Accounting 202 CH
Accounting 202 CH ACC202
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Popular in Accounting
This 2 page Class Notes was uploaded by Dante Assad on Wednesday January 21, 2015. The Class Notes belongs to ACC202 at Michigan State University taught by Dr. Convery in Fall. Since its upload, it has received 186 views. For similar materials see Accounting in Accounting at Michigan State University.
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Date Created: 01/21/15
Accounting 202 CH 1 01212015 Vocabulary A detailed plan for the future that is usually expressed in formal quantitative terms A series of steps that are followed in order to cary out some task in business Anything that prevents you from getting more of what you want The process of gathering feedback to ensure that a plan is being properly executed or modi ed as circumstances change The system by which a company is directed and controlled A concept whereby organizations consider the needs of all stakeholders when making decisions Selecting a course of action from competing alternatives A control that detects undesirable events that have already occurred A process used by a company to identify its risks and develop responses to them that enable it to be reasonably assured of meeting its goals The phase of accounting that is concerned with reporting historical nancial information to external parties such as stockholders creditors and regulators A process designed to provide reasonable assurance that objectives are being achieved A management approach that organized resources such as people and machines around the ow of business processes and that only produces units in response to customer orders A report that compares budgeted data to actual data to highlight instances of excellent and unsatisfactory performance The process of establishing goals and specifying how to achieve them A law intended to protect the interests of those who invest in publicly traded companies by improving the reliability and accuracy of corporate nancial reports and disclosures A part or activity of an organization about which managers would like cost revenue or pro t data A company39s game plan for attracting customers by distinguishing itself from competitors the major business functions that add value to a company39s products and services such as research and development product design manufacturing marketing distribution and customer service 2 maior questions to address this semester 1 What does this cost costing amp 2 How well did we do performance measurement ASSETS LIABILITIES OWNERS39 EQUITY 4 nancial statements are prepared at the end of an accounting period Balance Sheet Assets Liabilities Owners Equity Income Statement Revenue COGS Expenses NET INCOME Statement of Cash Flows Operating Activities Investing Actives Financing Actives Statement of Owners Equity Retained Earnings Manager Responsibilities Decisionmaking Feedback Planning Controlling Budgets allow Mangers to express their plans
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