managerial accounting ch 1
About this set
Created by:
25ftpersecond on February 27, 2011
Log in to favorite or report as inappropriate.
Order by
37 terms
Terms | Definitions |
|---|---|
 Planning | setting goals and objectives |
| Directing | overseeing the company's day to day operations |
| Controlling | evaluating results of operations |
| Decision Making | management is continually making decisions while it plans, directs, and controls operations |
| Companies must follow GAAP in their _________ systems. | Financial Accounting |
| Financial Accounting develops reports for external parties, such as _______ and _________ | Creditors, Stockholders |
| When Managers evaluate the company's performance compared to the plan, they are performing the ______ role of management | controlling |
| ________ are decision makers inside a company | Managers |
| _________ provides information on a company's past performance to external parties. | Financial Accounting |
| _________ systems are not restricted by GAAP, but are chosen by comparing the costs versus the benefits of the system. | Managerial Accounting |
| The ____ and the ____ report to the CEO | CFO, COO |
| The internal audit function reports to the CFO or ____ and the ____. | CEO, Audit Committee |
| The ____ is directly responsible for financial accounting, managerial accounting and tax reporting. | Controller |
| The CEO is hired by the ____ | Board of Directors |
| The ____ is directly responsible for raising capital and investing funds | treasurer |
| The ____ is directly responsible for the company's operations | COO |
| Managerial Accountants often work with ____ | Cross functional teams |
| The subgroup of the Board of Directors is called the ____ | audit committee |
| The ____ is the professional association for management accountants | IMA |
| The institute offers a professional certification called the ____, which focuses on managerial accounting topics, economics, and business finance | CMA |
| The institute finds that people holding the ____ certification earn, on average, ____% more than those without the certification | CMA, 25 |
| The Institute's monthly publication, called ____, addresses curent topics of interest to management accountants | Strategic Finance |
| The institute says that approximately ____ percent of accountants work inside of organizations, rather than at CPA firms. | 85 |
| ____ is a language that utilizes a standardized coding system companies use to tag each piece of financial and business information in a format that can be quickly and efficiently accessed over the Internet | XBRL |
| ____ involves the exchange of information with suppliers to reduce costs, improve quality, and speed delivery of goods and services from suppliers to the company and its customer. | Supply-chain management |
| The ____ was enacted to restore trust in publicly traded corporations, their management, their financial statements, and their auditors. | Sarbanes-Oxley Act of 2002 |
| The goal of ____ is to meet customers' expectations by providing them with superior products and services by eliminating defects and waste throughout the value chain. | total quality management |
| Most of the costs of adopting ERP, expanding into a foreign market, or improving quality are incurred in the ____; but most of the benefits occur in the ____ | Past, Future |
| ____ is the time between buying raw materials and selling the finished products | Throughput time |
| ____ serves the information needs of people in accounting as well as people in marketing and in the warehouse. | Enterprise resource planning |
| Firms adopt ____ to conduct business on the Internet | E-commerce |
| Firms acquire the ____ certification to demonstrate their commitment to quality | ISO 9001 : 2008 |
| ____ is a philosophy that embraces the concept that the lower the company's waste is, the lower the company's costs will be | Lean production |
| ____ is a data tagging system that enables companies to release financial and business information in a format that can be quickly, efficiently, and cost-effectively accessed, sorted, and analyzed over the internet | Extensible Business Reporting Language |
| The SEC is expected to require the adoption of ____ for all publicly traded companies within the next few year, which differs from the GAAP that companies are currently required to use | International Financial Reporting Standards |
| Toyota first pioneered an inventory philosophy in which a product is manufactured ____ to fill customer order; companies are able to substantially reduce the quantity of raw materials and finished goods inventories | just-in-time |
| ____ is a management philosophy of delighting customers with superior products and services by continually setting higher goals and improving the performance of every business function | Total quality management |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.