What is Financial Accounting
The focus on reporting to external parties such as investors, governemnt agencies, banks and suppliers. It measures and records business transactions and provides financial statements that are based on GAAP.
How does financial accounting information affect managers decisions?
Through compensations as may times this compensation is based on numbers in the financial statements
What is Management Accounting
Accounting that measures, analyzes, and reports financial and nonfinancial information that helps managers make decisions to meet goals. It focuses on internal reporting. Managers use management accounting data to develop, communicate and implement strategy.
What is cost accounting
The measure, analysis and reporting of financial and nonfinancial information relating to the costs of acquiring or using resources in an organization
What is Cost Management
The approaches and activities of managers to use resources to increase value to customers and to achieve organizational goals
What is Strategic cost management
Describes cost management that specifically focuses on strategic issues
What is meant by budget
Quantitative expression of a proposed plan of action by management for a specified period and an aid to coordinating what needs to be dones to implement that plan
What is an CFO
The executive responsible for overseeing the financial operations of an organization. ALso called the finance director
What is meant by control?
Taking actions that implement the planning decisions, deciding how to evaluate performance, and providing feedback and learning that will help future decision making
Who is the controller?
The financial executive primarily responsible for management accounting and financial accounting. Also called the CFO
What is the cost-benefit approach?
Approach to decision-making and resource alocation based on a comparison of the expected benefits from attainging company goals and the expected costs.
The benefits must outweigh the costs.
What is Customer Service?
Providing after-sale support to customers
What is distribution?
The delivery of products or services to customers
What is design of products and processes?
The detailed planning and engineering of products and processes.
What is a finance director?
The CFO
What is meant by learning?
Involves managers examining past performance and systematically exploring alternative ways to make better informed decisions and plans in the future
