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Definition of Process
A series of linked activities that result in a specific objective. For example, the
the process of combining information technology to create new and more effective
The time that elapses between receipt of payment from a customer and the
relative costs and benefits that result from a specific course
A conception of the way a stock's price changes that assumes that the price takes on all
the method of cost assignment that computes an average cost per equivalent
Refers to the time it takes the receiver of a check to process the payment and
Statistical assumptions about the behavior of security prices. For
a manufacturing process that simultaneously
the method of cost assignment that uses FIFO to compute a cost per
the ability of a worker to monitor
The process of determining the prices of the assets in the marketplace through the
benchmarking that focuses on practices and how the best-in-class companies achieved their results
an assessment about the number of processes through which a product flows
A method of costing for continuous manufacture in which costs for an accounting compared are compared with production for the same period to determine a cost per unit produced.
A costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products.
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
Process flow production
A production configuration in which products are continually
a flowchart or diagram indicating every step
the total units produced during a period
process quality yield
the proportion of good units that resulted from the activities expended
the actual time consumed performing the
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
Purchased In-Process Research and Development
Unfinished research and development that is acquired from another firm.
Material that has been reworked and returned to stock.
statistical process control (SPC)
the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations
strict FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the
weighted average method (of process costing)
the method of cost assignment that computes an average cost per
Any items being converted into finished goods or released from
Inventory that has been partially converted through the
see activity-based management
accepted quality level (AQL)
the maximum limit for the number of defects or errors in a process
The process of satisfying stakeholders in the organization that managers have acted in the best interests of the stakeholders, a result of the stewardship function of managers, which takes place through accounting.
A collection of systems and processes used to record, report and interpret business transactions.
an increase in units or volume caused by the addition
the process of detailing the various repetitive actions that are performed in making a product or
activity-based costing (ABC)
a process using multiple cost drivers to predict and allocate costs to products and services;
activity-based management (ABM)
a discipline that focuses on the activities incurred during the production/performance process as the way to improve the value received
a segment of the production or service
actual cost system
a valuation method that uses actual direct
A budgeting process using summary-level information to
process in corporate financial planning whereby the smaller investment proposals of each of the
a process of service department cost allocation
The process of storing costs in one account and shifting them to other
The process of attempting to infer the presence of potential problems
the amount of overhead that has been assigned to Work in process Inventory as a result of productive activity; credits for this amount are to an overhead account
Automated Clearing House (ACH)
A collection of 32 regional electronic interbank networks used to
Automated Clearing House (ACH)
A banking clearinghouse that processes direct
A system of non-financial performance measurement that links innovation, customer and process measures to financial performance.
The process of taking the balances from the bank statement and the general ledger and making adjustments so that they agree.
a cost that is caused by a group of things
the process of investigating how others do something better so that the investigating company can imitate,
Bill of materials
An itemization of the parts and subassemblies required to create a
The reintroduction of a faulty product into a process production flow by
A system that monitors and evaluates the performance of a fixed-income portfolio , as well as the
A process of creating a theoretical spot rate curve , using one yield projection as the basis for
any object or facility whose processing speed is
An operation in the midst of a manufacturing or service process in which the
a detailed set of documents that provides information
an intentional underestimation of revenues
The process of ensuring that actual financial results are in line with targets – see variance
the process of formalizing plans and committing
business intelligence (BI) system
a formal process for gathering and analyzing information and producing intelligence to meet decision making needs; requires information about
an incidental output of a joint process; it is salable,
A product that is an ancillary part of the primary production process, having
A material created incidental to a production process, which can be
The process of choosing the firm's long-term capital assets.
The process of ranking and selecting investment alternatives and
a process of evaluating an entity’s proposed
Capital market imperfections view
The view that issuing debt is generally valuable but that the firm's
Clearing house / Clearinghouse
An adjunct to a futures exchange through which transactions executed its floor are settled by a
A securities offering process in which securities firms submit competing bids to the
The process of accumulating the time value of money forward in time. For example, interest
computer-aided manufacturing (CAM)
the use of computers to control production processes through numerically
a process in which there is a rolling
The process of accumulating the time value of money forward in time on a
The process of continuously adding interest to a principal plus
The process of calculating the present value of a stream of future
an ongoing process of enhancing employee task performance, level of product quality, and level of company service through eliminating nonvalue-added activities to reduce lead time, making products
any reduction in units that occurs uniformly
the process of exerting managerial influence on
the process of transformation or change
Refers to the sum of manufacturing direct labor and overhead
a discipline that focuses on techniques or
The process of either reducing costs while maintaining the same level of productivity or maintaining costs while increasing productivity.
cost driver analysis
the process of investigating, quantifying,
Anything for which a measurement of cost is required – inputs, processes, outputs or responsibility centres.
Cost of Capital
The discount rate that should be used in the capital budgeting process.
cost of production report
a process costing document that
The costs of (cross-functional) business processes, irrespective of the organizational structure of the business.
a database providing information about the impact
Creative Acquisition Accounting
The allocation to expense of a greater portion of the price
The process whereby new technology creates new jobs and destroys old, less productive jobs.
The process of analyzing information on companies and bond issues in order to estimate the
A procedure for ensuring that transaction processing is completed
Debtor in possession
A firm that is continuing to operate under Chapter 11 bankruptcy process.
New debt obtained by a firm during the Chapter 11 bankruptcy process.
the process of choosing among the alternative
The process whereby the banking system transforms a dollar of reserves into several dollars of money supply.
design for manufacturability (DFM)
a process that is part of the project management of a new product; concerned with finding optimal solutions to minimizing product failures
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