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Bus 202

Glossary Quiz #2

QuestionAnswer
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