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.
Finished goods inventory-consists of completed products that have not been sold
Indirect costs - cannot be identified with or traced to a cost object.