Managerial Accounting Overview

These flashcards cover essential terminology and concepts from the Managerial Accounting lecture, focusing on definitions relevant to managerial decision-making, ethics, and strategic planning.

Managerial Accounting

A field of accounting focused on providing information to managers for decision-making, planning, and controlling.

External Accounting

Accounting primarily concerned with presenting financial information to external users.

Historical Perspective

The focus of financial accounting that emphasizes past financial performance.

Performance Reports

Reports used in controlling functions to compare actual results with budgeted figures.

Decision Making

The process of selecting among competing alternatives.

Big Data

Large collections of data from various sources used for ongoing reporting and analysis.

Ethics in Accounting

Guidelines to ensure responsible behavior in financial reporting and decision-making.

CMA

Certified Management Accountant, a professional designation requiring specific education and experience.

Lean Production

A production approach that minimizes waste and responds to customer orders in real-time.

Segregation of Duties

An internal control practice that separates responsibilities to reduce the risk of error or fraud.

Environmental, Social, and Governance (ESG) Responsibility

A framework for considering sustainability and ethical impacts in business operations.

Customer Value Proposition

The unique value that a company promises to deliver to its customers through its strategies.

Enterprise Risk Management

A process for identifying and managing risks across an organization.

Internal Controls

Processes and procedures designed to ensure the integrity of financial and accounting information.

Credibility in Accounting

The quality of being trusted and believed in, essential for effective communication of information.

Operational Excellence Strategy

A business strategy aimed at delivering goods and services efficiently and cost-effectively.

Planning

The management function of establishing goals and defining how to achieve them.

Controlling

The process of monitoring and evaluating organizational performance to ensure plans are achieved.