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Definition of direct labor
the time spent by individuals who work specifically
labor that is specifically incurred to create a product.
The cost of any labor that supports the production process, but which is
a cost accumulation and reporting
a valuation method that uses actual direct
Refers to the sum of manufacturing direct labor and overhead
the total of direct labor and overhead cost;
The charge to expense of the direct materials, direct labor, and
A costing methodology that only assigns direct labor and material costs
All the costs incurred during the manufacturing process, minus the
the total of all costs (direct material, direct labor,
The difference between the amount of time that was budgeted
The difference between the actual and standard direct labor rates
An expansion of the material requirements planning concept, with additional computer-based capabilities in the areas of
a valuation method that uses actual
any factory or production cost that is indirect to
the total cost of direct material and direct labor for a product
This is a key factor in the profit model of a business. Product
standard cost card
a document that summarizes the direct
standard cost system
a valuation method that uses predetermined
a cost accumulation and reporting method
a cost that is distinctly traceable to a particular cost object
A cost that can be clearly associated with specific activities or products.
see variable costing
Costs that are readily traceable to particular products or services.
The direct transfer of payroll funds from the company bank account
A system where funds are electronically credited to your account by a financial institution or a payroll service. For example, you can arrange with your employer to have your pay cheques automatically deposited into your no fee bank account.
Direct estimate method
A method of cash budgeting based on detailed estimates of cash receipts and cash
Lease in which the lessor purchases new equipment from the manufacturer and leases it to the
a readily identifiable part of a product; the cost of such a part
Direct materials cost
The cost of all materials used in a cost object, such as finished goods.
Direct materials mix variance
The variance between the budgeted and actual mixes of
A method of preparing the operating section of the Statement of Cash Flows that uses the company’s actual cash inflows and cash outflows.
a service department cost allocation approach
A format for the operating section of the cash-flow statement that reports actual cash receipts and cash disbursements from operating activities.
Commercial paper sold directly by the issuer to investors.
Selling a new issue not by offering it for sale publicly, but by placing it with one of several
For foreign exchange, the number of U.S. dollars needed to buy one unit of a foreign currency.
Advertising designed to elicit sales to customers who can be
Direct search market
Buyers and sellers seek each other directly and transact directly.
Direct stock-purchase programs
The purchase by investors of securities directly from the issuer.
Direct write-off method
A method of adjusting accounts receivable to the amount that is expected to be collected by eliminating the account balances of specific nonpaying customers.
A member of a company’s Board of directors.
Fair Labor Standards Act of 1938
A federal Act creating standards of overtime
Foreign direct investment (FDI)
The acquisition abroad of physical assets such as plant and equipment, with
a cost that cannot be traced explicitly to a particular
A cost that is not directly associated with a single activity or event. Such
Costs that are necessary to produce a product/service but are not readily traceable to particular products or services – see overhead.
A method of preparing the operating section of the Statement of Cash Flows that does not use the company’s actual cash inflows and cash outflows, but instead arrives at the net cash flow by taking net income and adjusting it for noncash expenses and the changes from last year in the current assets and current liabilities.
A format for the operating section of the cash-flow statement that
For foreign exchange, the number of units of a foreign currency needed to buy one U.S.$.
Taxes paid by consumers when they buy goods and services. A sales tax is an example.
Interac® Direct Payment
Instead of paying with cash or a credit card, Interac direct Payment allows you to pay for your purchase with a debit card, such as your bank card. The amount of the purchase is electronically debited, or withdrawn, from your bank account (see debit card).
labor efficiency variance
the number of hours actually worked minus the standard hours allowed for the production
Those people employed plus those actively seeking work.
Not laying off redundant workers during a recession to ensure that skilled and experienced workers are available after the recession.
labor mix variance
(actual mix X actual hours X standard rate) - (standard mix X actual hours X standard rate);
labor rate variance
the actual rate (or actual weighted average rate) paid to labor for the period minus the standard rate multiplied by all hours actually worked during the period;
labor yield variance
(standard mix X actual hours X standard rate) - (standard mix X standard hours X standard rate);
pre-authorized direct deposit
A system where funds are electronically credited to your account by a financial institution or a payroll service.
Cost of goods sold
The accumulated total of all costs used to create a product or service,
Overhead generally refers to indirect, in contrast to direct,
The total of all costs assigned to a product, typically including direct
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