ACCT 329 - Chapter 1
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Created by:
cowboys_84 Plus on February 6, 2012
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21 terms
Terms | Definitions |
|---|---|
 Financial Accounting | Focuses on reporting to external parties such as investors, government agencies, banks, and suppliers. |
| Management Accounting | Measures, analyzes, and reports financial and nonfinancial information that helps managers make decisions to fulfill the goals of an organization |
| Cost Accounting | Measures, analyzes, and reports financial and nonfinancial information relating to the costs of acquiring or using resources in an organization |
| Cost Management | The approaches and activities of managers to use resources to increase value to customers and to achieve organizational goals |
| Strategy | Specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives |
| Strategic Cost Management | Cost management that specifically focuses on strategic issues |
| Value Chain | The sequence of business functions in which customer usefulness is added to products |
| Primary Business Functions | ●Research and Development ●Design of Products and Processes ●Production ●Marketing ●Distribution ●Customer Service |
| Supply Chain | Describes the flow of goods, services, and information from the initial sources of materials and services to the delivery of products to consumers, regardless of whether those activities occur in the same organization or in other organizations |
| Key Success Factors | ●Cost and Efficiency ●Quality ●Time ●Innovation |
| Decision Making Process | ●Identify the problem and uncertainties ●Obtain information ●Make predictions about the future ●Make decisions by choosing among alternatives ●Implement the decision, evaluate performance, and learn |
| Planning | Comprises selecting organization goals and strategies, predicting results under various alternative ways of achieving those goals, deciding how to attain the desired goals, and communicating the goals and how to achieve them to the entire organization |
| Budget | The quantitative expression of a proposed plan of action by management and is an aid to coordinating what needs to be done to execute that plan |
| Control | Comprises taking actions that implement the planning decisions, deciding how to evaluate performance, and providing feedback and learning to help future decision making |
| Learning | Examining past performance (the control function) and systematically exploring alternative ways to make better-informed decisions and plans in the future |
| Cost-Benefit Approach | Approach to decision-making and resource allocation based on a comparison of the expected benefits from attaining company goals and the expected costs |
| Line Management | Directly responsible for attaining the goals of the organization, such as production, marketing, and distribution management |
| Staff Management | Provides advice, support, and assistance to line management, such as management accountants and information technology and human-resources management |
| Chief Financial Officer (CFO) | ●The executive responsible for overseeing the financial operations of an organization ●Also called the finance director |
| Responsibilities of CFOs | ●Controllership ●Treasury ●Risk Management ●Taxation ●Investor Relations ●Internal Audit |
| Controller | ●The financial executive primarily responsible for management accounting and financial accounting ●Also called the chief accounting officer |
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