Chapter 1 - Cost Accounting Terms

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Peru State College - Cost Terms
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Authority The right ( usually by virtue of position or rank) to use resources to accomplish a task or achieve an objective
Balanced Scorecard (BSC) an approach to performance measurement that uses performance measures from four perspectives: financial, internal business, customer, and innovation and learning
Competence a personal characteristic of developing, possessing, and maintaining the knowledge, skills, and qualifications necessary to perform a task or practice a profession
Confidentiality a personal characteristic that reflects the discretion to refrain from disclosing company information to inappropriate parties, such as competitors; is often specifically defined or referred to in the company's code of ethics
Core Competency a higher proficiency relative to competitors in a critical function or activity; a root of competitiveness and competitive advantage; anything that is not a core competency is a viable candidate for outsourcing
Cost Accounting a discipline that focuses on techniques or methods for determining the cost of a project, process or thing through direct measurement, arbitrary assignment or systematic and rational allocation
Cost Leadership a company's ability to maintain its competitive edge by undercutting competitor prices
Credibility a personal characteristic that indicates the provision for full, fair, and timely disclosure of all relevant information
Customer Value Perspective a balanced scorecard perspective that addresses how well an organization is doing relative to important customer criteria such as speed (lead time) quality, service, and price ( both at and after Purchase)
Downstream Cost a cost related to marketing, distribution, or customer service
Earnings Management any accounting method or practice used by managers or accountants to deliberately "adjust" a company's profit amount to meet a predetermined internal or external target
Environmental Constraint any limitation on strategy options caused by external, cultural, fiscal, legal/ regulatory, or political situations; limiting factor that is not under the direct control of an organization's management; tends to be fairly long- run in nature
Financial Performance Perspective a balanced scorecard perspective that addresses the concerns of stockholders and other stakeholders about organizational profitability and growth
Integrity a personal characteristic that indicates non-participation in activities that would discredit their company or profession
Intellectual Capital the sum of the intangible assets of skill, knowledge, and information that exist in an organization; encompasses human, structural, and relationship capital
Internal Business Perspective a balanced scorecard perspective that addresses those things an organization needs to do well to meet customer needs and expectations
Lag ( or lagging) Indicator a (generally) financial outcome assessed by historical data that has resulted from past actions or decisions
Lead ( or Leading) Indicator a financial or non- financial outcome (including opportunities and problems) that helps assess strategic progress and guide decision making before lag indicators are known; statistical data about the actionable steps that will create desired results
Learning and Growth Perspective a balanced scorecard perspective that focuses on using an organization's intellectual capital to adapt to changing customer needs or to influence new customers' needs and expectations through product or service innovations
Line Personnel employees ( some of whom are in management positions) who work directly toward attaining organizational goals
Mission Statement a written expression of organizational purpose that describes how the organization uniquely meets its targeted customers' needs with it products or services
Organizational structure the manner in which authority and responsibility for decision making are distributed in an entity
Product Cost a cost associated with making or acquiring inventory
Product Differentiation a company's ability to offer products superior to those of its competitors
Responsibility the obligation to accomplish a task or achieve an objective
Return on Investment (ROI) a ratio that relates income generated by an investment center to the resources (or asset base) used to produce that Income
Service Cost the sum of all costs incurred to provide one unit of service to a customer
Service Differentiation a company's ability to offer superior quality or more unique services than it's competitors
Staff Personnel employees who are responsible for providing advice, guidance, and service to line personnel; may be management
Statement on Management Accounting (SMA) a cost or management accounting pronouncement developed and issued by the Institute of Management Accountants; Application of these statements is Voluntary
Strategy the link between an organization's goals and objectives and the activities actually conducted by the organization
Upstream Cost a cost related to research, development, product design, or supply chain
Value Chain The set of processes that converts inputs into products and services for the firm's customers; including the processes of suppliers as well as internal processes
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