Matching Quiz - Chapter 1 McGrawHill Connect Accounting

Controlling

Gathering feedback to ensure that the plan is being properly executed or modified as necessary.

Decision making

Selecting a course of action from among alternatives.

Budget

A quantitative plan for acquiring and using financial and other resources over a specified future time period.

Performance reports

Detailed reports prepared on a periodic basis that compare budgeted data to actual data.

Big data

Large collections of data that are gathered from inside or outside a company to provide opportunities for ongoing reporting and analysis.

Data analytics

The process of analyzing data with aid of specialized systems and software to draw conclusions about the information they contain

Managerial accounting

Purpose is to provide information to managers for use in planning and controlling operations and for decision making.

Financial accounting

Purpose is to provide information to shareholders, creditors, and other stakeholders outside the organization.

Planning

Developing goals and specifying how to achieve them.

Directing and motivating

Mobilizing people to carry out plans and run routine operations.

Planning and control cycle

The flow of management activities through planning, directing and motivating, and controlling, and then back to planning again.

Strategy

A game plan that enables a company to attract and retain customers by distinguishing itself from competitors.

Segments

Any parts of an organization that can be evaluated independently of other parts and about which the manager seeks financial or non-financial data.

Business process

A series of steps that are followed to carry out some task or activity in a business.

Value Chain

Consists of the major business functions that add value to a company's products and services.

Enterprise risk management

A process used by a company to proactively identify and manage foreseeable risks.

Corporate social responsibility (CSR)

A concept whereby organizations consider the needs of all stakeholders when making decisions.