ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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THEORY OF CONSTRAINTS Definition
THEORY OF CONSTRAINTS is a management approach that focuses on identifying and relaxing the constraints that limit an organizations ability to reach a higher level of goal attainment.
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INCOME SUMMARY ACCOUNT is the account in the general ledger used to summarize the revenue and expenses for the fiscal period.
EXTERNAL ENVIRONMENT is factors (conditions, trends, and forces) essentially outside the control of organizational members. External environmental scans are conducted to identify important factors in the external environment. This analysis is often a critical aspect in all business or strategic plans.