Details Title: Accounting II Flashcards Description: Chapter 18 Terms Total Flash Cards: 20 Created: 01/22/2009 17:55:38		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 Continuous Improvement Definition Rejects the notion of "Good Enough" or "acceptable" and challenges employees and managers to continuously experiment with new and improved business practices. Term Control Definition The process of setting goals and making plans to achieve them. Term Controllable or Not Controllable Cost Definition Costs that are classified based upon an employee's level of responsibility. Term Conversion Costs Definition Expenditures incurred in the process of converting raw materials to finished goods. Term Cost Object Definition A product, process, department or customer to which costs are assigned. Term Customer Orientation Definition The understanding, by employees, of their customer's changing needs and wants, and the alignment of the management practices accordingly. Term Cycle Efficiency Definition (Value-Added Time or Process Time) / (Cycle Time) Term Cycle Time Definition Process Time + Inspection Time + Move Time + Wait Time Term Direct Costs Definition Costs traceable to a single cost object. Term Direct Labor Definition The efforts of employees who physically convert materials to finished product. Term Direct Labor Costs Definition The wages and salaries for direct labor that are separately and readily traced through the manufacturing process to finished goods. Term Direct Material Definition Tangible components of a finished product. Term Direct Material Costs Definition The expenditures for direct materials that are separately and readily traced through the manufacturing process to finished goods. Term Factory Overhead Definition All manufacturing costs that are not direct materials or direct labor. Term Factory Overhead Costs Definition Costs that cannot be separately traced to finished goods. Term Finished Goods Inventory Definition Completed products ready for sale. Term Fixed Cost Definition A cost that does not change with changes in the volume of activity (within a range of activity known as an activity's "relevant range"). Term Goods In Process Inventory Definition The process of being manufactured but not yet complete. Term Indirect Costs Definition Costs that cannot be traced to a single cost object. Term Conceptualizing Definition Dan's crazy-ass term that really means "I'm way smarter than both of you put together."