Accounting 202 ch 1

  1. Budget
    A detailed plan for the future that is usually expressed in formal quantitative terms. (p.3)
  2. Business process 
    A series of steps that are followed in order to carry out some task in a business. (p.11)
  3. Constraint 
    Anything that prevents you from getting more of what you want. (p.12)
  4. Controlling
    The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change. (p. 3)
  5. Corporate social responsibility 
    A concept whereby organizations consider the needs of all stakeholders when making decisions. (p. 17)
  6. Decision making 
    Selecting a course of action from competing alternatives. (p. 3)
  7. Enterprise risk management
    A process used by a company to identify its risks and develop responsesto them that enable it to be reasonably assured of meeting its goals. (p. 9)
  8. Financial accounting
    The phase of accounting that is concerned with reporting historical financial information to external parties, such as stockholders, creditors, and regulators. (p. 2)
  9. Lean Production
    A management approach that organizes resources such as people and machines around the flow of business processes and that only produces units in response to customer orders. (p. 11)
  10. Managerial accounting 
    The phase of accounting that is concerned with providing information to managers for use within the organization. (p. 2)
  11. Performance report 
    A report that compares budgeted data to actual data to highlight instances of excellent and unsatisfactory performance. (p. 4)
  12. Planning 
    The process of establishing goals and specifying how to achieve them. (p. 3)
  13. Segment 
    A part or activity of an organization about which managers would like cost, revenue, or profit data. (p. 3)
  14. Strategy 
    A company's “game plan” for attracting customers by distinguishing itself from competitors. (p. 8)
  15. Theory of Constraints 
    A management approach that emphasizes the importance of managing constraints. (p. 12)
  16. Value chain
    The major business functions that add value to a company's products andservices, such as research and development, product design, manufacturing, marketing, distribution, and customer service. (p. 11)
Card Set
Accounting 202 ch 1