Management Accounting Key Terms 
1- Management Accounting in Context
Budget
Quantitative expression of a proposed plan of action by management for a specified period and an aid to coordinating what needs to be done to implement that plan
Chartered Institute of Management Accountants
International professional body of management accountants with members in 165 countries, including Australia
Chief Financial Officer
Executive responsible for overseeing the financial operations of an organisation. Also called financial director
Control
Taking actions that implement the planning decisions, deciding how to evaluate performance, and providing feedback and learning that will help future decision making
Cost Accounting
Measures, analyses and reports financial and non-financial information relating to the costs of acquiring or using resources in an organisation. It provides information for both management accounting and financial accounting
Cost Management
The approaches and activities of managers to use resources to increase value to customers and to achieve organisational goals
Cost-Benefit Approach
Approach to decision making and resource allocation based on a comparison of the expected benefits from attaining company goals and the expected costs
Customer Service
Providing after-sales support to customers
Design of products, services of processes
The detailed planning and engineering of products, services or processes.
Distribution
Delivering products or services to customers
Financial accounting
Measures and records business transactions and provides financial statements that are based on generally accepted accounting principles. It focuses on reporting to external parties, such as investors and banks
Financial director
Chief financial officer
Learning
Involves managers examining past performance and systematically exploring alternative ways to make better informed decisions and plans in the future
Line management
Managers (e.g. in production, marketing or distribution) who are directly
Budget
Quantitative expression of a proposed plan of action by management for a specified period and an aid to coordinating what needs to be done to implement that plan
Chartered Institute of Management Accountants
International professional body of management accountants with members in 165 countries, including Australia
Chief Financial Officer
Executive responsible for overseeing the financial operations of an organisation. Also called financial director
Control
Taking actions that implement the planning decisions, deciding how to evaluate performance, and providing feedback and learning that will help future decision making
Cost Accounting
Measures, analyses and reports financial and non-financial information relating to the costs of acquiring or using resources in an organisation. It provides information for both management accounting and financial accounting
Cost Management
The approaches and activities of managers to use resources to increase value to customers and to achieve organisational goals
Cost-Benefit Approach
Approach to decision making and resource allocation based on a comparison of the expected benefits from attaining company goals and the expected costs
Customer Service
Providing after-sales support to customers
Design of products, services of processes
The detailed planning and engineering of products, services or processes.
Distribution
Delivering products or services to customers
Financial accounting
Measures and records business transactions and provides financial statements that are based on generally accepted accounting principles. It focuses on reporting to external parties, such as investors and banks
Financial director
Chief financial officer
Learning
Involves managers examining past performance and systematically exploring alternative ways to make better informed decisions and plans in the future
Line management
Managers (e.g. in production, marketing or distribution) who are directly