Budgets
quantitative plans through which managers decide how to allocate available money to best accomplish company goals
Variance Analysis (performance analysis)
A technique for determining the cause and degree of difference between the baseline and actual performance.
Income Statement (financial performance)
A financial statement showing the revenue and expenses for a fiscal period.
Balance Sheet (Financial position)
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
Statement of cash flows
A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time.
Stakeholders
All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.
Purchasing decisions
impulse- something you see unexpectedly and buy on spothabitual- something you buy frequently (buying gas every week)planned- looking for and purchasing something specific
Cost of production
The total cost of materials, labor, and other inputs required in the manufacture of a product
Negative variance
Term used when variances show that the project is behind schedule