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efforts of production employees who do not work specifically on converting direct materials into finished products and who are not cleraly identified with specific units or batches of product. |
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labor costs that cannot be physically traced to production of a product or service; included as part of overhead. |
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material used to support the production process but not clearly identified with products or batches of product |
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just-in-time manufacturing |
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proce.ss of recording transactions in a journal |
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practice of eliminating waste while meeting customer needs and yielding positive company returns. |
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area of accounting mainly aimed at serving the decision-making needs of internal users; also called management accounting |
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report that summarizes the types and amounts of costs incurred in a company's production process for a period; also called cost of goods manufacturing statement. |
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the portion of cycle time that is not directed at producing a product or service; equals the sum of inspection time, move time, and wait time. |
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potential benefit lost by choosing a specific action from two or more alternatives. |
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cost incurred or avoided as a result of management's decisions. |
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expenditures identified more with a time period than with finished products costs; includes selling and general administrative expenses. |
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process of setting goals and preparing to achieve them. |
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expenditures directly identified with the production of finished goods; include direct materials costs and direct labor costs. |
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costs that are capitalized as inventory because they produce benefits expected to have future value; include direct materials, direct labor, and overhead. |
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goods a company acquires to use in making products. |
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cost already incurred and cannot be avoided or changed |
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concept calling for all managers and employees at all stages of operations to strive toward higher standards and reduce number of defects. |
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the portion of cycle time that is directed at producing a product or service; equals process time. |
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sequential activities that add value to an entity's procuts or services; includes design, production, marketing, distribution, and service. |
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