TERM 1
Managerial Accounting
DEFINITION 1
the process of identifying, measuring, analyzing, interpreting,
and communicating information in pursuit of an
organization's goal
TERM 2
Four Fundamental Management processes
DEFINITION 2
Decision makingplanningdirecting operational
activitiescontrolling
TERM 3
Five objectives of managerial
accounting
DEFINITION 3
--providing information for decision ma king and planning, and
proactively participating as part of the management team in the
decision making and planning process --assisting managers in
direction and controlling operational a ctivities--motivating
managers and other employees tow ard the organizations goals--
measuring the performance of activ ities, sub units, managers, and
other employees within the organiza tion
TERM 4
balanced scorecard
DEFINITION 4
a model of business performance evaluation that balances
measures of financial performance, internal operations,
innovation and learning, and customer satisfaction
TERM 5
empowerment
DEFINITION 5
the concept of encouraging and authorizing workers to take
the initiative to improve operations, reduce costs, and
improve product quality and customer service
