Accounting 203 Chapter 1

  1. Budget
    A detailed plan for the future that is usually expressed in formal quantitative terms.
  2. Business Process
    A series of steps that are followed in order to carry out some task in a business.
  3. Controlling
    The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.
  4. Corporate Social Responsibility
    A concept whereby organizations consider the needs of all stakeholders when making decisions
  5. Decision Making
    Selecting a course of action from competing alternatives
  6. Enterprise Risk Management
    A process used by a company to identify its risks and develop responses to them that enable it to be reasonably assured of meeting its goals
  7. Financial Accounting
    The phase of accounting that is concerned with reporting historical financial information to external parties, such as stockholders, creditors, and regulators.
  8. 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
  9. Managerial Accounting
    The phase of accounting that is concerned with providing information to managers for use within the organization.
  10. Performance Report
    A report that compares budgeted data to actual data to highlight instances of excellent and unsatisfactory performance.
  11. Planning
    A report that compares budgeted data to actual data to highlight instances of excellent and unsatisfactory performance.
  12. Segment
    Any part or activity of an organization about which managers seek cost, revenue, or profit data
  13. Strategy
    A company’s “game plan” for attracting customers by distinguishing itself from competitors.
  14. Value Chain
    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
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davecowman
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Accounting 203 Chapter 1
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Chapter 1
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