Purpose and content of

Continuous process improvement - philosophy of continually improving employees, business processes and products.

Controller - Chief management accountant

Controlling - Monitoring operating results and comparing actual results with the expected results.

Conversion Costs - consist of direct labor and factory overhead costs.

Cost-payment of cash or the commitment to pay cash in the future for generating revenue

Cost object - Product, process, department, or customer to which costs are assigned

Cost of finished goods available-beginning finished goods inventory+cost of goods manufactured during the period=Cost of finished goods available for sale

Cost of goods manufactured-total cost of making products that are available for sale during the period

Cost of goods sold-cost of finished goods avail for sale-ending finished goods inventory=cost of goods sold

Cost of merchandise sold - determined by subtracting the ending manufacturing inventory from the cost of merchandise available for sale.

Decision making - Making decisions, idiot.

Direct costs - Costs incurred for the benefit of one specific cost object

Direct labour cost - Cost of employee wages that is an integral part of the finished product.

Direct material cost - The cost of any material that is an integral part of the finished product.

Directing - the process by which managers run day to day operations.

Factory burden - other name for factory overhead

Factory overhead cost - Factory activities supporting the production process that are not direct material or direct labor

Feedback - allows management to isolate areas for further investigation and possible remedial action.

Financial accounting - information is reported at fixed intervals in general purpose financial statements.

Finished goods inventory-consists of completed products that have not been sold

Indirect costs - cannot be identified with or traced to a cost object.