Sunk Cost Definition
Abida Rehman Sunk Cost Definition: Sunk cost is any cost that has already been incurred and that cannot be changed by any decision made now or in the future.
Symbolic View of Management Definition
Symbolic View of Management Definition: The view that managers have only a limited effect on substantive organizational outcomes because of the large number of factors outside their control.
System Definition
System Definition: System is a set of interrelated and interdependent parts arranged in a manner that produces a unified whole. System may be a closed system or an open system.
Predetermined Overhead Rate Definition
Rubab Ali Predetermined Overhead Rate Definition: Predetermined overhead rate is a rate used to charge overhead cost to jobs in production; the rate is established in advance for each period by use…
Practical Standards Definition
Practical Standards Definition: Standards that allow for normal machine downtime and other work interruptions and that can be attained through reasonable, though highly efficient, efforts by the average worker.
Postaudit Definition
Postaudit Definition: The follow-up after a project has been approved and implemented to determine whether expected results are actually realized.
Weighted Average Method Definition
Weighted Average Method Definition: Issuing materials at an average cost assumes that each lot taken from the storeroom is composed of uniform quantities from each shipment in stock at the…
Working Capital Definition
Working Capital Definition: The excess of current assets over current liabilities. Working Capital = Current Assets − Current Liabilities
Zero Based Budgeting (ZBB) Definition
Sana Ahmed Zero Based Budgeting (ZBB) Definition: A method of budgeting in which managers are required to justify all costs as if the programs involved were being proposed for the first time.…
Yield Definition
Yield Definition: A term synonymous with internal rate of return and time-adjusted rate of return.
Volume Variance Definition
Volume Variance Definition: The variance that arises whenever the standard hours allowed for the output of a period are different from the denominator activity level that was used to compute…
Workforce Diversity Definition
Workforce Diversity Definition: A workforce that is more heterogeneous in terms of gender, race, ethnicity, age, and other characteristics that reflect differences.
Vertical Integration Definition
Vertical Integration Definition: The involvement by a company in more than one of the steps from production of basic raw materials to the manufacture and distribution of a finished product.
Work-in-Process Definition
Work-in-Process Definition: Units of product that are only partially complete and will require further work before they are ready for sale to a customer.
Revaluation Method of Depreciation
Revaluation Method of Depreciation: Learning Objectives: Define and explain the revaluation method of depreciation. When and where this method is used? As the name implies under revaluation method, the assets…
Vertical Analysis Definition
Vertical Analysis Definition: Vertical analysis presentation of a company's financial statements in common-size form is called vertical analysis.
Return on Investment (ROI) Definition
Return on Investment (ROI) Definition: Net operating income divided by average operating assets. It also equals margin multiplied by turnover.
Variance Definition
Variance Definition: The difference between standard prices and quantities on the one hand and actual prices and quantities on the other hand.