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ACCTG 338 Final
I'm so dead
| Term | Definition |
|---|---|
| Continuous/rolling budget | A moving 12-month budget with a future month added as the current month expires |
| Flexible/variable budget | A budget that can specify costs for a range of activity |
| Flexible budget variances | The difference between actual costs and expected costs given by a flexible budget |
| Incremental approach | The practice of taking the prior year's budget and adjusting it upward or downward to determine next year's budget |
| Master budget | The collection of all area and activity budgets representing a firm's comprehensive plan of action |
| Overhead budget | A budget that reveals the planned expenditures for all indirect manufacturing items |
| Static budget | A budget for a particular level of activity & does not change |
| Control limits | The maximum allowable deviation from a standard |
| Favorable variance | A variance produced whenever the actual amounts are less than the budgeted or standard allowances |
| Unfavorable variance | A variance produced whenever the actual input amounts are greater than the budgeted or standard allowances |
| Total budget variance | The difference between the actual cost of an input and its planned cost |
| Standard cost sheet | A listing of the standard costs and standard quantities of DM, DL, & overhead that should apply to a single product |
| Kaizen standards | An interim standard that reflects the planned improvement for a coming period |
| Centralized decision making | A system in which decisions are made at the top level of an organization and local managers are given the charge to implement them |
| Economic value added (EVA) | The after-tax operating profit minus the total annual cost of capital |
| Margin | The ratio of net operating income to sales |
| Operating income | Revenues minus expenses from the firm's normal operations. Income taxes are excluded |
| Residual income | The difference between operating income and the minimum required dollar return on a company's operating assets |
| Return on investment (ROI) | The ratio of operating income to average operating expenses |
| Turnover | A measure that is found by dividing sales by average operating assets to show how productively assets are being used to generate sales |
| Weighted average cost of capital | The proportionate share of each method of financing is multiplied by its percentage cost and summed |
| Balanced scorecard | A strategic-based performance management system that identifies objectives and measures for 4 different perspectives: customer, process, learning, and growth |
| Cycle time (manufacturing) | The length of time to produce a unit of product from the time materials are received (starting point) until the good is delivered to finished goods inventory (finishing point) |
| Double-loop feedback | Info about both the effectiveness of strategy implementation and the validity of assumptions underlying the strategy |
| Lag measures | Outcome measures or measures of results from past efforts |
| Lead measures (performance drivers) | Factors that drive future performance |
| Process value chain | The innovation, operations, and post-sales service processes |
| Single-loop feedback | Info about the effectiveness of strategy implementation |
| Strategic-based control system (SBCS) | A high-lvl approach for translating a company's strategy into operational objectives whose performance is measured & linked to employee compensation |
| Stretch targets | Targets that are set at levels that, if achieved, will transform the organization within a period of 3-5 years |
| Velocity | The number of units that can be produced in a given period of time (e.g. output per hour) |
| Outsourcing | Relocating a business function to another company by paying them to perform this function rather than conduct it in-house |
| Tactical decision making | Choosing among alternatives with only an immediate or limited end in view |
Created by:
mangobango