Information Management
A firm's procedures for generating, using, and sharing the data and information
What is knowledge management?
Managers that are concerned with present and future sales levels, current inventory levels of work in process and finished goods, and the availability and cost of the resources used to produce products and services
What are operations managers?
____________________ = Liabilities + Owners' Equity
What are assets?
Planning tax strategy and preparing tax returns for firms or individuals
What is tax accounting?
Numerical or verbal descriptions that usually result from some sort of measurement
What are data?
A single collection of data and information stored in one place that can be used by people throughout an organization to make decisions.
What is a database?
Managers that must be aware of anything that pertains to a firm's employees, such as current wage levels and benefit packages both within the firm and in firms that compete for employees.
What are human resources managers?
The firm's debts--borrowed money it owes to others that must be repaid.
What are liabilities?
Providing basic accounting services to ensure that tax revenues are collected and used to meet the goals of state, local, and federal agencies
What is government accounting?
Data presented in a form that is useful for a specific purpose
What is information
A computer program that uses artificial intelligence to imitate a human's ability to think
What is an expert system?
Managers that must ensure that a firm's managers and employees, lenders and suppliers, stockholders and potential investors, and government agencies have the information they need to measure the financial health of the firm.
What are financial managers?
What would be left for the owners if the firm's assets were sold and the money used to pay off its liabilities
What is owners' equity?
Determine the cost of producing specific products or services
What is cost accounting?
A system that provides managers and employees with the information they need to perform their jobs as effectively as possible; purpose is to distribute timely and useful information from both internal and external sources to the managers and employees who need it.
What is a management information system (MIS)?
A type of software program that provides relevant data and information to help a firm's employees make decisions; can also be used to determine the effect of changing different variables and to answer "what if" type questions.
What is a decision-support system (DSS)?
Managers who need to have detailed information about a firm's products and services and those offered by competitors, including pricing strategies, new promotional campaigns, and products that competitors are test marketing.
What are marketing managers?
Shows the relationship between assets, liabilities, and owners' equity.
What is the accounting equation?
Provides managers and employees within the organization with the information needed to make decisions about a firm's financing, investing, marketing, and operating activities.
What is managerial accounting?
The process of systematically collecting, analyzing, and reporting financial information.
What is accounting?
A computer-based system that facilitates and supports the decision-making needs of top managers and senior executives by providing easy access to both internal and external information.
What is an executive information system (EIS)?
Managers that are responsible for the overall management of the organization; they are concerned with the coordination of information.
What are administrative managers?
System in which each financial transaction is recorded in two separate accounting entries to maintain the balance shown in the accounting equation
What is double-entry bookkeeping system?
Generates financial statements and reports for interested people outside of an organization.
What is financial accounting?
__________________ have been developed to provide an accepted set of guidelines and practices for U.S. companies reporting financial information and the accounting profession.
What are generally accepted accounting principles (GAAPs)?