Management accountingIn management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions. One simple definition of management accounting is the provision of financial and non-financial decision-making information to managers. In other words, management accounting helps the directors inside an organization to make decisions. This can also be known as Cost Accounting.
AccountingAccounting, also known as accountancy, is the processing of information about economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Cost accountingCost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs". Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability.
Throughput accountingThroughput accounting (TA) is a principle-based and simplified management accounting approach that provides managers with decision support information for enterprise profitability improvement. TA is relatively new in management accounting. It is an approach that identifies factors that limit an organization from reaching its goal, and then focuses on simple measures that drive behavior in key areas towards reaching organizational goals. TA was proposed by Eliyahu M. Goldratt as an alternative to traditional cost accounting.
Board of directorsA board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws.
Law firmA law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients (individuals or corporations) about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought. Law firms are organized in a variety of ways, depending on the jurisdiction in which the firm practices.
Chief operating officerA chief operating officer or chief operations officer (COO) is an executive who manages the personnel, resources, logistics, and daily operations of an organization. COOs are usually second-in-command immediately after the CEO, and reports directly to them and acts on their behalf in their absence. A COO is usually voted in by shareholders or appointed by the board of directors.
Chief executive officerA chief executive officer (CEO) (also known as a central executive officer, or just chief executive (CE), or as managing director (MD) in the UK) is the highest officer charged with the management of an organization - especially a company or nonprofit institution. CEOs find roles in a range of organizations, including public and private corporations, non-profit organizations and even some government organizations (notably state-owned enterprises).
Environmental, social, and corporate governanceEnvironmental, social, and corporate governance (ESG), also known as environmental, social, and governance, is a set of aspects considered when investing in companies, that recommends taking environmental issues, social issues and corporate governance issues into account. Since 2020, there have been accelerating incentives from the United Nations (UN) to overlay ESG data with the Sustainable Development Goals (SDGs), based on their work, which began in the 1980s.
Corporate social responsibilityCorporate social responsibility (CSR) or corporate social impact is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in, with, or supporting professional service volunteering through pro bono programs, community development, administering monetary grants to non-profit organizations for the public benefit, or to conduct ethically oriented business and investment practices.
