Middle Managers Definition
Shamsa Rafique Middle Managers Definition: Middle Managers are managers at the lowest level of the organization who manage the work of non-managerial employees who are directly involved with the production or creation…
Merchandise Purchases Budget Definition
Merchandise Purchases Budget Definition: Merchandise purchase budget is a budget used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period.…
Measuring Direct Labor Cost in Job Order Costing System
Measuring Direct Labor Cost in Job Order Costing System: Learning objective of this article: What is a labor time ticket? Give an example of labor time ticket. How direct labor…
Measuring Direct Materials Cost in Job Order Costing System
Measuring Direct Materials Cost in Job Order Costing System: Learning objective of this article: What is a materials requisition form. Give an example of materials requisition form. What is a…
Maximum Level or Maximum Limit of Stock
Maximum Level or Maximum Limit of Stock: Learning Objective: Definite and explain maximum limit or maximum level of stock. How is maximum limit or maximum level calculated? Definition and Explanation:…
Materials Ledger Card–Perpetual Inventory
Materials Ledger Card--Perpetual Inventory: As purchased materials go through the systematic verification of quantities, prices, physical condition, and other checks, the crux of the accounting procedure is to establish a…
Materials/Store Ledger Card Definition
Materials/Store Ledger Card Definition: Materials or store ledger card provides a continuous record of materials received, issued and balance at any time both in quantity and value. In other words,…
Materials and Inventory Cost Control
Materials and Inventory Cost Control: After studying this chapter you should be able to: Materials control is the system that ensures the provision of the required quantity and quality at…
Materials Requisition Form Definition
Materials Requisition Form Definition: A detailed source document that specifies the type and quantity of materials that are to be drawn from the storeroom and identifies the job to which…
Material Requirements Planning (MRP) Definition
Material Requirements Planning (MRP) Definition: Materials requirement planning (MRP) is an operations management tool that uses a computer to help manage materials and inventories. The basic function of material requirement…
Materials Quantity Variance Definition
Materials Quantity Variance Definition: Direct materials quantity variance is a measure of the difference between the actual quantity of materials used in production and the standard quantity allowed, multiplied by…
Materials Price Variance Definition
Materials Price Variance Definition: Materials price variance is a measure of the difference between the actual unit price paid for an item and the standard price, multiplied by the quantity…
Material Budgeting | Direct Materials Budget
Material Budgeting | Direct Materials Budget: Learning Objective of the article: Define and explain direct materials budget or Materials Budgeting. Prepare a direct material budget including a schedule of expected…
Master Budget Definition
Master Budget Definition: Master Budget is a summary of a company's plans in which specific targets are set for sales, production, distribution, and financing activities and that generally culminates in…
Market Value Method or Reversal Cost Method
Market Value Method or Reversal Cost Method: Learning Objectives: Define and explain market value method. Explain the use of market value method while costing by-products Market value method or Reversal…
Market Price Definition
Market Price Definition: Market price is the price being charged for an item on the open market. OR The current price at which an asset or service can be bought or…
Market or Sales Value Method–Allocation of Joint Cost
Market or Sales Value Method--Allocation of Joint Cost: Learning Objectives: Explain the market value method or sales value method of joint cost allocation between products. Market or sales value method…
Margin of Safety Definition
Margin of Safety Definition: Margin of safety can be defined as the excess of budgeted (or actual) sales over the break-even volume of sales. Equation or Formula of Margin of…