Leading Definition
Sana Ahmed 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.
Differential Cost Definition
Abida Rehman Differential Cost Definition: Any cost that differs between alternatives in a decision-making situation. In managerial accounting, this term is synonymous with avoidable cost and relevant cost. Also see Incremental cost.…
Negative Financial Leverage Definition
Sidra Farid Negative Financial Leverage Definition: Negative financial leverage is a situation in which the fixed return to a company's creditors and preferred stockholders is greater than the return on total assets.…
Distinction/Difference Between Trial Balance and Balance Sheet
Distinction/Difference Between Trial Balance and Balance Sheet: Learning Objectives: What is the difference between trial balance and balance sheet? The following are the points of distinction/difference between trial balance and…
Managerial (Management) Accounting Definition
Shamsa Rafique Managerial (Management) Accounting Definition: The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making. Click here to read more…
Direct Labor Yield Variance
Direct Labor Yield Variance: Learning Objective of the article: Define and explain labor yield variances. Calculate labor yield variance. Rate and efficiency variances of labor are explained on direct labor…
Manager Definition
Manager Definition: Someone who works with and through other people by coordinating their work activities in order to accomplish organizational goals. OR One who handles, controls, or directs, especially: One…
Labor Rate Variance Definition
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…
Management Definition
Management Definition: Coordinating work activities so that they are completed efficiently and effectively with and through other people. Relevant Terms: Manager First Line Managers Middle Managers Top Level Managers
Management By Exception Definition
Management By Exception Definition: Management by exception is a system of management in which standards are set for various operating activities, with actual results then compared to these standards. Any…
Difference Between Trading Account and Profit and Loss Account
Difference Between Trading Account and Profit and Loss Account: Learning Objectives: What is the difference between account and profit and loss account? The main difference between trading account and profit…
Need for Materials Control
Need for Materials Control: One of the first step in the installation of cost and management accounting system is planning the proper control of materials and supplies from the time…
Labor Efficiency Variance Definition
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.…
Difference Between Statement of Affairs and Balance Sheet
Difference Between Statement of Affairs and Balance Sheet: Learning Objectives: What is the difference between statement of affairs and balance sheet? As real or property accounts are not maintained and…
Make or Buy Decision Definition
Make or Buy Decision Definition: Make or buy decision is a decision as to whether an item should be produced internally or purchased from an outside supplier. Explanation of the…
Need for Depreciation
Need for Depreciation: Learning Objectives: Why does the need for calculating and charging depreciation arise. The Need for depreciation arises for the following reasons: Ascertainment of True Profit or Loss:…
Nature of Accounts and Rules of Debit and Credit
Nature of Accounts and Rules of Debit and Credit: Definition and Explanation: The term "account (a/c)" is a record in summarized and classified form of all business transactions that take…
Direct Labor Budget
Direct Labor Budget: Learning Objectives: Define and explain direct labor budget. Prepare direct labor budget. Definition and explanation of direct labor budget Example Definition and Explanation: The direct labor budget…