Term
| Describe the functions performed by managers |
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Definition
Planning- developing objectives and achievable budgets
Directing and motivating - Mobilizing people to carry out plans and run routine operations
Controlling - Ensuring the plan is actually carried out and is appropriately modified as needed. |
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Term
| Identify the major differences and similarities between financial and managerial accounting |
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Definition
Financial Accounting - Primarily for external purposes, summarizes past financial transactions. Must follow GAAP. Emphasizes objectivity and verifiability and precision.
Managerial Accounting - Primarily Internal, emphasizes decisions affecting the future. Emphasizes timeliness, relevance. Need not follow GAAP. |
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Term
| Describe the role of management accountants in an organization |
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Definition
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Term
| Explain the basic concepts of lean production |
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Definition
"Push Process"
Lean thinking model:
Step 1: Identify Value in specific product and services.
Step 2: Identify the business process that delivers value.
Step 3: Organize work arrangements around the flow of business process.
Step 4: Create a pull system that responds to customer orders
Step 5: Continuously pursue perfection in the business process. |
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Term
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Definition
| A process improvement method that relies on customer feedback and fact-based data gathering and analysis technique to drive process movement. |
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Term
| Explain Computer Technology |
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Definition
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Term
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Definition
| Proactively identifying and managing risks. |
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Term
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Definition
| The delegation of decisions making throughout an organization by providing managers at various operating levels with the authority to make key decisions relating to their areas of responsibility. |
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