The sum of direct materials, direct labor, and manufacturing overhead incurred in the current period. Total quality management (TQM) Systems implemented to reduce defects in finished products with the goal of achieving zero defects.

The sum of direct materials, direct labor, and manufacturing overhead incurred in the current period.

Total quality management (TQM)

Systems implemented to reduce defects in finished products with the goal of achieving zero defects.

Treasurer

Financial officer responsible for custody of a company’s funds and for maintaining its cash position.

Triple bottom line

The evaluation of a company’s social responsibility performance with regard to people, planet, and profit.

Value chain

All business processes associated with providing a product or performing a service.

cost of goods manufactured schedule

reports cost elements used in calculating cost of goods manufactured. The schedule presents detailed data for direct materials and for manufacturing overhead.

Checking Account

A blank account from which payments can be ordered by a depositor

endorsment

A signature or stamp on the back of a check transferring ownership

special endorsment

An endorsment indicating a new owner of a check

restrictive endorsment

An endorment restricting further transfer of a checks ownership

postdated check

A check with a future date on it

bank statement

A report of deposits, withdrawls, and bank balances sent to a depositor by a bank

dishonored check

A check that abank refuses to pay

electronic funds transfer

A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents

debit card

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

petty cash

An amount of cash kept on hand and used for making small payments

petty cash slip

A form showing proof of a petty cash payment

 

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