ACCT 203 Chapter Notes - Chapter 14: Internal Control, Fixed Cost, Sunk Costs
25 May 2018
School
Department
Course
Professor
ACCT 203 GMU Chapter 14 review
planning
establishing goals and specifying how to achieve them
controlling
gathering feedback to ensure the plan is being properly executed
decision making
selecting a course of action from competing alternatives
value chain
major business functions that add value to the company's products and services
constraint
anything that prevents someone from getting what they want
theory of constraints
effectively managing the constraint is the key to success
corporate governance
system by which a company is directed and controlled
sarbanes-oxley act of 2002
find more resources at oneclass.com
find more resources at oneclass.com
to protect the interests of those who invest in a publicly traded company by
improving the reliability and accuracy of the reports
internal control
process that provides reasonable assurance that objectives are being achieved
raw materials
any material that goes into the final product
direct materials
materials that become an integral part of the finished product and whose costs
can be conveniently traced to the final product
indirect materials
insignificant materials to the end product and whose costs are relatively minor
direct labor
labor costs that can be easily traced to individual units of product
indirect labor
labor costs that cannot be physically traced to particular products
manufacturing overhead
all manufacturing costs except direct materials and direct labor
find more resources at oneclass.com
find more resources at oneclass.com
