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Activity Index
A measure of whatever causes the incurrence of a variable cost.
Conversion Costs
The sum of direct labor and manufacturing overhead costs.
Cost
The value of everything a company uses up to produce a product or service.
Cost Behaviour Analysis
The study of how specific costs respond to changes in the level of business activity.
Cost Object
Any item for which costs are measured and assigned.
Cost of Goods Manufactured
The total cost of making and finishing a product, including direct materials, direct labor, and manufacturing overhead.
Cost of Goods Purchased
The total cost of buying and delivering materials to be used in manufacturing a product.
Direct Labour
The cost of wages for workers who are directly involved in the production of goods.
Direct Materials
The raw materials that are traceable directly to the finished product.
Ending Work in Process Inventory
The costs associated with the partially completed goods that are still on the production floor at the end of a period.
Fixed Costs
Costs that do not change with the level of production or sales.
High Low Method
A method to separate mixed costs into fixed and variable components using the highest and lowest activity levels.
Indirect Labour
Labor costs that cannot be traced directly to specific products or services.
Indirect Materials
Materials that cannot be traced directly to specific products or services.
Manufacturing Overhead
All manufacturing costs that are not direct materials or direct labor.
Mixed Costs
Costs that have both a fixed and a variable component.
Period Costs
Costs that are expensed in the period in which they are incurred and are not included in the cost of manufactured goods.
Prime Costs
The sum of direct materials and direct labor costs.
Product Costs
Costs that are a necessary and integral part of producing the finished product.
Regression Analysis
A statistical method used to estimate the relationships among variables.
Relevant Range
The range of activity within which assumptions about variable and fixed cost behavior are valid.
Total Cost of Work in Process
The sum of the costs of the beginning work in process inventory and the total manufacturing costs for the current period.
Total Manufacturing Costs
The sum of direct materials, direct labor, and manufacturing overhead incurred in a period.
Variable Costs
Costs that vary directly with the level of production.
Activity-Based Costing (ABC)
A costing method that assigns overhead and indirect costs to related products and services.
Balanced Scorecard
A performance measurement framework that includes financial and non-financial metrics.
Board of Directors
A group of individuals elected to represent shareholders and oversee the activities of a company.
Chief Executive Officer (CEO)
The highest-ranking executive in a company, responsible for overall operations and performance.
Chief Financial Officer (CFO)
The senior executive responsible for managing the financial actions of a company.
Controller
The officer responsible for all accounting-related activities within an organization.
Corporate Social Responsibility (CSR)
A company's commitment to manage the social, environmental, and economic effects of its operations responsibly.
Data Analytics
The process of examining data sets to draw conclusions about the information they contain.
Data Visualization
The graphical representation of information and data to help understand trends, outliers, and patterns.
Enterprise Resource Planning (ERP) Software System
Integrated management software that allows organizations to use a system of integrated applications to manage the business and automate many back
Just-In-Time (JIT) Inventory
An inventory management system where materials are only ordered and received as they are needed in the production process.
Line Positions
Jobs that are directly involved in the company's core business operations.
Managerial Accounting
The process of identifying, measuring, analyzing, and communicating financial information to managers for achieving business goals.
Staff Positions
Jobs that support and assist line positions but are not directly involved in core business operations.
Supply Chain
The network of all the individuals, organizations, resources, activities, and technology involved in the creation and sale of a product.
Theory of Constraints
A methodology for identifying the most important limiting factor (constraint) that stands in the way of achieving a goal and then systematically improving that constraint.
Total Quality Management (TQM)
An organization-wide approach to continuous improvement and ensuring quality in all processes.
Treasurer
The corporate officer responsible for managing the company's finances, including financial planning, management of financial risks, record
Triple Bottom Line
An accounting framework that includes social, environmental, and financial performance metrics.
Value Chain
The series of steps a company takes to transform raw materials into a final product that is delivered to the customer.
direct materials
direct labour
manufacturing overhead
The three classes of manufacturing costs are ______ _________, ______ ______, _____________ ________
Note
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