ACG2071 UF chapter 1 – Flashcards
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future orientation
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primary purpose of managerial accounting
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relevance to business decisions
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primary focus of managerial accounting
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AICPA
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world's largest association representing the accounting profession
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audit committee
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subcommittee of the BOD that is responsible for overseeing both the internal audit function and the annual financial statement audit by independent CPAs
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BOD
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body elected by shareholders
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budget
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quantitative expression of a plan that helps managers implement the plan
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CEO
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position hired by BOD to oversee co on a daily basis
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CFO
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position responsible for all financial concerns
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COO
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position responsible for overseeing cos ops
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controller
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position responsible for general financial accounting, managerial accounting, and tax reporting
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controlling
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evaluating the results of business ops against the plan and making adjustments
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cost-benefit analysis
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weighing costs against benefits to help make decisions
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cross-functional teams
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corporate teams whose members represent various functions of the org
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decision making
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identifying possible courses of action and choosing among them
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directing
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one of managements primary responsibilities; running the company on a day to day basis
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ERP
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software systems that can integrate all of a company's worldwide functions and data into a single system
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XBRL
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data tagging system that enables cos to release financial and business info in a formal that can be quickly navigated
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IMA
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professional org that promotes the advancement of the management accounting profession
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integrated reporting
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process resulting in a report that describes how a company is creating value over time
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internal audit function
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corporate function charged with assessing the effectiveness of the cos internal controls and rm policies
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ISO 9001:2008
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quality related certification issued by ISO; extensive audits
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JIT
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inventory philosophy where product is made just in time to fulfill orders
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lean thinking
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philosophy and bus strategy of operating without waste
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planning
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setting goals and objectives for company and deciding how to achieve them
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Sarbanes-Oxley Act
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congressional act that enhances internal control
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sustainability
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ability to meet the needs of the present without compromising the future
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throughput time
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time b/t buying rm and selling fg
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TQM
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management philosophy of delighting customers with superior products
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triple bottom line
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profits, people, planet
