|statistical process control (SPC)|
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Definition of statistical process control (SPC)
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 process of ensuring that actual financial results are in line with targets – see variance
the process of combining information technology to create new and more effective
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
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 processing float
The time that elapses between receipt of payment from a customer and the
cost-benefit analysis the analytical process of comparing the
relative costs and benefits that result from a specific course
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
A procedure for ensuring that transaction processing is completed
A conception of the way a stock's price changes that assumes that the price takes on all
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
Extrapolative statistical models
Models that apply a formula to historical data and project results for a
FIFO method (of process costing)
the method of cost assignment that computes an average cost per equivalent
The management of a firm's costs and expenses in order to control them in relation to
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
In-house processing float
Refers to the time it takes the receiver of a check to process the payment and
internal accounting controls
Refers to forms used and procedures
any measure used by management to protect
statistical assumptions about the behavior of security prices. For
a manufacturing process that simultaneously
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,
modified FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per
the ability of a worker to monitor
the fixed overhead volume variance;
Price discovery process
The process of determining the prices of the assets in the marketplace through the
A series of linked activities that result in a specific objective. For example, 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.
the implementation of all practices and policies
Material that has been reworked and returned to stock.
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
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
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.
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
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