Final Study Guide 380

15 indirect costs overhead cost items that are

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15. Indirect costs Overhead cost items that are difficult to associate with a specific product. 16. Intercompany transactions A transaction that occurs between a company and one of its subsidiaries. 17. International Financial Reporting Standards (IFRS) A set of international accounting standards. 18. Managerial accounting Accounting processes that deal with determining the costs and profitability of a company’s activities. 19. Overhead A company’s cost of operations, such as the costs for factory utilities, general factory labor, factory management, storage, insurance, and other manufacturing-related activities. Overhead is often called an indirect cost of production.
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20. Product cost variant The procedure for developing a product cost analysis; many variants can be created for different planning requirements. 21. Profit and loss (P&L) statement A financial statement that shows a company’s revenue and expenses and profit or loss for a period of time; also called a profit and loss (P&L) statement. 22. U.S. GAAP (Generally Accepted Accounting Principles) The current standard for reporting financial statements in the United States Chapter 6 Human Resources Key Terms 23. Error log A record of discrepancies that occur during a payroll run. 24. Human capital management (HCM) Another term for human resources that describes the tasks associated with managing a company’s workforce. 25. Job In SAP, a general classification of tasks that are routinely performed together. 26. Payroll run The process of determining each employee’s pay. 27. Person In SAP, the unique individual who holds a position. 28. Position In SAP, an individual employee assignment in an organization. Tasks can be assigned directly to the position, or by assigning jobs to the position. 29. Qualification A skill or ability associated with a specific employee. Concepts in Enterprise Resource Planning, 4th edition 6-8 30. Remuneration element Part of an employee’s pay, such as the base pay, bonuses, gratuities, overtime, sick pay, and vacation allowances the employee has earned during the pay period.
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