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Chapter one

Key terms

TermDefinition
Controllable cost costs, chargeable to a budget or cost centre, which can be influenced by the actions of the persons in whom control is vested.
Control take into account (an extraneous factor that might affect results) when performing an experiment
Corrective action are improvements to an organization's processes taken to eliminate causes of non-conformities or other undesirable situations.
Cost structure Cost structure refers to the types and relative proportions of fixed and variable costs that a business incurs. The concept can be defined in smaller units, such as by product, service, product line, customer, division, or geographic region.
Cover (of a sum of money) be enough to pay (a bill or cost).
Fixed costs expenses that do not change as a function of the activity of a business, within the relevant period.
Line item review Every item on budget should be checked against actually figures and the difference should be noted.
Loss When expenses are greater than sells.
Noncontrolable Noncontrolable costs are costs over which the manager hat little or no control
Operational standards Measures established for making comparisons and judgments about the degree of excellence in operations.
Prime cost Is an operations total for cost, beverage cost, and make cost, and labor cost for a specific time period.
Profit What remains after all expenses are paid
Quality standards Set degree of excellence of raw materials, finished products, and preduction for employees.
Quantity standards Refer to weight, count, or volume, measure.
Sales Dollar amount the establishment has taken in for food and beverages.
Semi variable Semivariable cost are are costs that increase and decrease as sales increase and decrease but not in direct proportion.
Created by: Og_nenaa
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