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18 Cards in this Set
- Front
- Back
Financial Accounting |
the summarizing and receiving of the past financial transactions of a company in order for the information to used by internal and external decision-makers. |
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Managerial Accounting |
the summarizing of various types of future data for managers to use results in various internal reports decision-makers only. |
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Management Accountants are... |
strategic business partners who understand the financial and operational sides of the business. |
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Managerial accounting helps manager's perform 3 vital activities? |
Planning, controlling, and decision-making |
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C.S.R. |
Corporate Social Responsibility is when a company takes in consideration the needs of ALL stakeholders when making decision, for the sole reason the company's social performance can IMPACT its financial performance. |
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ERM |
Enterprise Risk Management is a process used in identifying risk(s) in order to develop a response(s) therefore, increasing the success of meeting the company's goals |
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The primary difference between managerial and financial accounting |
Managerial accounting provides financial data for internal use within the organization, whereas financial accounting provides data for internal and external users. |
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What are the measurements in which management accountants use to report and analyze both financial and non-financial ? |
Profits, processes, people, and planet |
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The management activity of ________ includes specifying how to achieve estimate goals. |
planning |
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Controlling involves: |
to gather feedback to ensure plans are being properly or modified as needed |
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Planning involves: |
to establish goals and specify how to achieve them |
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Companies have corporate social responsibility to serve |
all stakeholders such as employees, customers, communities, and suppliers |
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Value Chain |
A major business function that add value to a company's products and services. |
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What is likely result of ethical standards |
higher quality goods, lower prices, more to choose from |
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Management accountant has ethical responsibilities in the area of |
maintaining a high level of professional competence. |
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Companies should provide ____ & __ with greenhouse has emissions data child labor transparency, and recycling and resource conservation data. |
environment and human rights advocates |
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What are the basic questions asked during the decision-making process? |
what should we be selling? who should we be servicing? how should we execute? |
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What are the managerial accounting functions that are relevant to business majors, such as marketing and human resource management |
controlling, planning and decision-making. |