Term
| Components of the Control Environment |
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Definition
Philosophy and Operating Style
Human Resources
Reporting Competencies
Authority and Responsibility
Structure of the Organization
Ethical Values and Integrity
Directors (board of) |
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Term
| Components of Internal Control (means for achieving objective) |
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Definition
Control Environment
Risk Assessment
Information and Communication
Monitoring
Existing Control Activities |
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Term
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Definition
| Management does nothing to avoid |
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Term
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Definition
| After mitigating actions occured |
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Term
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Definition
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Term
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Definition
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Term
| Total Productivity Ratios (TPR) |
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Definition
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Term
| Partial Productivity Ratio (PPR) |
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Definition
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Term
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Definition
| Shows the performance of a process in relation to acceptable upper and lower bounds |
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Term
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Definition
| Displays individual and cumulative frequency of quality issues, defects, or problems |
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Term
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Definition
| Describes a process, the contributions to it, and the problems that could occur at each phase |
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Term
| Marketing practices to Consider |
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Definition
Transaction-based
Interaction-based
Database |
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Term
| Product Costs (inventoriable) |
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Definition
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Term
| Period Costs (non-inventoriable) |
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Definition
| SG&A, and interest expense |
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Term
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Definition
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Term
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Definition
| Indirect material/labor, Factory |
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Term
| Overhead application formula |
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Definition
| (Budgeted Cost / Budgeted Amt of Cost Driver) * Actual Amt of Cost Driver |
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Term
| Definition of Equivalent Units |
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Definition
| The amount of DM, DL, or conversion costs necessary to complete one unit of production |
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Term
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Definition
1.Beginning WIP * % to be completed
2.Units Completed – Beginning WIP
3.Ending WIP * % completed |
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Term
| Weighted-Average Equivalent units |
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Definition
1.Units completed during the period
2.Ending WIP * % completed |
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Term
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Definition
| Current costs only / Equiv Units |
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Term
| Weighted-Average Accumulation |
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Definition
| Beginning cost and Current cost / Equivalent Units |
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Term
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Definition
| Assigning indirect costs to products based on the product's resource usage |
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Term
| Effect of Activity-based costing |
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Definition
| Applies high overhead to products with high resource demands |
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Term
| Net Sales Value at Joint Product split-off point |
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Definition
| Sales price - Cost to complete after split-off |
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Term
| Variable Costing Approach |
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Definition
| Uses contribution margin calculation |
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Term
| Absorption Approach (GAAP) |
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Definition
| Uses the typical gross margin calculation |
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Term
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Definition
| Uses the linear regression formula to forecast costs |
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Term
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Definition
| annual business plan with specific, short-term operating performance goals for the next year |
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Term
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Definition
| Current assets - Current Liabilities |
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Term
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Definition
| Total effect of cash flows related to a capital project all discounted to a current amount |
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Term
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Definition
| Expected rate of return for a project |
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Term
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Definition
| Time it takes to recover the initial investment made for an asset |
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Term
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Definition
| The degree to which a firm uses fixed vs. variable costs |
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Term
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Definition
| Degree to which a firm uses debt to finance operations |
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Term
| Weighted Average Cost of Capital |
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Definition
| cost of debt and equity weighted by their respective proportion of the firm's capital structure |
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Term
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Definition
| Assessment of a company's relative return to capital investment |
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Term
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Definition
| Current ratio w/o inventory and prepaids |
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Term
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Definition
| Attempts to minimize the combined ordering and carrying costs |
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Term
| Accounting Information System |
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Definition
| Type of management information system used by the accounting department |
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Term
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Definition
| Designs IT system, or integrates one that is purchased from the outside |
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Term
| Application Programmer/Software Devloper |
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Definition
| Writes, maintains, and tests programs |
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Term
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Definition
| Installs, supports, and maintains the operating system |
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Term
| Enterprise Resource Planning |
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Definition
| Cross-functional , multi-dimensional system that integrates ad automates the many business processes that work together within a business |
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Term
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Definition
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Term
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Definition
| market value of goods an services produced by residents of a country whether they are within the border or not |
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Term
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Definition
| Personal less personal taxes |
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Term
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Definition
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Term
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Definition
| Arising from time needed to match job seekers with available jobs |
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Term
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Definition
| Arising from workforce not being properly skilled |
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Term
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Definition
| Arising from seasonal changes in demand for certain jobs |
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Term
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Definition
| Result from declines in GDP during periods of recession or contraction |
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Term
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Definition
| Sustained increase in prices |
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Term
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Definition
| Overall cost of a fixed basket of goods for the average household |
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Term
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Definition
| Amount of interest paid or earned in current dollars |
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Term
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Definition
| Nominal rate less inflation rate |
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Term
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Definition
| Percentage change of Demand caused by a change in price/income |
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Term
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Definition
| Percentage change in Supply caused by a change in price |
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Term
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Definition
| The percentage change in the quantity demanded of one good caused by the price change of another good |
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