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Definition
| All executive, organizational, and clerical costs associated with the general management of an organization rather than with manufacturing or selling. |
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Definition
| A detailed plan for the future, usually expressed in formal quantitative terms. |
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Definition
| A cost that is incurred to support a number of cost objects, but that cannot be traced to them individually. |
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Definition
| The process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are funcitoning effectively and moving toward overall company goals. |
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Definition
| The member of the top management team who is responsible for providing relevant and timely data to managers and for preparing financial statements for external users. |
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Definition
| Actions taken to help ensure that the plan is being followed and is appropriately modified as circumstances change. |
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Definition
| Direct labor cost plus manufacturing overhead cost. |
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Term
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Definition
| The way in which a cost reacts to changes in the level of activity. |
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Term
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Definition
| Anything for which cost data are desired. |
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Term
| Cost of goods manufactured |
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Definition
| The manufacturing cost associated with the goods that were finished during the period. |
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Term
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Definition
| A difference in cost between two alternatives. |
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Term
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Definition
| The difference in revenue between two alternatives. |
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Term
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Definition
| A cost that can be easily and conveniently traced to a specified cost object. |
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Term
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Definition
| Mobilizing people to carry out plans and run routine operations. |
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Term
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Definition
| Factory labor costs that can be easily traced to individual units of product. |
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Term
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Definition
| Materials that become an integral part of a finished product and whose costs can be conveniently traced to it. |
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Term
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Definition
| Accounting and other reports that help managers monitor performance and focus on problems and/or opportunities that might otherwise go unnoticed. |
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Term
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Definition
| The phase of accounting concerned with providing information to stockholders, creditors, and others outside the organization. |
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Term
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Definition
| Units of product that have been completed but not yet sold to customers. |
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Term
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Definition
| A cost that remains constant, in total, regardless of changes in the level of activity within the relevant range. |
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Term
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Definition
| An increase in cost between two alternatives. |
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Term
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Definition
| A cost that cannot be easily and conveniently traced to a specified cost object. |
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Term
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Definition
| The labor costs of janitors, supervisors, materials handlers, and other factor workers that cannot be conventiently traced to particular products. |
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Term
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Definition
| Small items of material such as glue and nails that may be an integral part of a finished product, but whose costs cannot be easily or conveniently traced to it. |
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Term
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Definition
| The phase of accounting concerned with providing information to managers for use within the organization. |
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Term
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Definition
| All manufacturing costs except direct materials and direct labor. |
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Term
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Definition
| The potential benefit that is given up when one alternative is selected over another. |
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Term
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Definition
| A detailed report comparing budgeted data to actual data. |
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Term
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Definition
| Costs that are taken directly to the income statement as expenses in the period in which the are incurred or accrued. |
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Term
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Definition
| Selecting a course of action and specifying how the action will be implemented. |
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Term
| Planning and Control Cycle |
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Definition
| The flow of management activities through planning, directing and motivating, and controlling, and then back to planning again. |
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Term
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Definition
| Direct materials cost plus direct labor cost. |
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Term
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Definition
| All costs that are involved in acquiring or making a product. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead. |
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Term
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Definition
| Any materials that go into the final product. |
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Term
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Definition
| The range of activity within which assumptions about variable and fixed cost behavior are valid. |
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Term
| Schedule of Cost of Goods Manufactured |
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Definition
| A schedule showing the direct materials, direct labor, and manufacturing overhead costs incurred during a period and the portion of those costs that are assigned to Work in Process and Finished Goods |
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Term
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Definition
| Any part of an organization that can be evaluated independently of other parts and about which the manager seeks financial data. |
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Term
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Definition
| All costs that are incurred to secure customer orders and get the finished product or service into the hands of the customer. |
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Term
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Definition
| A cost that has already been incurred and that cannot be changed by any decision made now or in the future. |
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Term
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Definition
| A cost that varies, in total, in direct proportion to changes in the level of activity. Is constant per unit. |
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Term
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Definition
| Units of product that are only partially complete. |
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