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Exit - Accounting

Accounting 2

TermDefinition
Managerial Accounting Provides internal information for management decisions.
Direct Materials Raw materials directly traceable to product.
Direct Labor Labor directly used to produce goods.
Manufacturing Overhead Indirect costs in production (rent, depreciation).
Cost of Goods Sold Cost of inventory sold during the period.
Job Order Costing Tracks costs for individual jobs or batches.
Process Costing Averages costs across identical units of output. Variable Cost
Fixed Cost Remains constant regardless of volume.
Break-even Point Sales level where total revenue equals total cost.
Contribution Margin Sales minus variable costs.
Budgeting Planning future operations in financial terms.
Master Budget Comprehensive plan combining all functional budgets.
Variance Analysis Compares actual vs budgeted performance.
ROI Return on Investment = Income / Investment.
NPV Net Present Value—difference between PV of inflows and outflows.
IRR Discount rate that makes NPV = 0.
Payback Period Time required to recover investment cost.
Cash Flow Statement Reports operating, investing, and financing cash flows.
Activity Based Costing Allocates overhead based on activity drivers.
Capital Budgeting Long-term investment decision-making process.
Just-in-Time Inventory method minimizing storage and waste.
Balanced Scorecard Evaluates performance from multiple perspectives.
Time Value of Money Money today is worth more than same amount in future.
Ethical Standards Guidelines ensuring integrity in decisions.
Created by: tahjzha
 

 



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