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ACCTChapter1

QuestionAnswer
a subcommittee of the board of directors that is responsible for overseeing both the internal audit function and the annual financial statement audit by independent CPAs audit committee
body elected by shareholders to oversee the company board of directors
quantitative expression of a plan that helps managers coordinate and implement the plan budget
professional certification issued by the IMA to designate expertise in the areas of managerial accounting, economics, and business finance certified management accountant (CMA)
position hired by the board of directors to oversee the company on a daily basis chief executive officer (CEO)
position responsible for all of the company's financial concerns chief financial officer (CFO)
position responsible for overseeing the company's operations chief operating officer (COO)
position responsible for general financial accounting, managerial accounting, and tax reporting controller
one of management's primary responsibilities; evaluating the results of business operations against the plan and making adjustments to keep the company pressing toward its goals controlling
weighing costs against benefits to help make decisions cost-benefit analysis
corporate teams whose members represent various functions of the organization, such as R&D, design, production, marketing, distribution, and customer service cross-functional teams
one of management's primary responsibilities; identifying possible courses of action and choosing among them decision making
one of management's primary responsibilities; running the company on a day-to-day basis directing
software systems that can integrate all of a company's worldwide functions, departments, and data into a single system enterprise resource planning (ERP)
data tagging system that enables companies to release financial and business information in a format that can be quickly, efficiently, and cost-effectively accessed, sorted, and analyzed over the Internet extensible business reporting language (XBRL)
the SEC has recently moved to adopt IFRS for all publicly traded companies within the next few years international financial reporting standards (IFRS)
professional organization that promotes the advancement of the management accounting profession institute of management accountants (IMA)
corporate function charged with assessing the effectiveness of the company's internal controls and risk management policies internal audit function
a quality-related certification issued by the International Organization for Standardization (ISO); comply with quality management standards set forth by the ISO and undergo extensive audits of quality management processes ISO 9001:2008
an inventory philosophy first pioneered by Toyota in which a product is manufactured just in time to fill customer orders; substantially reduce the quantity of raw materials and finished product kept on hand just-in-time (JIT)
philosophy and business strategy of manufacturing without waste lean production
one of management's primary responsibilities; setting goals and objectives for the company and deciding how to achieve them planning
congressional act that enhances internal control and financial reporting requirements and establishes new regulatory requirement for publicly traded companies and their independent auditors Sarbanes-Oxley Act of 2002 (SOX)
exchange of information with suppliers to reduce costs, improve quality, and speed delivery of goods and services from suppliers to the company itself and on to customers supply-chain management
ability to meet needs of the present without compromising the ability of future generations to meet their own needs sustainability
time between buying raw materials and selling finished products throughput time
position responsible for raising the firm's capital and investing funds treasurer
management philosophy of delighting customers with superior products and services by continually setting higher goals and improving the performance of every business function total quality management (TQM)
Created by: hmarie1503
 

 



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