Operating Activities Definition
Sana Ahmed Operating Activities Definition: Transactions that enter into the determination of net income.
Master Budget Definition
Shamsa Rafique 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…
Open System Definition
Open System Definition: Open system is a system that dynamically interact with their environment.
Omnipotent View of Management Definition
Omnipotent View of Management Definition: Omnipotent view of management is the view that managers are directly responsible for an organization's success or failure.
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…
Direct Materials Budget Definition
Abida Rehman Direct Materials Budget Definition: A detailed plan showing the amount of raw materials that must be purchased during a period to meet both production and inventory needs. Click here to…
Line Definition
Line Definition: A position in an organization that is directly related to the achievement of the organization's basic objectives.
Direct Materials Definition
Direct Materials Definition: Those materials that become an integral part of a finished product and can be conveniently traced into it.
Last In First Out (LIFO) Method Definition
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…
Direct Labor Definition
Direct Labor Definition: Direct labor costs are those factory labor costs that can be easily traced to individual units of product. Also called touch labor.
Least-Squares Regression Method Definition
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.
Direct Labor Definition
Direct Labor Definition: Direct labor costs are those factory labor costs that can be easily traced to individual units of product. Also called touch labor.
Direct Labor Budget Definition
Direct Labor Budget Definition: A detailed plan showing labor requirements over some specific time period. Click here to read full article about direct labor budget.
Direct Exchange Transaction Definition
Direct Exchange Transaction Definition: Transactions involving only non-current balance sheet accounts. For example, a company might issue common stock that is directly exchanged for property.
Direct Costing Definition
Direct Costing Definition: A costing method that includes only variable manufacturing costs–direct materials, direct labor, and variable manufacturing overhead–in unit product cost. Direct costing is also called marginal costing and…
Direct Cost Definition
Direct Cost Definition: Direct cost is the cost that can be easily and conveniently traced to the particular cost object under consideration.
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…
Marginal Costing Definition
Marginal Costing Definition: Marginal Costing is a costing method that includes only variable manufacturing costs–direct materials, direct labor, and variable manufacturing overhead–in unit product cost. Marginal costing is also called…