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Accounting 2
Introduction to Managerial Accounting
| Term | Definition |
|---|---|
| American Institute of Certified Public Accountants | The worlds largest association representing the accounting profession |
| Audit Committee | A subcommittee of the board of directors that is responsible for overseeing both internal audits and the annual financial statement audit by independent CPAs |
| Board of Directors | The body elected by shareholders to oversee the company |
| Budget | Quantitative expression of a plan that helps mangers coordinate and implement the plan |
| Certified Management Accountant | A professional certification issued by the IMA ti designate expertise in the areas of managerial accounting, economics, and business finance |
| Chartered Global Management Accountant | A designation available to qualifying American Institute of Certified Public Accountants members that is meant to recognize the unique business and accounting skill set |
| Chief Executive Officer | CEO, position hired by the board of directors to oversee the company on a daily basis |
| Chief Financial Officer | CFO, the position responsible for all of the company's financial concerns. |
| Chief Operating Officer | COO, the position responsible for overseeing the company's operations |
| Controller | The position responsible for general financial accounting, managerial accounting, and tax reporting |
| Controlling | One of management's primary responsibilities. Evaluate the results of a business operation against the plan while making adjustments |
| Cost Benefit Analysis | Weighting cost against benefits to help make decisions |
| Cross-Functional Teams | corporate teams whose members represent various functions of the organization |
| Decision making | identify possible coursed of action and choosing among them |
| Directing | One of management's primary responsibilities. , running the company on a day-to-day basis |
| Enterprise Resource Planning | ERP, software systems that can integrate all of a companies worldwide functions, departments, and data into a single system |
| Extensible Business Reporting Language | A data tagging system that enables companies to release financial information in a format that can be quickly analyzed over the internet. |
| Institute of Management Accountants | The professional organization that promotes tehe advancement of the management accounting profession |
| Integrated Reporting | A process resulting in a report that describes how a company is creating values over time using financial, manufactured, intellectual, human, social, and natural capital |
| Internal Audit Function | The corporate function charged with assessing the effectiveness of the company's internal controls and risk management policies |
| International Financial Reporting Standards | IFRS, |
| Just-In-Time | An inventory philosophy first introduced by Toyota in which a product is manufactured just in time to fill a customers order |
| Lean Thinking | A philosophy and business strategy o operating without waste |
| Planning | One of management's primary responsibilities. , setting foals and objectives for the company and deciding how to achieve them |
| Sarbanes-Oxley Act | A congressional act that enhances internal control and financial reporting requirements and established new regulatory requirements for public traded companies and their independent auditors |
| 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 |
| Totally Quality Management | TQM, a managemnt philosophy of delighting customers with superior produce and ervices by continual setting higher goals and improving the performance of every business function |
| Treasurer | The position responsible for raising the firm's capital and investing funds |
| Triple Bottom Line | Evaluating a company's performance not only by its ability to generate economic profits but also by its impact on people and on the planet |
Created by:
Brig34828
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