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Definition of Advance commitment
A promise to sell an asset before the seller has lined up purchase of the asset. This
A payment made by a customer to the company, or by the company to a
Very early orders for materials before the completion
A trader is said to have a commitment when he assumes the obligation to accept or make
A fee paid to a commercial bank in return for its legal commitment to lend funds that have
An undewriting in which an investment banking firm commits to buy the
An agreement by the loan purchaser to allow the monthly loan quota to be
Formal request for funds for capital investment project.
A listing of all the materials and quantities that go to make up a completed product.
a document that contains information about
An itemization of the parts and subassemblies required to create a
A listing of all parts and subassemblies required to produce one
A bill of material that accounts for the generation and
a readily identifiable part of a product; the cost of such a part
The cost of all materials used in a cost object, such as finished goods.
The variance between the budgeted and actual mixes of
Inventory that has been physically marked as being for a
Indented bill of material
A bill of material reporting format under which successively
material mix variance
(actual mix X actual quantity X standard price) - (standard mix X actual quantity X standardprice);
material price variance
total actual cost of material purchased
material quantity variance
(actual quantity X standard price) - (standard quantity allowed standard price);
Material requirements planning
A computerized system used to calculate material
Material requirements planning (MRP)
A computer-driven production methodology
material requisition form
a source document that indicates
Material review board
A company committee typically comprising members representing
material yield variance
(standard mix X actual quantity X standard price) - (standard mix X standard quantity X standard price);
The proportional size of a financial misstatement. It can be construed as
A characterization of the magnitude of a financial statement item's effect on a
Materials price variance
The difference between the actual and budgeted cost to
Materials quantity variance
The difference between the actual and budgeted quantities
Materials requirement planning
Computer-based systems that plan backward from the production schedule
materials requirements planning (MRP)
a computerbased information system that simulates the ordering and
A document listing the quantities of specific parts to be withdrawn
Matrix bill of material
A bill of materials chart listing the bills for similar products,
Modular bill of material
A bill of material format in which components and subassemblies
Multilevel bill of material
An itemization of all bill of material components, including
Any inventory item that does not match its original design
The waste materials resulting from a production process.
Phantom bill of material
A bill of materials for a subassembly that is not normally
Base-level items used by the manufacturing process to create either
Raw material supply agreement
As used in connection with project financing, an agreement to furnish a
Unprocessed goods bought for manufacture, part of inventory.
Raw materials inventory
The total cost of all component parts currently in stock that
Repair bill of material
A special bill itemizing changes needed to refurbish an
material that has been reworked and returned to stock.
material that has been reserved for a specific purpose.
Single-level bill of material
A list of all components used in a parent item.
Summarized bill of materials
A bill of materials format showing the grand total
A materials flow concept in which parts are only withdrawn after a
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