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Definition of Accountability
The process of satisfying stakeholders in the organization that managers have acted in the best interests of the stakeholders, a result of the stewardship function of managers, which takes place through accounting.
A federal Act expanding upon many of the insurance reforms created by
Provides additional financial security should an insured person be dismembered or lose the use of a limb as the result of an accident.
This doctrine says that a nation is sovereign within its own borders and its domestic
A market in which there is much trading.
A strategy that uses available information and forecasting techniques to seek a
a repetitive action performed in fulfillment of business functions
the process of detailing the various repetitive actions that are performed in making a product or
A method of budgeting that develops budgets based on expected activities and cost drivers – see also activity-based costing.
planning approach applying activity drivers to estimate the levels and costs of activities necessary to provide the budgeted quantity and
A method of costing that uses cost pools to accumulate the cost of significant business activities and then assigns the costs from the cost pools to products or services based on cost drivers.
A relatively new method advocated for the
a process using multiple cost drivers to predict and allocate costs to products and services;
A cost allocation system that compiles costs and assigns
a discipline that focuses on the activities incurred during the production/performance process as the way to improve the value received
a segment of the production or service
a measure of the demands on activities and,
The actual expenditure made to acquire an asset, which includes the supplierinvoiced
actual cost system
a valuation method that uses actual direct
The physical commodity underlying a futures contract. Cash commodity, physical.
One who uses statistical information to evaluate the probability of future events and prices insurance products.
ADF (annuity discount factor)
the present value of a finite stream of cash flows for every beginning $1 of cash flow.
Allocation base A measure of activity or volume such as labour
hours, machine hours or volume of production
Amortization (Credit Insurance)
Refers to the reduction of debt by regular payments of interest and principal in order to pay off a loan by maturity.
The pool factor implied by the scheduled amortization assuming no prepayemts.
Present value of $1 paid for each of t periods.
Present value of an annuity of $1 per period.
Asset activity ratios
Ratios that measure how effectively the firm is managing its assets.
Beneficiary (Credit Insurance)
The person or party designated to receive proceeds entitled by a benefit. Payment of a benefit is triggered by an event. In the case of credit insurance, the beneficiary will always be the creditor.
Bill and Hold Practices
Products that have been sold with an explicit agreement that delivery
Borrower (Credit Insurance)
A consumer who borrows money from a lender.
A guaranteed investment contract purchased with a single (one-shot) premium. Related:
an activity that is necessary for the operation of the business but for which a customer would not want to pay
Canadian Deposit Insurance Corporation
Better known as CDIC, this is an organization which insures qualifying deposits and GICs at savings institutions, mainly banks and trust companys, which belong to the CDIC for amounts up to $60,000 and for terms of up to five years. Many types of deposits are not insured, such as mortgage-backed deposits, annuities of duration of more than five years, and mutual funds.
Canadian Life and Health Insurance Association (CLHIA)
An association of most of the life and health insurance companies in Canada that conducts research and compiles information about the life and health insurance industry in Canada.
cash flow from operating activities, or cash flow from profit
This equals the cash inflow from sales during the period minus the cash
Cash Flow Provided by Operating Activities
With some exceptions, the cash effects of transactions
Cash Flow Provided or Used from Financing Activities
Cash receipts and payments involving
Cash Flow Provided or Used from Investing Activities
Cash receipts and payments involving
CASH FLOWS FROM FINANCING ACTIVITIES
A section on the cash-flow statement that shows how much cash a company raised by selling stocks or bonds this year and how much was paid out for cash dividends and other finance-related obligations.
CASH FLOWS FROM INVESTING ACTIVITIES
A section on the cashflow statement that shows how much cash came in and went out because of various investing activities like purchasing machinery.
Cash settlement contracts
Futures contracts, such as stock index futures, that settle for cash, not involving
A transaction where exchange is immediate, as contrasted to a forward contract, which
The market model applied to a single security. The slope of the line is a security's beta.
Child Insurance Rider (CIR)
insurance or insurability provided on current or future children of insured.
In medical insurance, the insured person and the insurer sometimes share the cost of services under a policy in a specified ratio, for example 80% by the insurer and 20% by the insured. By this means, the cost of coverage to the insured is reduced.
Refers to the fact that the merger of two firms decreases the probability of default on
The percentage of a given month's sales collected during the month of sale and each
Commercial Business Loan (Credit Insurance)
An agreement between a creditor and a borrower, where the creditor has loaned an amount to the borrower for business purposes.
A contract accounting method that recognizes contract revenue
computer-aided manufacturing (CAM)
the use of computers to control production processes through numerically
computer integrated manufacturing (CIM)
the integration of two or more flexible manufacturing systems through the use of a host computer and an information networking system
Conditional sales contracts
Similar to equipment trust certificates except that the lender is either the
Consolidated Omnibus Budget Reconciliation Act (COBRA)
A federal act
Consumer Credit Protection Act
A federal act specifying the proportion of
A term of reference describing a unit of trading for a financial or commodity future. Also, the actual
A formal written statement of the rights and obligations of each party to a transaction.
