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22 terms

Week 5

STUDY
PLAY
Organizational culture
The set of important assumptions about the organization and its goals and practices that members of the company share
External audit
An evaluation conducted by one orgaization, such as a CPA firm, on another
Accounting audit
Procedures used to verify accounting reports and statements
Activity-based costing (ABC)
A method of cost accounting designed to identify streams of activity and then to allocate cost accross paticular business processes according to the amount of time employees devote to paticular actvities
Feedback control
Control that focuses on the use of information about previous results to correct deviations from the acceptable standard
Principle of exception
A managerial prinicpal stating that control is by concentrating on the exceptions or significant deviations from the expected result or standard
Assets
The value of various items the company owns
Feedforward control
The control process before operations begin, including policy and procedures, and rules designed to ensure that planned activities are carried out properly
Profit and loss statement
An itimized financial statement of the income and expenses of a company's operation
Balance sheet
A report that shows the financial picture at a company at a given time and itimizes assets, liablities and stockholders equity
Internal audit
A periodic assesment of a company's own planning, orgainizing, leading and controlling processes.
Return on investment (ROI)
A ratio of profit to capital used, or a rate of return from capital
Budgeting
The process of investigating what is being done and compairing the results with the corresponding budget data to verify accomplishmets or remedy the differences. Also called bugetary controlling.
Liabilities
The amounts a corporation owes to various creditors
Standard
Expected performance for a given goal; a target that establishes a desired performance level, motovates performance and serves as a benchmark against which actual performance is assesed
Bureaucratic control
The use of rules and regulations, and authority to guide performance
Mangement audit
An evaluation of the effectiveness and efficiency of various systems within an orgaization
Stockholders equity
The amount accruing to the corporations owners
Clan control
Control based on the norms, values, shared goals, and trust among group members
Mangement myopia
Focusing on short-term earnings and profits at the expense of long-term stratigic obligations
Control
Any process that directs the activities of individuals toward the achievement of organizational goals
Market control
Control based on the use of pricing mechinisms and economic information to regulate activities within organizations