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Organization Definition: An organization is a deliberate arrangement of people to accomplish some specific purpose. Each organization has three characteristics; first, each organization has a distinct purpose. This purpose is…
Organizational Chart Definition: Organizational Chart is a visual diagram of a firm's organizational structure that depicts formal lines of reporting, communication, and responsibility between managers.
Organizational Chart Definition: Organizational Chart is a visual diagram of a firm's organizational structure that depicts formal lines of reporting, communication, and responsibility between managers.
Optional Straight Line Method Definition: A method of computing depreciation deductions under MACRS that can be used instead of the MACRS tables.
Operations Management Definition: The design, operation, and control of the transformation process that converts resources (labor and raw materials etc.) into finished goods or services.
Operating Leverage Definition: Operating leverage is a measure of how sensitive net income is to a given percentage change in sales. It is computed by dividing the contribution margin by…
Operating Department Definition: Operating department is a department or similar unit in an organization within which the central purposes of the organization are carried out.
Discretionary Fixed Cost Definition: Discretionary fixed costs are those fixed costs that arise from annual decisions by management to spend in certain fixed cost areas, for example advertising and research.
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…
Directing and Motivating Definition: Mobilizing employees to carry out plans and run routine operations.
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 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: 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…
Direct Method Cash Flow Definition: A method of computing the cash provided by operating activities in which the income statement is reconstructed on a cash basis from top to bottom.
Direct method Cost of Allocation Definition: The allocation of all of a service department's costs directly to operating departments without recognizing services provided to other service departments.
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 is a measure of the difference between the actual unit price paid for an item and the standard price, multiplied by the quantity…
Operating Assets Definition: Operating assets are cash, accounts receivable, inventory, plant and equipment, and all other assets held for productive use in an organization.
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