Budget -ANSWER A detailed plan for the future that is usually expressed in
formal quantitative terms.
Business Process -ANSWER A series of steps that are followed in order to carry
out some task in a business.
Controlling -ANSWER The process of gathering feedback to ensure that a plan is
being properly executed or modified as circumstances change.
Corporate Social Responsibility -ANSWER A concept whereby organizations
consider the needs of all stakeholders when making decisions.
Decision Making -ANSWER Selecting a course of action from competing
alternatives
Detective Control -ANSWER A control that detects undesirable events that have
already occurred.
Enterprise Risk Managment -ANSWER A process use by a company to identify
its risks and develop responses that enable it to be reasonably assured of meeting
its goals
Financial Accounting -ANSWER The phase of accounting that is concerned with
reporting historical financial information to external parties, such as stockholders,
creditors, and regulators.
Managerial Accounting -ANSWER The phase of accounting that is concerned
with providing information to managers for use within the organization
, Performance Report -ANSWER A report that compares budgeted data to actual
data to highlight instances of excellent and unsatisfactory performance
Planning -ANSWER The process of establishing goals and specifying how to
achieve them.
Preventative Control -ANSWER A control that deters undesirable events from
occuring
Segment -ANSWER Any part of activity of an organization about which
managers seek cost, revenue, and profit data.
Strategy -ANSWER A company's game plan for attracting customers by
distinguishing itself from competitors.
Value Chain -ANSWER The major business functions that add value to a
compay's products and services such as research and development, product design,
manufacturing, marketing, distribution, and customer service.
4 Standards of Ethical Personal Practice -ANSWER 1. Competence
2. Confidentiality
3. Integrity
4. Accountability
Examples of Preventative Controls -ANSWER 1. Authorizations
2. Segregation of Duties
3. Physical Safeguards
Examples of Detective Controls -ANSWER 1. Reconciliations
2. Performance Reviews
3. Maintaining Records
Activity Base - ANSWER A measure of whatever causes the incurrence of a
variable cost. For example, the total cost of surgical gloves in a hospital will
increase as hte number of surgeries increases. Therefore, the number of surgeries
in the activity base that explaines th total cost of surgical gloves.
Administrative Costs - ANSWER All executive, organizational, clerical costs
associated with the general management of an organization rather than with
manufacturing or selling.
formal quantitative terms.
Business Process -ANSWER A series of steps that are followed in order to carry
out some task in a business.
Controlling -ANSWER The process of gathering feedback to ensure that a plan is
being properly executed or modified as circumstances change.
Corporate Social Responsibility -ANSWER A concept whereby organizations
consider the needs of all stakeholders when making decisions.
Decision Making -ANSWER Selecting a course of action from competing
alternatives
Detective Control -ANSWER A control that detects undesirable events that have
already occurred.
Enterprise Risk Managment -ANSWER A process use by a company to identify
its risks and develop responses that enable it to be reasonably assured of meeting
its goals
Financial Accounting -ANSWER The phase of accounting that is concerned with
reporting historical financial information to external parties, such as stockholders,
creditors, and regulators.
Managerial Accounting -ANSWER The phase of accounting that is concerned
with providing information to managers for use within the organization
, Performance Report -ANSWER A report that compares budgeted data to actual
data to highlight instances of excellent and unsatisfactory performance
Planning -ANSWER The process of establishing goals and specifying how to
achieve them.
Preventative Control -ANSWER A control that deters undesirable events from
occuring
Segment -ANSWER Any part of activity of an organization about which
managers seek cost, revenue, and profit data.
Strategy -ANSWER A company's game plan for attracting customers by
distinguishing itself from competitors.
Value Chain -ANSWER The major business functions that add value to a
compay's products and services such as research and development, product design,
manufacturing, marketing, distribution, and customer service.
4 Standards of Ethical Personal Practice -ANSWER 1. Competence
2. Confidentiality
3. Integrity
4. Accountability
Examples of Preventative Controls -ANSWER 1. Authorizations
2. Segregation of Duties
3. Physical Safeguards
Examples of Detective Controls -ANSWER 1. Reconciliations
2. Performance Reviews
3. Maintaining Records
Activity Base - ANSWER A measure of whatever causes the incurrence of a
variable cost. For example, the total cost of surgical gloves in a hospital will
increase as hte number of surgeries increases. Therefore, the number of surgeries
in the activity base that explaines th total cost of surgical gloves.
Administrative Costs - ANSWER All executive, organizational, clerical costs
associated with the general management of an organization rather than with
manufacturing or selling.
