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Theory of constraints (TOC) Definition: Theory of constraints (TOC) management approach that emphasizes the importance of managing constraints. This is only definition of theory of constraints (TOC). Click here to…
Under-Applied Overhead Definition: A debit balance in the Manufacturing Overhead account that arises when the amount of overhead cost actually incurred is greater than the amount of overhead cost applied…
Receiving Materials: The function of the receiving department is to: unload and unpack incoming materials; check quantities received against the shippers packing list; identify goods received with descriptions on the…
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Capital Budgeting Decisions With Uncertain Cash Flows: Learning Objectives: Evaluate an investment project that has uncertain cash flows. The analysis in this chapter (capital budgeting decisions) has assumed that all…
Selling and Administrative Expense Budget Definition: Selling and administrative budget is a detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period.
Receipt and Payment Account: Learning Objectives: Define and explain receipt and payment account. Why a receipt and payment account is prepared? Prepare a receipt and payment account. Definition and Explanation:…
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Selling and Administrative Expense Budget: Learning Objectives: Define and explain selling and administrative budget. Prepare selling and administrative budget. Definition and Explanation: Selling and administrative expense budget lists the budgeted…
Ray H. Garrison: Ray H. Garrison is emeritus professor of accounting at Brigham Young University, Provo, Utah. He received his B.S. and M.S. degrees from Brigham Young University and his…
Technical Skills Definition: Technical skills include knowledge of and proficiency in certain specialized field, such as engineering, computers, accounting, or manufacturing. These skills are more important at lower level management…
Sell or Process Further Decision Definition: A decision as to whether a joint product should be sold at the split-off point or processed further and sold at a later time…
Self-Imposed Budget Definition: A method of preparing budgets in which managers prepare their own budgets. These budgets are then reviewed by the manager's supervisor, and any issues are resolved by…
Selecting Allocation Base: Costs are ordinarily assigned to products and services by using a two stage process. In first stage, service department and other costs are allocated to operating departments.…
Segmented Financial Information on External Reports: The Financial Accounting Standards Board (FASB) now requires that companies in the united states include segmented financial and other data in their annual reports…
Theory of Constraints (TOC): Learning objectives of the article: Define and explain the concept of theory of constraints (TOC) Give an example of the implementation of theory of constraints. Definition:…
Segment Margin Definition: The amount computed by deducting the traceable fixed costs of a segment from the segment's contribution margin. It represents the margin available after a segment has covered…
Segment Definition: Any part of an organization that can be evaluated independently of other parts and about which the manager seeks financial data. Examples include a product line, a sales…
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