
oProvide Work/Life Balance |
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Term
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Definition
1) Balance Sheets – summarizes a firm’s financial position at a specific point in time.
2) Accounting Equation: Assets= liabilities + owners equity
a) Assets- things of value the firm owns. (equipment, cash, buildings)
b) Liabilities- how much firm owes to non-owners’. (suppliers, banks, etc)
c) Owner’s Equity- claims the owners have against their firm’s assets.
3) Income Statement- summarizes firms operations over a given period of time in terms of net income. (revenue – expenses= Net income)
a) Revenue- represents increase in amount of assets.
b) Expenses- indicates the cash a firm spends or other or other assets it uses up to carry out the normal business activities.
c) Net Income- profit or loss.
4) Statement of Cash Flow- cash flowing into and out of the firm in 3 types of activities : Operations, investing, and finance. |
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Term
| Human Resource Management: Strategic |
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Definition
• Seperation
• Recruitment
• Selection
• Training
• Evaluation
• Compensattion/Benefits
• Seperation |
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Term
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Definition
• Executive Buy-in
• Clear Expectations
• Integrated Approach
• Global and local
• Whistleblower Support
• Reporting and Enforcement |
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Term
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Definition
• Off-the –Job Triaining
• Companies employ ad variety of training strategies
• Computer based Training
• On-the-Job Training
• Apprenticeships
• Management Development |
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Term
| Human Reource Management Challenges: Major Hurdles |
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Definition
• Older Workers
• Younger workers
• Women Workers
• Need for Flexibility
• Wage Gap
• Outsourcing
• Lawsuits |
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Term
| Training and Development: Honing the Competitive Edge |
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Definition
• Increase innovation
• Increase technology adaption
• Increase prodictity
• Increase motivation
• Decrease liability |
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