Accounting for Management Control: An Introduction |
Common terms and phrases
absorption costing accounting advertising allocated alternative amount analysis balance sheet basis breakeven point capital Cash Flows cash inflows charges computation cont'd current liabilities December 31 Department responsibility cost Direct labor Direct material discounted dividend dollars Efficiency variance Ending inventory equipment Fifo fixed assets fixed costs Fixed expenses fixed overhead Flexible Budget forecast opportunity variance funds gallons Gross profit historical cost Income Statement income taxes increase incurred investment less Lifo loss machine manufacturing costs Master Budget method month Net income Net operating income Net present value payable period practical capacity present value problem production purchase rate of return Rate variance responsibility cost control retained earnings revenue salaries Sales forecast opportunity Schedule variance selling price sold Spending variance standard hours allowed Total budget variance Total variable costs unfavorable unit cost Units Produced Variable costs Variable expenses Variable factory overhead variable overhead volume variance