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Definition of quality control
the implementation of all practices and policies
a quality control cost incurred for monitoring
a quality control cost associated with goods or
the time taken to perform quality control activities
a structural system for creating organization-wide participation in planning and implementing a continuous improvement process that exceeds
the maximum limit for the number of defects or errors in a process
The process of ensuring that actual financial results are in line with targets – see variance
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
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 of quality
The difference between the actual costs of production, selling and service and the costs that would be incurred if there were no failures during production or usage of products or services.
A procedure for ensuring that transaction processing is completed
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.
Dupont system of financial control
Highlights the fact that return on assets (ROA) can be expressed in terms
Governmental restrictions on the purchase of foreign currencies by domestic citizens or
The management of a firm's costs and expenses in order to control them in relation to
Flight to quality
The tendency of investors to move towards safer, government bonds during periods of high
Foreign exchange controls
Various forms of controls imposed by a government on the purchase/sale of
Immigration Reform and Control Act of 1986
A federal Act requiring all employers having at least four employees to verify the identity and employment
internal accounting controls
Refers to forms used and procedures
any measure used by management to protect
This is difficult to define in a few words—indeed, an
management control system (MCS)
an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans,
the fixed overhead volume variance;
process quality yield
the proportion of good units that resulted from the activities expended
all the characteristics of a product or service that
the process of determining that product
a review of product design activities (although
Also called the swap option, the seller's choice of deliverables in Treasury Bond and Treasury
Also called credit spread, the spread between Treasury securities and non-Treasury securities
Risk controlled arbitrage
A self-funding, self-hedged series of transactions that generally utilize mortgage
Shelf life control
Deliberate usage of the oldest items first, in order to avoid exceeding
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
The visual inspection of inventory levels, enabled by the use of
An incomes policy in which wages and prices are constrained by law not to rise by more than a specified percentage.
A system that monitors and evaluates the performance of a fixed-income portfolio , as well as the
critical success factors (CSF)
any item (such as quality, customer
a unit that has been rejected at a control inspection
a comprehensive series of international quality standards
a unit that is rejected at a control inspection
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