Accounting CH 121 cards

Tagged as: accounting, business, act, marketing

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1

Constraint

Anything that prevents an organization or individual from getting more of what it wants

2

Controller

the member of the top management team who is responsible for provding relavant and timely data to managers and for preparing financial statments for external users. the controller reports to the CFO

3

Corporate governance

The system by which a company is derected and controlled. if properly implemented it should provide incentives for top management to pursue objective that are in the interest of the company and it should effectively monitor performance

4

Corporate social responsibility

A concept whereby organizations consider the needs of all stakeholders when making decision. it extends beyond legal compliance to includevoluntary actions that satisfy stakeholder expectations

5

Decentralization

The delegation of decision-making authority throughout an organization by providing managers with the authrity to make decisions relation to their area of responsiblitity

6

Enterprise risk management

a process used by a company to help identify the risk that it faces and to develop responses to those risks that enable the company to be reasonably assured of meeting its goals

7

Finished Good

Units of pructs that have bee completed but not yet sold

8

9

lean thinking model

a 5 step management approach that organizes resoucres around the flow of business process and that pulls units through these process in response to customer order

10

Line

A position in an organization that is directly related to the achievement of the organization's basic objectives

11

Non-value-added activities

Activities that consume resource but do not add value for which customers are willing to pay

12

Organization Chart

A diagram of a company's organizational stucture that depicts formal lines of reporting, comummunication, and responsibilitiy between managers

13

Raw materials

Materials that are used to make a product

14

Sarbanes-Oxley act of 2002

Legislation enacted to protect the interrest of stockholders who invest in publicly traded companies by improving the reliability and accuracy of the discloseures provided to them

15

Six Sigma

A method that relies on customer feedback and objective data gathering and analysis techniques to drive process improvement

16

Staff

A position in an organization that is only indirectly related to the achievement of the organization's basic objectives. such position provide service or assistance to line positions or to other staff poistions

17

Strategy

A game plan that enables a company to attract customers by distinguishing itself from others

18

Supply Chain management

A manegement approach that coordinates business processes across companies to better serve and consumers

19

Theory of Constraints

A management approach that emphasizes the importance of managing constraints

20

Value Chain

The major bussiness functions that ass value to a company's products and services such as researches and developement product design and manufacturing, marketing, distribution, and customer service

21

Work in Process

units of product that are only partially complete and will require further work before they are ready for sale to a customer