Term
| Activity-Based Costing (ABC) |
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Definition
| a method of allocating overhead based on each products use of activities in making the product |
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Term
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Definition
| a performance-measurement approach that uses both financial and non-financial measures, tied to company objectives, to evaluate a company's operations in an integrated fashion |
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Term
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Definition
| the group of officials elected by the stockholders of a corporation to formulate operating policies, select officers, and otherwise manage a company |
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Term
| Chief Executive Officer (CEO) |
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Definition
| corporate officer who has overall responsibility for managing the business and delegates responsibilities to other corporate officers |
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Term
| Chief Financial Officer (CFO) |
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Definition
| corporate officer who is responsible for all of the accounting and finance issues of the company |
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Term
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Definition
| financial officer responsible for a company accounting records, system of internal control, and preparation of financial statements, tax returns, and internal reports |
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Term
| Cost of Goods Manufactured |
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Definition
| total cost of work in process less the cost of the ending work in process inventory |
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Term
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Definition
| the work of factory employees that can be physically and directly associated with converting raw materials into finished goods |
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Term
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Definition
| raw materials that can be physically and directly associated with manufacturing the finished product |
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Term
| Enterprise Resource Planning (ERP) System |
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Definition
| software that provides a comprehensive, centralized, integrated source of information used to manage all major business processes |
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Term
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Definition
| work of factory employees that has no physical association with the finished product, or for which it is impractical to trace the cost to the goods produced |
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Term
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Definition
| raw materials that do not physically become part of the finished product or cannot be traced because their physical association with the finished product is too small |
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Term
| Just-In-Time (JIT) Inventory |
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Definition
| inventory system in which goods are manufactured or purchased just in time for use |
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Term
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Definition
| jobs that are directly involved in a company's primary revenue - generating operating activities |
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Term
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Definition
| a field of accounting that provides economic and financial information for managers and other internal users |
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Term
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Definition
| manufacturing costs that are indirectly associated with the manufacture of the finished product |
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Term
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Definition
| cots that are matched with the revenue of a specific time period and charged to expense as income |
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Term
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Definition
| costs that are a necessary and integral part of producing the finished product |
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Term
| Sarbanes-Oxley Act of 2002 (SOX) |
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Definition
| law passed by Congress in 2002 intended to reduce unethical corporate behavior |
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Term
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Definition
| jobs that support the efforts of line employees |
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Term
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Definition
| a specific approach used to identify and manage constraints in order to achieve the company's goals |
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Term
| Total Cost of Work in Process |
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Definition
| cost of the beginning work in process plus total manufacturing costs for the current period |
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Term
| Total Manufacturing Costs |
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Definition
| sum of direct materials, direct labor, and manufacturing overhead incurred in the current period |
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Term
| Total Quality Management (TQM) |
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Definition
| systems implemented to reduce deficits in finished products with the goal of achieving zero defects |
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Term
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Definition
| financial officer responsible for custody of a company's funds and for maintaining its cash position |
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Term
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Definition
| all activities associated with providing a product or service |
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