E1-12A Define key terms (Learning Objectives 1 & 2)

Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.

Budget Controlling Creditors Financial accounting Managerial accounting Managers Planning Shareholders

a. ________ systems report on various segments or business units of the company.

b. When managers evaluate the company’s performance compared to the plan, they are performing the ________ role of management.

c. Information on a company’s past performance is provided to external parties by ________.

d. ________ systems are chosen by comparing the costs versus the benefits of the system and are not restricted by GAAP or IFRS.

e. CPAs audit the ________ statements of public companies.

f. Financial accounting develops reports for external parties such as ________ and ________.
g. Companies must follow GAAP or IFRS in their ________ systems.
h. Decision makers inside a company are the ________.
i. Choosing goals and the means to achieve them is the ________ function of management.