S1-11 Define key terms (Learning Objective 5)

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.

50 CHAPTER 1 CEO CFO Controlling Directing Economic Environmental ERP IFRS Integrated report Internal audit ISO 9001:2008 Lean thinking Planning Sarbanes-Oxley Act of 2002 Social Sustainability Throughput time Triple bottom line XBRL

a. ________ is a broad holistic report that describes all material elements of value creation, not just the financial elements.

b. ________ is the management process of overseeing the company’s day-to-day operations.

c. The ________ manages the company on a daily basis.

d. The ________ was enacted to restore trust in publicly traded corporations, their management, their financial statements, and their auditors.

e. Firms acquire the ________ certification to demonstrate their commitment to quality.

f. The three pillars of sustainability are: ________, ________, and ________.

g. The ________ focuses on people, planet, and profit.

h. ________ is the management process of setting goals and objectives for the company and determining how to achieve them.

i. The role of the ________ function is to ensure that the company’s internal controls and risk management policies are functioning properly.

j. ________ serves the information needs of people in accounting as well as people in marketing and in the warehouse.

k. ________ is a language that utilizes a standardized coding system companies use to tag each piece of financial and business information in a format that can be quickly and efficiently accessed over the Internet.

l. ________ is both a philosophy and a business strategy of operating without waste.
m. Typically, the treasurer and the controller report directly to the ________.
n. ________ is the time between buying raw materials and selling the finished products.
o. ________ is the management process of evaluating the results of business operations against the plan and making adjustments to keep the company pressing toward its goals.
p. _____ is the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.