Please study the 15 vocabulary terms below. Then press the Mark Complete button to continue.
- additional
- assist
- benchmarks
- budgeting
- draft
- entity
- forecast
- in-depth
- indicate
- management accounting
- overheads
- period
- risk
- takeover
- variance
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In addition to, extra.
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His promotion will mean additional work, but also additional pay.
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Help or make easier.
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Having correct and timely financial information assists in making operational decisions.
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A standard by which something can be measured or assessed.
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The recently released benchmark figures show that CPAs are earning more.
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The process of creating set financial targets which should be met.
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A lot of companies fell short of the budgeting expectations because of the unexpected impact of the financial crisis.
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To prepare a written version of something.
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The lawyer drafted the contract and sent it to his client for approval.
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A person, partnership, organization, or business that has a legal and separately identifiable existence.
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A limited company is a separate legal entity from its members.
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To estimate or calculate in advance.
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By studying the previous year's accounts and considering any changes in the market, you can forecast the financial state of the company 12 months in advance.
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Carefully worked out, detailed or thorough.
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Management accountants need an in-depth knowledge of finance and management as well as accountancy to be successful.
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To show, or be a sign of something.
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The financial report indicates that the company has exceeded its expectations.
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The process of preparing management reports and accounts that provide accurate financial and statistical information.
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The management accounting team finished their analysis of production costs and presented their findings to the board of managers.
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The ongoing administrative expenses of a business which cannot be matched to any specific business activity.
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In an attempt to try and reduce overheads the company switched water suppliers and cancelled the 'free lunch' programme for staff.
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An interval of time characterized by the occurrence of a certain condition or event.
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The accounting period for tax reporting is 12 months from the 1st of January.
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The possibility of suffering harm or loss.
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It is important to minimize the risk to a company by having all the relevant information before making a decision.
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The transfer of control of a firm from one group of shareholders to another group of shareholders.
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AOL's takeover of Time Warner was one of the largest acquisitions in business history.
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The difference between two figures.
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The company expected costs to be 100,000 but the actual costs were 120,000 so the director asked about the reason for the variance.