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Ch. 1 vocab

TermDefinition
Boss Jeremias
Controllable cost (Controllable costs) (also known as managed costs): costs, chargeable to a budget or cost centre, which can be influenced by the actions of the persons in whom control is vested
Controls take into account (an extraneous factor that might affect results) when performing an experiment. "no attempt was made to control for variations"
Corrective action Corrective action and preventive action (CAPA, also called corrective action / preventive 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). "there are grants to cover the cost of materials for loft insulation" synonyms: pay (for), be enough for, fund, finance; More
Fixed cost fixed costs are defined as expenses that do not change as a function of the activity of a business, within the relevant period. For example, a retailer must pay rent and utility bills irrespective of sales.
Line item review A unit of information in a document, record, or statement, shown on a separate line of its own. Line items often refers to a budget element that is separately identified.
Loss This is known as a nonoperating item resulting from the sale of an asset (excluding inventory) for less than the amount shown in the company's accounting records. Meaning that the asset was sold for less than it was worth in the company's books.
Non controllable cost are expenses that a manager does not have power or authority to influence. Based on the company's hierarchy, some managers might have costs that are required to be paid out of their department, but they have no control over how much these costs.
Operational standard a set of fixed instructions or steps for carrying out usually routine operations.
Prime cost noun the direct cost of a commodity in terms of the materials and labor involved in its production, excluding fixed costs.
Profit The amount you make after taxes
Quality standards Quality control, or QC for short, is a process by which entities review the quality of all factors involved in production.
Quantity standard Amount of materials that should have been used to manufacture units of output during a period. It is obtained by multiplying actual units of production by the standard material quantity per unit.
Sales Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increase in equity, other than increases relating to contributions from equity.
Semi variable cost Definition of 'Semi-Variable Cost' A cost composed of a mixture of fixed and variable components. Costs are fixed for a set level of production or consumption, becoming variable after the level is exceeded.
Variable cost noun a cost that varies with the level of output.
Variance the fact or quality of being different, divergent, or inconsistent.
Created by: Masterchef23