|management control system (MCS)|
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Definition of management control system (MCS)
management control system (MCS)
an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans,
The use of various forms of gimmickry to distort a company's true financial performance in order to achieve a desired result.
A characterization used by the Securities and Exchange
Schedule of depreciation rates allowed for tax purposes.
A set of accounts that summarize the transactions of a business that have been recorded on source documents.
a discipline that focuses on the activities incurred during the production/performance process as the way to improve the value received
a valuation method that uses actual direct
Also called surplus management, the task of managing funds of a financial
A racking system using automated systems
A management style that de-emphasizes the significance of economic
The process of ensuring that actual financial results are in line with targets – see variance
a formal process for gathering and analyzing information and producing intelligence to meet decision making needs; requires information about
Very short maturity bills that the Treasury occasionally sells because its cash
a professional designation in the area of management accounting that
a system using transfer prices; see transfer
A computerized clearing system for sterling funds
Clearing House Interbank Payments System (CHIPS)
An international wire transfer system for high-value
Verifying that a delivered product matches authorizing
50% of the outstanding votes plus one vote.
An account maintained in the general ledger that holds the balance without the detail. The detail is maintained in a subsidiary ledger.
a graphical presentation of the results of a
the additional value inherent in the control interest as contrasted to a minority interest, which reflects its power of control
a cost over which a manager has the ability to authorize incurrence or directly influence magnitude
The profit made by a division after deducting only those expenses that can be controlled by the
the budget variance of the two variance approach to analyzing overhead variances
A service that provides for a single presentation of checks each day (typically in
Controlled foreign corporation (CFC)
A foreign corporation whose voting stock is more than 50% owned
The corporate manager responsible for the firm's accounting activities.
the chief accountant (in a corporation) who is responsible
Officer responsible for budgeting, accounting, and auditing.
the process of exerting managerial influence on
Corporate financial management
The application of financial principals within a corporation to create and
The process of either reducing costs while maintaining the same level of productivity or maintaining costs while increasing productivity.
cost control system
a logical structure of formal and/or informal
cost management system (CMS)
a set of formal methods
A procedure for ensuring that transaction processing is completed
Demand Management Policy
Fiscal or monetary policy designed to influence aggregate demand for goods and services.
DLOC (discount for lack of control)
an amount or percentage deducted from a pro rata share of the value of 100% of an equity interest in a business, to reflect the absence of some or all of the powers of control.
Du Pont system
A breakdown of ROE and ROA into component ratios.
Dupont system of financial control
Highlights the fact that return on assets (ROA) can be expressed in terms
The active manipulation of earnings toward a predetermined target.
Electronic Federal Tax Payment Systems (EFTPS)
An electronic funds transfer system used by businesses to remit taxes to the government.
enterprise resource planning (ERP) system
a packaged software program that allows a company to
Enterprise resource planning system
A computer system used to manage all company
European Monetary System (EMS)
An exchange arrangement formed in 1979 that involves the currencies
Governmental restrictions on the purchase of foreign currencies by domestic citizens or
Federal Reserve System
The central bank of the U.S., established in 1913, and governed by the Federal
Federal Reserve System
The central banking authority responsible for monetary policy in the United States.
The management of a firm's costs and expenses in order to control them in relation to
flexible manufacturing system (FMS)
a production system in which a single factory manufactures numerous variations
Foreign exchange controls
Various forms of controls imposed by a government on the purchase/sale of
GMCs (guaranteed mortgage certificates)
First issued by Freddie Mac in 1975, Gmcs, like PCs, represent
hybrid costing system
a costing system combining characteristics
Immigration Reform and Control Act of 1986
A federal Act requiring all employers having at least four employees to verify the identity and employment
Imputation tax system
Arrangement by which investors who receive a dividend also receive a tax credit for
Institute of Management Accountants (IMA)
an organization composed of individuals interested in the field of management accounting; it coordinates the Certified management
Canada's bank machine and electronic debit system. If you use your bank card at a bank machine which displays the Interac symbol (and that bank machine is not your bank's machine), you will be charged a fee.
internal accounting controls
Refers to forms used and procedures
any measure used by management to protect
job order costing system
a system of product costing used
Just-in-time inventory systems
systems that schedule materials/inventory to arrive exactly as they are
just-in-time manufacturing system
a production system that attempts to acquire components and produce inventory only as needed, to minimize product defects, and to
system whereby customers send payments to a post office box and a local bank collects and processes checks.
MACRS (Modified Accelerated Cost Recovery System)
A depreciation method created by the IRS under the Tax Reform Act of 1986. Companies must use it to depreciate all plant and equipment assets installed after December 31, 1986 (for tax purposes).
management refers to the individuals in an entity that have the authority and the responsibility to manage the entity. The positions of these individuals, and their titles, vary from one entity to another and, to some extent, from one country to another depending on the local laws and customs. Thus, when the context requires it, the term includes the board of directors or committees of the board which are designated to oversee certain matters (e.g., audit committee).
The production of financial and non-financial information used in planning for the future; making decisions about products, services, prices and what costs to incur; and ensuring that plans are implemented and achieved.
a discipline that includes almost
Management Accounting Guidelines (MAGs)
pronouncements of the Society of management Accountants of
Management buyout (MBO)
Leveraged buyout whereby the acquiring group is led by the firm's management.
management buyout (MBO)
Acquisition of the firm by its own management in a leveraged buyout.
Management/closely held shares
Percentage of shares held by persons closely related to a company, as
This is difficult to define in a few words—indeed, an
management expense ratio (MER)
The total expenses expressed as an annualized percentage of daily average net assets. MER does not include brokerage fees and commissions, which are also payable by the Fund.
An investment advisory fee charged by the financial advisor to a fund based on the fund's
The fee paid to the fund’s manager for supervising the administration of the fund.
management information system (MIS)
a structure of interrelated elements that collects, organizes, and communicates
the preference of a manager in how he/she interacts with other stakeholders in the organization;
Modified Accelerated Cost Recovery System (MACRS)
Depreciation method that allows higher tax deductions in early years and lower deductions later.
Related: Investment management.
A technical trading strategy that combines mechanical rules, such as the CRISMA
the fixed overhead volume variance;
Nonmarket or firm-specific risk factors that can be eliminated by diversification. Also
normal cost system
a valuation method that uses actual
a philosophy about increasing a firm’s performance by involving all workers and by ensuring
Operational Earnings Management
management actions taken in the effort to create stable
system whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage.
Passive investment management
Buying a well-diversified portfolio to represent a broad-based market
performance management system
a system reflecting the entire package of decisions regarding performance measurement and evaluation
Periodic inventory system
An inventory system in which the balance in the Inventory account is adjusted for the units sold only at the end of the period.
Perpetual inventory system
An inventory system in which the balance in the Inventory account is adjusted for the units sold each time a sale is made.
Planning, programming and budgeting system (PPBS)
A method of budgeting in which budgets are allocated to projects or programmes rather than to responsibility centres.
A bank machine network outside Canada, across the U.S. and internationally. Customers who use a bank machine with a 'PLUS' symbol may be charged a fee.
Related: Investment management
See market mechanism.
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
Progressive tax system
A tax system wherein the average tax rate increases for some increases in income but
a production system dictated by product sales
A materials flow concept in which parts are only withdrawn after a
the traditional production system in which
A materials flow concept in which parts are issued based on planned
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