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Accounting Chapter 1 Vocab
Terms in this set (25)
Cost Management Information
The information developed and used to implement the organization's strategy. It consists of financial information about cost and revenues and nonfinancial information about customer retention, productivity, quality, and other key success factors for the organization.
A Profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of organization's strategy.
The development and implementation of a sustainable competitive position.
Planning and Decision Making
Budgeting and profit planning, cash flow management, and other decisions related to operations.
The monitoring of short-term operating performance; takes place when mid-level managers monitor the activities of operating-level managers and employees.
The system used by upper-level managers to evaluate the performance of mid-level managers.
Preparation of Financial Statements
Requires management to comply with the financial reporting requirements of regulatory agencies.
The ideology that promotes domestic economic growth and opposes globalization, free trade, and immigration.
Critical success factors (CSFs)
Measures of those aspects of the firm's performance that are essential to its competitive advantage and therefore to its success.
Balanced Scorecard (BSC)
An accounting report that includes the firm's critical success factors in four areas (1) financial performance, (2) customer satisfaction, (3) internal processes, and (4) learning and growth.
A graphical representation of the organization's value proposition; used to depict the series of causes and effects embodied in the various perspectives of an organization's balanced scorecard.
An analytic tool firms use to identify the specific steps required to provide a product or service to the customer.
The development of a detailed description of the specific activities perform in the firm's operations.
Business analytics (BA)
An approach to strategy implementation in which the management accountant uses data to understand and analyze business performance.
The desired cost for a product as determined on the basis of a given competitive price, so the product will earn a desired profit.
A method used to identify and monitor the costs of a product throughout its life cycle.
A process by which a firm identifies its critical success factors, studies the best practices of other firms (or other business units within a firm) for achieving these critical success factors, and in the firm's processes to match or beat the performance of those competitors.
Business Process Improvement (BPI)
A management method by which managers and workers commit to a program of continuous improvement in quality and other critical success factors.
The accounting technique that uses value streams to measure the financial benefits of a firm's progress in implementing lean manufacturing.
Theory of Constraints (TOC)
An analysis of operations that improves profitability and cycle time by identifying the bottleneck in the operation and determining the most profitable product mix given the bottleneck.
The balancing of the company's short- and long-term goals in all three dimensions of performance—social, environmental, financial.
Enterprise risk management (ERM)
A framework and process that firms use to manage the risks that could negatively affect the company's competitiveness and success.
A plan for using resources to achieve sustainable goals within a competitive environmental
A competitive strategy in which a firm outperforms competitors in producing products or services at the lowest cost.
A competitive strategy in which a firm succeeds by developing and maintain a unique value for the product (or service) as perceived by consumers.
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