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Direct Method of Cost Allocation-Service Department Costing: Definition: Direct method is a cost allocation method under which any of the allocation base attributable to the service departments themselves is ignored;…
Operating Activities Definition: Transactions that enter into the determination of net income.
Open System Definition: Open system is a system that dynamically interact with their environment.
Omnipotent View of Management Definition: Omnipotent view of management is the view that managers are directly responsible for an organization's success or failure.
Line Definition: A position in an organization that is directly related to the achievement of the organization's basic objectives.
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…
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.
Learning Organization Definition: Learning organization is an organization that has developed the capacity to continuously learn, adapt, and change.
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.
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…
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.…
Knowledge Management Definition: Cultivating a learning culture where organizational members symbolically gather knowledge and share it with others in the organization so as to achieve better performance.
Just in Time (JIT) Definition: Just In Time (JIT) is a production and inventory control system in which materials are purchased and units are produced only as needed to meet…
Joint Products Definition: Two or more items that are produced from a common input are called joint products.
Joint Product Cost Definition: A joint cost may be defined as that cost which arises from the common processing or manufacturing of products produced from a common raw material. Whenever…
Job Order Costing System Definition: A costing system used in situations where many different products, jobs, or services are produced each period. Click here to read detailed about job order…
Job Order Costing Questions and Answers: Questions: Cost accounting is said to consist of three different phases. Name them. See answer. Name four control accounts concerned primarily with cost determination.…
Job Cost Sheet Definition: A form prepared for each job that records the materials, labor, and overhead costs charged to the job.
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