ACG2071 UF chapter 1

future orientationprimary purpose of managerial accounting
relevance to business decisionsprimary focus of managerial accounting
AICPAworld’s largest association representing the accounting profession
audit committeesubcommittee of the BOD that is responsible for overseeing both the internal audit function and the annual financial statement audit by independent CPAs
BODbody elected by shareholders
budgetquantitative expression of a plan that helps managers implement the plan
CEOposition hired by BOD to oversee co on a daily basis
CFOposition responsible for all financial concerns
COOposition responsible for overseeing cos ops
controllerposition responsible for general financial accounting, managerial accounting, and tax reporting
controllingevaluating the results of business ops against the plan and making adjustments
cost-benefit analysisweighing costs against benefits to help make decisions
cross-functional teamscorporate teams whose members represent various functions of the org
decision makingidentifying possible courses of action and choosing among them
directingone of managements primary responsibilities; running the company on a day to day basis
ERPsoftware systems that can integrate all of a company’s worldwide functions and data into a single system
XBRLdata tagging system that enables cos to release financial and business info in a formal that can be quickly navigated
IMAprofessional org that promotes the advancement of the management accounting profession
integrated reportingprocess resulting in a report that describes how a company is creating value over time
internal audit functioncorporate function charged with assessing the effectiveness of the cos internal controls and rm policies
ISO 9001:2008quality related certification issued by ISO; extensive audits
JITinventory philosophy where product is made just in time to fulfill orders
lean thinkingphilosophy and bus strategy of operating without waste
planningsetting goals and objectives for company and deciding how to achieve them
Sarbanes-Oxley Actcongressional act that enhances internal control
sustainabilityability to meet the needs of the present without compromising the future
throughput timetime b/t buying rm and selling fg
TQMmanagement philosophy of delighting customers with superior products
triple bottom lineprofits, people, planet