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Bus 202
Glossary Quiz #2
| Question | Answer |
|---|---|
| Activity based costing (ABC) | A method of allocating overhead based on each product's use of activities in making the product |
| Balanced scorecard | A performance-measurement approach that uses both financial and nonfinancial measures, tied to company objectives, to evaluate a company's operations in an integrated fashion |
| Board of directors | The group of officials elected by the stockholders of a corporation to formulate operating policies, select officers, and otherwise manage the company |
| Chief Executive Officer (CEO) | Corporate officer who has overall responsibility for managing the business and delegates responsibilities to other corporate officers |
| Chief Financial officer (CFO) | Corporate officer who is responsible for all of the accounting and finance issues of the company |
| Controller | Financial officer responsible for a company's accounting records, system of internal control, and preparation of financial statements, tax returns, and internal reports |
| Corporate social responsibility | The efforts of a company to employ sustainable business practices with regard to its employees and the environment |
| Cost of goods manufactured | Total cost of work in process less the cost of the ending work in process inventory |
| Direct Labor | The work of factory employees that can be physically and directly associated with converting raw materials into finished goods |
| Direct Materials | Raw materials that can be physically and directly associated with manufacturing the finished product |
| Enterprise resource planning (ERP) system | Software that provides a comprehensive, centralized, integrated source of information used to manage all major business processes. |
| Indirect Labor | work of factory employees that has no physical association with the finished product, or for which it is impractical to trace the costs to the goods produced |
| Indirect Materials | Raw Materials that do not physically become part of the finished product or for which it is impractical to trace to the finished product |
| Just in time Inventory | inventory system in which goods are manufactured or purchased just in time for the sale |
| Line positions | Jobs that are directly involved in a company's primary revenue-generating operating activities |
| Managerial accounting | A field of accounting that provides economic and financial information for managers and other internal users |
| Manufacturing overhead | Manufacturing cost that are indirectly associated with the manufacture of the finished product |
| period cost | cost that are matched with the revenue of a specific time period and charged to expense as incurred |
| Product Cost | Cost that are a necessary and integral part of producing the finished product |
| Sarbanes-Oxley Act | Law passed by congress intended to reduce unethical corporate behavior |
| Staff positions | Jobs that support the efforts of line employees |
| Theory of constraints | A specific approach used to identify and manage constraints in order to achieve the company's goals |
| Total cost of work in process | Cost of the beginning work in process plus total manufacturing cost for the current period |
| Total manufacturing cost | The sum of direct materials, direct labor, and manufacturing overhead incurred in the current period |
| Total quality management | Systems implemented to reduce defects in finished products with the goal of achieving zero defects |
| Treasurer | Financial officer responsible for custody of a company's funds and for maintaining its cash position |
| Triple bottom line | The evaluation of a company's social responsibility performance with regard to people, planet, and profit |
| Value chain | All activities that a business processes with providing a product or service |
Created by:
cammccarty
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