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Flashcards in Chapter 1 Deck (12):
1

Budget

A detailed plan for the untrue that is usually expressed in formal quantitative terms.

2

Business Process

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

3

Controlling

The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.

4

Corporate Social Responsibility

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

5

Decision Making

Selecting a cours of action from competing alternatives.

6

Financial Accounting

The phase of accounting that is concerned with reporting historical financial information to external parties, such as stock holders, creditors, and regulators.

7

Lean Production

A management approach that organizes resources such a s people and machines around the flow of business processes and that only produces units in response to customer orders.

8

Managerial Accounting

The phase of accounting that is concerned with providing information to managers for use within the organization.

9

Planning

The process of establishing goals and specifying how to achieve them.

10

Segment

A part or activity of an organization about which managers would like cost, revenue, or profit data.

11

Strategy

A company's "game plan" for attracting customers by distinguishing itself from competitors.

12

Value Chain

The major business functions that add value to a company's products and services, such as R&D, product design, manufacturing, marketing, distribution, and customer service.