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ACCTChapter1
| Question | Answer |
|---|---|
| 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