Details Title: Accounting Chapters 18-20 Description: Devaney's accounting 2 Total Flash Cards: 22 Created: 01/22/2009 17:53:14		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Accounting Flashcards
Cards in this set: Term indirect labor Definition efforts of production employees who do not work specifically on converting direct materials into finished products and who are not cleraly identified with specific units or batches of product. Term indirect labor costs Definition labor costs that cannot be physically traced to production of a product or service; included as part of overhead. Term indirect material Definition material used to support the production process but not clearly identified with products or batches of product Term just-in-time manufacturing Definition proce.ss of recording transactions in a journal Term lean business model Definition practice of eliminating waste while meeting customer needs and yielding positive company returns. Term managerial accounting Definition area of accounting mainly aimed at serving the decision-making needs of internal users; also called management accounting Term manufacturing statement Definition report that summarizes the types and amounts of costs incurred in a company's production process for a period; also called cost of goods manufacturing statement. Term non-value-added time Definition the portion of cycle time that is not directed at producing a product or service; equals the sum of inspection time, move time, and wait time. Term opportunity cost Definition potential benefit lost by choosing a specific action from two or more alternatives. Term out-of-pocket cost Definition cost incurred or avoided as a result of management's decisions. Term period costs Definition expenditures identified more with a time period than with finished products costs; includes selling and general administrative expenses. Term planning Definition process of setting goals and preparing to achieve them. Term prime costs Definition expenditures directly identified with the production of finished goods; include direct materials costs and direct labor costs. Term product costs Definition costs that are capitalized as inventory because they produce benefits expected to have future value; include direct materials, direct labor, and overhead. Term raw materials inventory Definition goods a company acquires to use in making products. Term sunk cost Definition cost already incurred and cannot be avoided or changed Term total quality management Definition concept calling for all managers and employees at all stages of operations to strive toward higher standards and reduce number of defects. Term value-added time Definition the portion of cycle time that is directed at producing a product or service; equals process time. Term value chain Definition sequential activities that add value to an entity's procuts or services; includes design, production, marketing, distribution, and service. Term variable cost Definition Term Definition Term Definition