Managment Accounting
Management Accounting is defined as the measuring, analyzing the business transactions for organizations goal. Management accounting helps the manager to take decision within the organization. Management accounting is the combination of both financial and non-financial decisions making information’s to managers.
Operating Activities Definition: Transactions that enter into the determination of net income. Recommended Books ! Or Download E accounting book in MS-word format for just 20 $ - Click here to Download
Open System Definition: Open system is a system that dynamically interact with their environment.
Omnipotent View of Management Definition: Omnipotent view of management is the view that managers are directly responsible for an organization’s success or failure.
Line Definition: A position in an organization that is directly related to the achievement of the organization’s basic objectives.
Last In First Out (LIFO) Method Definition: A method that operates under the assumption that materials issued should carry the cost of the most recent purchase, although the physical flow may actually be different. In other words, the last receipt of materials are issued
Least-Squares Regression Method Definition: A method of separating a mixed cost into its fixed and variable elements by fitting a regression line that minimizes the sum of the squared errors.
Learning Organization Definition: Learning organization is an organization that has developed the capacity to continuously learn, adapt, and change.
Leading Definition: Management function that involves motivating subordinates, influencing individuals or teams as they work, selecting the most effective communication channels, or dealing in any way with employ behavior issues.
Labor Rate Variance Definition: A measure of the difference between the actual hourly labor rate and the standard rate, multiplied by the number of hours worked during the period. Relevant Terms: Labor rate variance Labor Efficiency Variance Materials price variance Materials quantity variance
Labor Efficiency Variance Definition: A measure of the difference between the actual hours taken to complete a task and the standard hours allowed, multiplied by the standard hourly labor rate. Relevant Terms: Labor rate variance Labor Efficiency Variance Materials price variance Materials quantity variance
Knowledge Management Definition: Cultivating a learning culture where organizational members symbolically gather knowledge and share it with others in the organization so as to achieve better performance.
Just in Time (JIT) Definition: Just In Time (JIT) is a production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand. Click here to read full article about just in time (JIT)
Joint Products Definition: Two or more items that are produced from a common input are called joint products.
Joint Product Cost Definition: A joint cost may be defined as that cost which arises from the common processing or manufacturing of products produced from a common raw material. Whenever two or more different products are created from a single cost factor, a joint
Job Order Costing System Definition: A costing system used in situations where many different products, jobs, or services are produced each period. Click here to read detailed about job order costing system
Job Cost Sheet Definition: A form prepared for each job that records the materials, labor, and overhead costs charged to the job.
Cost-Volume-Profit (CVP) Graph Definition: The relations between revenues, costs, and level of activity in an organization presented in graphic form.
Cost Reconciliation Definition: Cost reconciliation is the part of a production report that shows what costs a department has to account for during a period and how those costs are accounted for.