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
Sana Ahmed 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.
Learning Organization Definition
Learning Organization Definition: Learning organization is an organization that has developed the capacity to continuously learn, adapt, and change.
Differential Revenue Definition
Differential Revenue Definition: Differential revenue is the difference in revenue between any two alternatives. Example: Revenue from first alternative = $5000; Revenue from second alternative = $4000; Differential revenue =…
Leading Definition
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.
Differential Cost Definition
Differential Cost Definition: Any cost that differs between alternatives in a decision-making situation. In managerial accounting, this term is synonymous with avoidable cost and relevant cost. Also see Incremental cost.…
Labor Rate Variance Definition
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
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.…
Accounting Definitions
Cost Accounting
Knowledge Management
Managerial Accounting
Managment Accounting
Knowledge Management Definition
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.