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Definition of management control
This is difficult to define in a few words—indeed, an
an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans,
The use of various forms of gimmickry to distort a company's true financial performance in order to achieve a desired result.
A characterization used by the Securities and Exchange
a discipline that focuses on the activities incurred during the production/performance process as the way to improve the value received
Also called surplus management, the task of managing funds of a financial
A management style that de-emphasizes the significance of economic
The process of ensuring that actual financial results are in line with targets – see variance
Very short maturity bills that the Treasury occasionally sells because its cash
a professional designation in the area of management accounting that
Verifying that a delivered product matches authorizing
50% of the outstanding votes plus one vote.
An account maintained in the general ledger that holds the balance without the detail. The detail is maintained in a subsidiary ledger.
a graphical presentation of the results of a
the additional value inherent in the control interest as contrasted to a minority interest, which reflects its power of control
a cost over which a manager has the ability to authorize incurrence or directly influence magnitude
The profit made by a division after deducting only those expenses that can be controlled by the
the budget variance of the two variance approach to analyzing overhead variances
A service that provides for a single presentation of checks each day (typically in
Controlled foreign corporation (CFC)
A foreign corporation whose voting stock is more than 50% owned
The corporate manager responsible for the firm's accounting activities.
the chief accountant (in a corporation) who is responsible
Officer responsible for budgeting, accounting, and auditing.
the process of exerting managerial influence on
Corporate financial management
The application of financial principals within a corporation to create and
The process of either reducing costs while maintaining the same level of productivity or maintaining costs while increasing productivity.
cost control system
a logical structure of formal and/or informal
cost management system (CMS)
a set of formal methods
A procedure for ensuring that transaction processing is completed
Demand Management Policy
Fiscal or monetary policy designed to influence aggregate demand for goods and services.
DLOC (discount for lack of control)
an amount or percentage deducted from a pro rata share of the value of 100% of an equity interest in a business, to reflect the absence of some or all of the powers of control.
Dupont system of financial control
Highlights the fact that return on assets (ROA) can be expressed in terms
The active manipulation of earnings toward a predetermined target.
Governmental restrictions on the purchase of foreign currencies by domestic citizens or
The management of a firm's costs and expenses in order to control them in relation to
Foreign exchange controls
Various forms of controls imposed by a government on the purchase/sale of
Immigration Reform and Control Act of 1986
A federal Act requiring all employers having at least four employees to verify the identity and employment
Institute of Management Accountants (IMA)
an organization composed of individuals interested in the field of management accounting; it coordinates the Certified management
internal accounting controls
Refers to forms used and procedures
any measure used by management to protect
management refers to the individuals in an entity that have the authority and the responsibility to manage the entity. The positions of these individuals, and their titles, vary from one entity to another and, to some extent, from one country to another depending on the local laws and customs. Thus, when the context requires it, the term includes the board of directors or committees of the board which are designated to oversee certain matters (e.g., audit committee).
The production of financial and non-financial information used in planning for the future; making decisions about products, services, prices and what costs to incur; and ensuring that plans are implemented and achieved.
a discipline that includes almost
Management Accounting Guidelines (MAGs)
pronouncements of the Society of management Accountants of
Management buyout (MBO)
Leveraged buyout whereby the acquiring group is led by the firm's management.
management buyout (MBO)
Acquisition of the firm by its own management in a leveraged buyout.
Management/closely held shares
Percentage of shares held by persons closely related to a company, as
management expense ratio (MER)
The total expenses expressed as an annualized percentage of daily average net assets. MER does not include brokerage fees and commissions, which are also payable by the Fund.
An investment advisory fee charged by the financial advisor to a fund based on the fund's
The fee paid to the fund’s manager for supervising the administration of the fund.
management information system (MIS)
a structure of interrelated elements that collects, organizes, and communicates
the preference of a manager in how he/she interacts with other stakeholders in the organization;
Related: Investment management.
the fixed overhead volume variance;
a philosophy about increasing a firm’s performance by involving all workers and by ensuring
Operational Earnings Management
management actions taken in the effort to create stable
Passive investment management
Buying a well-diversified portfolio to represent a broad-based market
performance management system
a system reflecting the entire package of decisions regarding performance measurement and evaluation
Related: Investment management
the implementation of all practices and policies
Real Actions (Earnings) Management
Involves operational steps and not simply acceleration
Risk controlled arbitrage
A self-funding, self-hedged series of transactions that generally utilize mortgage
The process of identifying and evaluating risks and selecting and managing techniques to
Shelf life control
Deliberate usage of the oldest items first, in order to avoid exceeding
Society of Management Accountants of Canada
the professional body representing an influential and diverse
Statement on Management Accounting (SMA)
a pronouncement developed and issued by the management
statistical process control (SPC)
the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations
Strategic management accounting
The provision and analysis of management accounting data about a business and its competitors, which is of use in the development and monitoring of strategy (Simmonds).
strategic resource management
organizational planning for the deployment of resources to create value for customers and shareholders; key varibles in the process include the management of information and the management of change in response to threats and opportunities
the cooperative strategic planning,
Related: asset management
the use of all techniques that help an organization achieve its goals
Top-down equity management style
A management style that begins with an assessment of the overall
total quality management (TQM)
a structural system for creating organization-wide participation in planning and implementing a continuous improvement process that exceeds
A variety of approaches that emphasize increasing shareholder value as the primary goal of every business.
The visual inspection of inventory levels, enabled by the use of
An incomes policy in which wages and prices are constrained by law not to rise by more than a specified percentage.
Working capital management
The management of current assets and current liabilities to maximize shortterm liquidity.
A system that monitors and evaluates the performance of a fixed-income portfolio , as well as the
a management style that exists when top management
any limitation on strategy options
Except for opinion
An auditor's opinion reflecting the fact that the auditor was unable to audit certain areas
gross margin, or gross profit
This first-line measure of profit
A corporation that owns enough voting stock in another firm to control management and
Shares of stock given to managers on the basis of performance as measured by earnings
This concept refers to a separate source of revenue and
a review of product design activities (although
An entity whose management or operating policies can be controlled or significantly
the acquisition of managerial control of the corporation
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