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Prologue Vocab
Managerial Accounting and the Business Environment
23
Accounting
Undergraduate 2
09/14/2011

Additional Accounting Flashcards

 


 

Cards

Term
Business Process
Definition
A series of steps that followed to carry out some task in a business.
Term
Chief Financial Officer (CFO)
Definition
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.
Term
Constraint
Definition
Anythign that prevents an organization or individual from getting more of what it wants.
Term
Controller
Definition
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. Reports to the CFO.
Term
Corporate Governance
Definition
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.
Term
Corporate Social Responsibility
Definition
A concept whereby organizations consider the needs of all stakeholders when making decisions. It extends beyond legal compiance to include voluntary actions that satisfy stakeholder expectations.
Term
Decentralization
Definition
The delegation of decision-making authority throughout an organization by providing managers with the authoriy to make decisions relating to their area of responsibilty.
Term
Enterprise Risk Management
Definition
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.
Term
Finished Goods
Definition
Units of product that have been completely but have not yet been sold to customers.
Term
Just-In-Time (JIT)
Definition
A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand.
Term
Lean Thinking Model
Definition
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.
Term
Line
Definition
A position in an organization that is directly related to the achievement of the organization's basic objectives.
Term
Non-Value-Added Activities
Definition
Activities that consume resources but do not add value for which customers are willing to pay.
Term
Organization Chart
Definition
A diagram of a company's organizational structure that depicts formal lines of reporting, communication, and responsibility between managers.
Term
Raw Materials
Definition
Materials that are used to make a product.
Term
Sarbanes-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
Six Sigma
Definition
A method that relies on customer feedback and objective data gathering and analyses techniques to drive process improvement.
Term
Staff
Definition
A position in an organization that is only indirectly related to the achievement of the organization's basic objectives. Such positions provide service to assistance to line positions or to other staff positions.
Term
Strategy
Definition
A "game plan" that enables a company to attract customers by distinguishing itself from the competitors.
Term
Supply Chain Management
Definition
A management approach that coordinates business processes across companies to better serve end customers.
Term
Theory of Constraints (TOC)
Definition
A management approach that emphasizes the importance of managing constraints.
Term
Value Chain
Definition
The major business functions that add value to the company's products and services such as research and development, product design, manufacturing, marketing, distribution, and customer service.
Term
Work in Process
Definition
Units of a product that are only partially complete and will require further work before they are ready for sale to a customer.
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