Chapter 1: Managerial Accounting
Overview
budget - correct answer-a detailed plan for the future that is usually expressed in formal,
quantitative terms
business process - correct answer-a series of steps that are followed in order to carry out
some task in a business
controlling - correct answer-the process of gathering feedback to ensure that a plan is being
properly executed or modified as circumstances change
corporate social responsibility - correct answer-a concept whereby organizations consider
the needs of all stakeholders when making decisions
decision making - correct answer-selecting a course of action from competing alternatives
enterprise risk management - correct answer-a process used by a company to identify its
risks and develop responses to them that enable it to be reasonably assured of meeting its
goals
financial accounting - correct answer-the phase of accounting that is concerned with
reporting historical financial information to external parties, such as stockholders, creditors,
and regulators
lean production - correct answer-a management approach that organizes resources such as
people and machines around the flow of business processes and that only produces units in
response to customer orders
managerial accounting - correct answer-the phase of accounting that is concerned with
providing information to managers for use within the organization
performance report - correct answer-a report that compares budgeted data to actual data to
highlight instances of excellent and unsatisfactory performance
planning - correct answer-the process of establishing goals and specifying how to achieve
them
segment - correct answer-a part or activity of an organization about which managers would
like cost, revenue, or profit data
strategy - correct answer-a company's "game plan" for attracting customers by distinguishing
itself from competitors
Overview
budget - correct answer-a detailed plan for the future that is usually expressed in formal,
quantitative terms
business process - correct answer-a series of steps that are followed in order to carry out
some task in a business
controlling - correct answer-the process of gathering feedback to ensure that a plan is being
properly executed or modified as circumstances change
corporate social responsibility - correct answer-a concept whereby organizations consider
the needs of all stakeholders when making decisions
decision making - correct answer-selecting a course of action from competing alternatives
enterprise risk management - correct answer-a process used by a company to identify its
risks and develop responses to them that enable it to be reasonably assured of meeting its
goals
financial accounting - correct answer-the phase of accounting that is concerned with
reporting historical financial information to external parties, such as stockholders, creditors,
and regulators
lean production - correct answer-a management approach that organizes resources such as
people and machines around the flow of business processes and that only produces units in
response to customer orders
managerial accounting - correct answer-the phase of accounting that is concerned with
providing information to managers for use within the organization
performance report - correct answer-a report that compares budgeted data to actual data to
highlight instances of excellent and unsatisfactory performance
planning - correct answer-the process of establishing goals and specifying how to achieve
them
segment - correct answer-a part or activity of an organization about which managers would
like cost, revenue, or profit data
strategy - correct answer-a company's "game plan" for attracting customers by distinguishing
itself from competitors
