ACCT20200 Chapter Notes - Chapter 1: Enterprise Risk Management, Corporate Social Responsibility, Management Accounting
Document Summary
Six business perspectives needed to enable intelligent planning, control, and decision making: 1. Maintains the integrity of business and acts as the lubricant of the economy. Ethics= foundation of managerial accounting numbers must be trustworthy: 2. Must develop a strategy, (cid:449)hi(cid:272)h is a (cid:862)ga(cid:373)e pla(cid:374)(cid:863) that e(cid:374)a(cid:271)les a (cid:272)o(cid:373)pa(cid:374)y to attract customers by distinguishing itself from competitors. Customer value propositions= the essence of strategy include customer intimacy, operational excellence, and product leadership: 3. A process used by a company to identify those risks and develop responses to them that enable it to be reasonably assured of meeting its goals: 4. A concept whereby organizations consider the needs of all stakeholders when making decisions extends beyond legal compliance to include voluntary actions that satisfy stakeholder expectations: 5. Business process: a series of steps that are followed in order to carry out some task in a business tasks often span departmental boundaries, thereby requiring managers to cooperate across departments.