Method of accounting for sales or service agreements where completion
an external party that has been granted an outsourcing contract to produce a part or component for an entity
The month in which futures contracts may be satisfied by making or accepting a delivery.
an external party that has been granted an
Contract Work Hours and Safety Standards Act
A federal act requiring federal contractors to pay overtime for hours worked exceeding 40 per week.
Rules set by the Chicago Board of Trade for determining the invoice price of each
cost of goods manufactured (CGM)
the total cost of the
Cost of Insurance
The cost of insuring a particular individual under the policy. It is based on the amount of coverage, as well as the underwriting class, age, sex and tobacco consumption of that individual.
Cost of manufacture
The cost of goods manufactured for subsequent sale.
a contract in which the customer agrees
Creative Accounting Practices
Any and all steps used to play the financial numbers game, including
Creditor (Credit Insurance)
A lender or lending institution that offers financing and loans to a borrower, for the purpose of acquiring a commodity.
Critical Illness Insurance
Coverage that provides a lump-sum payment should you be diagnosed with a critical illness and survive a pre-determined period of time. There are no restrictions on how you use your benefit.
Critical Illness Insurance (Credit Insurance)
Coverage that provides a lump-sum payment should you become seriously ill with a specified illness. The payment is made to your creditors to pay off your debt owing.
critical success factors (CSF)
any item (such as quality, customer
Current Tax Payment Act of 1943
A federal act requiring employers to withhold income taxes from employee pay.
Davis-Bacon Act of 1931
A federal act providing wage protection to nongovernment
Existing in actual fact although not by official recognition.
Dead Peasants Insurance
Also known as "Dead Janitors insurance", this is the practice, where allowed, in several U.S. states, of numerous well known large American Corporations taking out corporate owned life insurance policies on millions of their regular employees, often without the knowledge or consent of those employees. Corporations profiting from the deaths of their employees [and sometimes ex-employees] have attracted adverse publicity because ultimate death benefits are seldom, even partially passed down to surviving families.
Debt (Credit Insurance)
Money, goods or services that someone is obligated to pay someone else in accordance with an expressed or implied agreement. Debt may or may not be secured.
design for manufacturability (DFM)
a process that is part of the project management of a new product; concerned with finding optimal solutions to minimizing product failures
insurance that pays you an ongoing income if you become disabled and are unable to pursue employment or business activities. There are limits to how much you can receive based on your pre-disability earnings. Rates will vary based on occupational duties and length of time in a particular industry. This kind of coverage has a waiting period before you can begin collecting benefits, usually 30, 60 or 90 days. The benefit paying period also varies from 2 years to age 65. A short waiting period will cost more that a longer waiting period. As well, a long benefit paying period will cost more than a short benefit paying period.
Disability Insurance (Credit Insurance)
Group insurance designed to cover monthly obligations due to a borrower being unable to work due to sickness or injury.
Present value of $1 received at a stated future date.
Present value of a $1 future payment.
Employee Retirement Income Security Act of 1974 (ERISA)
A federal act that sets minimum operational and funding standards for employee benefit
Equal Pay Act of 1963
A federal act requiring that both sexes receive equal pay
Life insurance or annuity product in which the cash value and benefit level fluctuate according to the performance of an equity portfolio.
Errors and Omissions Insurance
insurance coverage purchased by the agent/broker which provides protection against loss incurred by a client because of some negligent act, error, oversight, or omission by the agent/broker.
A bond portfolio management strategy that involves finding the lowest cost portfolio
Export Credit Insurance
The granting of insurance to cover the commercial and political risks of selling in foreign markets.
A financial institution that buys a firm's accounts receivables and collects the debt.
An agent who buys and sells goods on behalf of others for a commission.
A statistical procedure that seeks to explain a certain phenomenon, such as the return on a
A way of decomposing the factors that influence a security's rate of return into common and
Factor of Production
A resource used to produce a good or service. The main macroeconomic factors of production are capital and labor.
A well-diversified portfolio constructed to have a beta of 1.0 on one factor and a beta of
Sale of a firm's accounts receivable to a financial institution known as a factor.
The sale of accounts receivable to a third party, with the third party bearing
The discounting, or sale at a discount, of receivables on a nonrecourse, notification
Type of financial service whereby a firm sells or transfers title to its accounts receivable to a factoring company, which then acts as principal, not as agent.
All the costs incurred during the manufacturing process, minus the
Fair Labor Standards Act of 1938
A federal act creating standards of overtime
Family and Medical Leave Act
A federal act containing the rules for offering
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