Do It Right the First Time (DRIFT) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is DRIFT?Do it Right The First Time, also known as DRIFT, is a managerial accounting theory that relates to just-in-time (JIT) inventory system. The idea behind DRIFT is for management to ensure that all the JIT processes are efficiently carried out to avoid...

Family of Funds – Explained

by TheBusinessProfessor | Feb 23, 2025 | Investments, Trading, and Financial Markets

What is a Family of Funds?A family of funds refers to a group of funds whose marketing and administration activities are facilitated by a single investment company. It provides people with a wide range of investment options. Generally, most people will always prefer...

Cost Accounting – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is Cost Accounting?Cost accounting refers to a systematic procedure that businesses use to record and report their cost of production. To be able to measure the cost of production, they usually assess each steps output costs involved in the production and fixed...

Low-Cost Production – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is a Low-Cost Producer?A low-cost producer is a company in a specific industry that can produce goods at a lower cost than other producers. That is, the producer has a higher profit margin on the sale of a product than competitors. What is a Low-Cost...

Association of Government Accountants – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is the Association of Government Accountants?The Associate of Government Accountants is a financial professional non-profit organization for accountants working for the United States Government or any other government. The work of the AGA is to further its...

Association of Futures Brokers and Dealers – Explained

by TheBusinessProfessor | Feb 23, 2025 | Investments, Trading, and Financial Markets

What is the Association Of Futures Brokers And Dealers?The Association of Futures Brokers and Dealers was a professional organization that major London futures exchanges established to be able to offer regulatory supervision for dealers, brokers, including other...

Association of Certified Fraud Examiners – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is the Association Of Certified Fraud Examiners?The Association of Certified Fraud Examiners, also known as ACFE, is an association made of professionals, to fight fraud and cheating in business practices. It is also the accrediting body for those individuals...

Middle Office – Explained

by TheBusinessProfessor | Feb 23, 2025 | Banking, Lending, and Credit Industry

Update Table of Contents What is a Middle Office?How Does Middle Office Work?Requirements of the Middle Office What is a Middle Office?In an organization, the middle office is the office in charge of its investments and other financial activities, losses, and profits...

Internal Controls (Accounting) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What are Internal Controls?Internal controls refer to accounting policies and auditing procedures that ensure that the accounting information of a company are accurate and reliable. Companies set up internal controls to achieve a number of objectives. The forms of...

Monetary Theory – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

What is a Monetary Theory?The monetary theory is a macroeconomic theory that maintains that a currency or money supply is an important factor in economic activities. Changes in the economy are also linked to the money supply as posited by the monetary theory. In...