Chapter 1 Accounting
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28 terms
Terms | Definitions |
|---|---|
 Audit Committee | A subcommittee of the board of directors that is responsible for overseeing both the internal audit function and the annual financial statement audit by independent CPA's |
| Board of Directors | The body elected by shareholders to oversee the company. |
| Budget | Quantitative expression of a plan that helps managers coordinate and implement the plan... |
| Certified Management Accountant (CMA) | A professional certification issued by the IMA to designate expertise in the areas of managerial accounting, economics, and business finance... |
| Chief Executive Officer (CEO) | The position hired by the board of directors to oversee the company on a daily basis... |
| Chief Financial Officer (CFO) | The postion responsible for all of the companys financial concerns... |
| Chief Operating Officer (COO) | The position responsible for overseeing the companys operations... |
| Controller | The position responsible for general financial accounting, managerial accounting, and tax reporting... |
| Controlling | One of managements primary responibilities; evaluating the results of business operations against the plan and making adjustments to keep the company pressing toward its goals... |
| Cost Benefit Analysis | Weighing costs against benefits to help make decisions... |
| Cross Functional Teams | Corporate teams whose members represent various functions of the organization, such as R&D, design, production, marketing, distribution, and customer service... |
| Decision Making | One of managements primary reponsibilites; identifying possible courses of action and choosing among them... |
| Directing | One of managements primary responsibilities; running the company on a day to day basis.... |
| Enterprise Resource Planning (ERP) | Software systems that can integrate all of a companys worldwide functions, departments and data into a single system... |
| Extensible Business Reporting Language (XBRL) | 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... |
| International Financial Reporting Standards (IFRS) | The SEC has recently moved to adopt IFRS for all publicly traded companies within the next few years. In many instances IFRS vary from GAAP... |
| Institute of Management Accountants (IMA) | The professional organization that promotes the advancement of the management accounting profession... |
| Internal Audit Function | The corporate function charged with assessing the effectiveness of the companys internal controls and risk management policies... |
| ISO 9001:2008 | A quality related certification issued by the International Organization for Standardization (ISO). Firms may become ISO 9001:2008 certified by complying with the quality management standards set forth by the ISO and undergoing extensive audits of their quality management processes... |
| Just in time (JIT) | An inventory philosopy first pioneered by Toyota in which a product is manufactured just in time to fill customer orders. Companies adopting JIT are able to substantially reduce the quantity of r aw materials and finished product kept on hand... |
| Lean Production | A philosophy and business strategy of manufacturing without waste... |
| Planning | one of managements primary responsibilites; setting goals and objectives for the company and deciding how to achieve them.... |
| Sarbanes Oxley Act of 2002 (SOX) | A congressional act that enhances internal control and financial reporting requirements and establishes new regulatory requirements for publicly traded companies and their independent auditors... |
| Supply Chain Management | Exchange of information with suppliers to reduces costs, improve quality, and speed delivery of goods and services from suppliers to the company itself and on to customers... |
| Sustainability | The ability to meet the needs of the present without compromising the ability of future generations to meet their own needs... |
| Throughput Time | The time between buying raw materials and selling finished products... |
| Treasurer | The position responsible for raising the firms capital and investing funds... |
| Total Quality Management (TQM) | A management philosophy of delighting customers with superior products and services by continually setting higher goals and improving the perfomance of every business function... |
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