Managerial Accounting Chapter 1
Questions And Answers
Budget - ANS A detailed plan for the future that is usually expressed in formal quantitive
term
Business process - ANS A series of steps that are followed in order to carry out some task
in a business.
Constraint - ANS Everything that prevents you from getting more of what you want.
Controlling - ANS The process of gathering feedback to ensure that a plan is being
properly executed or modified as circumstance change.
Corporate social responsibility - ANS A concept whereby organizations consider the needs
of an stakeholders when making decision.
Decision making - ANS Selecting a course form competing alternatives.
Enterprise risk management - ANS 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 - ANS The phase of accounting that is concerned with reporting
historical financial information to external parties such as stockholders creditors and regulators.
Lean Production - ANS 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 order.
Managerial accounting - ANS The phrase of accounting that is concerned with providing
information to managers for use with in the organization.
Segment - ANS A part or activity of an organization about which managers would like cost
revenue or profit data.
Strategy - ANS A company's "game plan" for attracting customers by distinguishing itself
form competitors.
Questions And Answers
Budget - ANS A detailed plan for the future that is usually expressed in formal quantitive
term
Business process - ANS A series of steps that are followed in order to carry out some task
in a business.
Constraint - ANS Everything that prevents you from getting more of what you want.
Controlling - ANS The process of gathering feedback to ensure that a plan is being
properly executed or modified as circumstance change.
Corporate social responsibility - ANS A concept whereby organizations consider the needs
of an stakeholders when making decision.
Decision making - ANS Selecting a course form competing alternatives.
Enterprise risk management - ANS 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 - ANS The phase of accounting that is concerned with reporting
historical financial information to external parties such as stockholders creditors and regulators.
Lean Production - ANS 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 order.
Managerial accounting - ANS The phrase of accounting that is concerned with providing
information to managers for use with in the organization.
Segment - ANS A part or activity of an organization about which managers would like cost
revenue or profit data.
Strategy - ANS A company's "game plan" for attracting customers by distinguishing itself
form competitors.
