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T
target cost
A product cost estimate derived by subtracting a desired
profit margin from a competitive market price. This may
be less than the planned initial product cost, but will
be expected to be achieved by the time the product reaches
the mature production stage.
theory of constraints (TOC)
An approach to production management which aims to maximise
sales revenue less materials (throughput), whilst simultaneously
reducing 'inventory' and operational expense. It focuses
primarily on factors which act as constraints to this maximisation.
throughput
The rate of production of a defined process over a stated
period of time. Rates may be expressed in terms of units
of products, batches produced, turnover, or other meaningful
measurements.
throughput accounting (TA)
A method of performance measurement which relates production
and other costs to throughput. Throughput accounting product
costs relate to usage of key resources by various products.
top-down process
A top-down approach usually relates to a particular type
of budgeting process where a budget allowance is set or
imposed without permitting the ultimate budget holder to
have the opportunity to participate in the budgeting process.
total productive maintenance (TPM)
Where first line maintenance, cleaning, checking for irregularities,
leaks etc., and simple maintenance, become the responsibility
of operators rather than of the maintenance department.
total quality control (TQC)
A concept of the quality operation of a business that includes
policy deployment, quality control teams, cross-function
quality groups, 5S techniques of good housekeeping, the
seven tools of quality, and the Deming cycle of plan-do-check-act,
to involve everyone in all areas of the business to meet
customer needs.
total quality management (TQM)
An integrated and comprehensive system of planning and controlling
all business functions so that products or services are
produced which meet or exceed customer expectations. TQM
is a philosophy of business behaviour, embracing principles
such as employee involvement, continuous improvement at
all levels and customer focus, as well as being a collection
of related techniques aimed at improving quality. In addition
to the features included in TQC, TQM additionally includes
JIT, heijunka, and jidoka.
treasury management
The corporate handling of all financial matters, the generation
of external and internal funds for business, the management
of currencies and cash flows, and the complex strategies,
policies and procedures of corporate finance.
trial balance
The list of account balances in a double-entry accounting
system. If the records have been correctly maintained, the
sum of the debit balances will equal the sum of the credit
balances, although certain errors such as the omission of
a transaction or erroneous entries will not be disclosed
by a trial balance.
true and fair view
The requirement for financial statements prepared in compliance
with the Companies Act to 'give a true and fair view' overrides
any other requirements. Although not precisely defined in
the Companies Act this is generally accepted to mean that
accounts show a true and fair view if they are unlikely
to mislead a user of financial information in giving a false
impression of the company.
turnover
Also called sales or revenue, are amounts derived from the
provision of goods or services falling within the company's
ordinary activities, after deduction of sales returns, trade
discounts, value added tax, and any other taxes based on
the amounts so derived (Companies Act 1985).
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