Zero Based Budgeting - ZBB
A method of budgeting in which all expenditures must be justified each new period, as opposed to only explaining the amounts requested in excess of the previous period's funding.
Supply Chain Management - SCM
The management and coordination of a product's supply chain for the purpose of increasing efficiency and profitability.
Just In Time - JIT
An inventory strategy companies employ to increase efficiency and decreasewaste by receiving goods only as they are needed in the production process,thereby reducing investory costs.
Inventory can be either raw materials, finished items already available for sale, or goods in the process of being manufactured. Inventory is recorded asan asset on a company's balance sheet.
A company'sfinancialstatement that reports the assets, liabilities and networth at a specific time.
Activity Based Budgeting - ABB
A method of budgeting in which activities that incur costs in each functionof an organization are established and relationships are defined betweenactivities. This information is then used to decide how much resource should be allocated to each activity.
To provide a record such asfundspaid or received for a person or business.Accountingsummarizes and submits this information in reports andstatements. The reports are intended both for the firm itself and outside parties.
A corporation's annual statement of financial operations. Annual reportsinclude a balance sheet, income statement, auditor's report, and a description