Chapter 18 Glossary

Chapter 18 Glossary - Glossary Chapter 18 Continuous...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Glossary Chapter 18 Continuous improvement Concept requiring every manager and employee continually to look to improve operations. Control Process of monitoring planning decisions and evaluating the organization's activities and employees. Controllable costs Costs that a manager has the power to control or at least strongly influence. Conversion costs Expenditures incurred in converting raw materials to finished goods; includes direct labor costs and overhead costs. Cost object Product, process, department, or customer to which costs are assigned. Customer orientation Company position that its managers and employees be in tune with the changing wants and needs of consumers. Cycle efficiency (CE) A measure of production efficiency, which is defined as value-added (process) time divided by total cycle time. Cycle time (CT) A measure of the time to produce a product or service, which is the sum of process time, inspection time, move time, and wait time; also called throughput time.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Direct costs Costs incurred for the benefit of one specific cost object. Direct labor costs Wages and salaries for direct labor that are separately and readily traced through the production process to finished goods.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/21/2012 for the course ACCT 202 taught by Professor Walterberry during the Spring '10 term at Old Dominion.

Page1 / 5

Chapter 18 Glossary - Glossary Chapter 18 Continuous...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online