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

Creditors

Managerial accounting

Planning

Controlling

Financial accounting

Managers

Shareholders

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a.

Information on a company's past performance is provided to external parties by

.

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b.

systems are chosen by comparing the costs versus the benefits of the system and are not

restricted by GAAP (or International Financial Reporting Standards, IFRS, in the case of companies headquartered in many

countries outside of the United States).

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c.

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

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d.

Financial accounting develops reports for external parties such as

and

.

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e.

When managers evaluate the company's performance compared to the plan, they are performing the

role of management.

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f.

CPAs audit the

statements of public companies.

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g.

Companies must follow GAAP (or International Financial Reporting Standards, IRFS, in the case of companies headquartered

in many countries outside of the United States) in their

systems.

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h.

Choosing goals and the means to achieve them is the

function of management.

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i.

Decision makers inside a company are the

.