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| A quality related certification issued by the Internal Organization for Standardization. Firms may become ISO 9001:2008 certified by complying with the quality management standards set forth by the ISO and undergoing extensive audits of their quality management processes. |
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| EXRP (Enterprise Resource Planning System) |
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| Software Systems that can integrate all of a company's worldwide functions, departments and data into a single system. |
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Extensible Business Reporting Language (XBRL)
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| a data tagging system that enables companies to release financial and business information in a format that can be quickly, efficiently and cost-effectively accessed, sorted and analyzed over the internet |
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| Sarbanes- Oxley Act of 2002 (SOX) |
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| a congressional act that enhances internal control and financial reporting requirements and establishes new regulatory requirements for publicly traded companies and their independent auditors. |
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| A philosophy and business strategy of manufacturing without waste |
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| conduct business over the internet |
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| involves the exchange of information with suppliers to reduce costs, improve quality, and speed delivery of goods and services from suppliers to the company and its customers. |
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| a management philosophy of delighting customers with superior products and services by continually setting higher goals and improving the performance of every business function. |
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| first pyoneered by toyota. inventory philosophy where want to reduce the quantity of raw materials and finished goods on hand. |
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| Internal Financial Reporting Standards (IFRS) |
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Definition
| SEC recently moved to adopt IFRS for all publicly traded companies within the next few years. Differs from GAAP (currently used rules) |
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| Time between buying raw materials and selling finished products. |
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| corporate teams whose members represent various functions of the organization, such as R&D, design, production, marketing, distribution, and customer service |
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| Net expected benefits = Expected Benefits - Expected Costs |
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| Honesty, Fairness, Objectivity and Responsibility |
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| Competence, Confidentiality, Integrity and Credibility |
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1 type of inventory
called 'inventory' or 'merchandising inventory' |
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3 types of inventory
- raw materials inventory
- work in progress inventory
- finished goods inventory
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| cost that can be traced to a cost object |
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| cost that relates to the cost object, but can't be traced to it |
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| assign a direct cost to a cost object |
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| to assign an indirect cost to a cost object |
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| costs that are expensed in the period which they are incurred, often called operating expenses or selling, general and administrative expenses |
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| inventoriable product cost |
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Definition
| all costs of a product that GAAP requires companies to treat as an asset (inventory) for external financial reporting. these costs are not expensesd until the product is sold. |
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| Primary raw materials that become a physical part of a finished product and whose costs are traceable to the finished product. |
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| cost of the compensating employees who physically convert raw materials into the company's products; labor costs that are directly traceable to the finished product. |
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| all manufacturing costs other than direct materials and direct labor; also called factory overhead and indirect manufacturing cost. |
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| cost that can be influenced or changed by management |
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| cost that cannot be changed or influenced in the short run by management |
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| the diff in cost between two alternative courses of action |
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| cost that has already been incurred |
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| costs that stay constant in total despite wide changes in volume |
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| costs that change in total in direct proportion to changes in volume |
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| cost of producing one more unit |
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| total cost divided by the number of units |
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| the cost of all resources used throughout the value chain |
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| the difference in cost between two alternative courses of action |
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| for decision making purposes, these are costs taht do not differ between alternatives |
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