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Financial Terms | |
Advance material request |
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Definition of Advance material requestAdvance material requestVery early orders for materials before the completion
Related Terms:AdvanceA payment made by a customer to the company, or by the company to a Advance commitmentA promise to sell an asset before the seller has lined up purchase of the asset. This Appropriation requestFormal request for funds for capital investment project. Bill of materialsA listing of all the materials and quantities that go to make up a completed product. bill of materialsa document that contains information about Bill of materialsAn itemization of the parts and subassemblies required to create a Bill of materials (BOM)A listing of all parts and subassemblies required to produce one ![]() Breeder bill of materialsA bill of material that accounts for the generation and direct materiala readily identifiable part of a product; the cost of such a part Direct materials costThe cost of all materials used in a cost object, such as finished goods. Direct materials mix varianceThe variance between the budgeted and actual mixes of Earmarked materialInventory that has been physically marked as being for a Indented bill of materialA 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 variancetotal actual cost of material purchased material quantity variance(actual quantity X standard price) - (standard quantity allowed standard price); ![]() Material requirements planningA computerized system used to calculate material Material requirements planning (MRP)A computer-driven production methodology material requisition forma source document that indicates Material review boardA 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); MaterialityThe proportional size of a financial misstatement. It can be construed as MaterialityA characterization of the magnitude of a financial statement item's effect on a Materials price varianceThe difference between the actual and budgeted cost to Materials quantity varianceThe difference between the actual and budgeted quantities Materials requirement planningComputer-based systems that plan backward from the production schedule materials requirements planning (MRP)a computerbased information system that simulates the ordering and Materials requisitionA document listing the quantities of specific parts to be withdrawn Matrix bill of materialA bill of materials chart listing the bills for similar products, Modular bill of materialA bill of material format in which components and subassemblies Multilevel bill of materialAn itemization of all bill of material components, including Nonconforming materialAny inventory item that does not match its original design Offal materialThe waste materials resulting from a production process. Phantom bill of materialA bill of materials for a subassembly that is not normally Raw materialBase-level items used by the manufacturing process to create either Raw material supply agreementAs used in connection with project financing, an agreement to furnish a Raw materialsUnprocessed goods bought for manufacture, part of inventory. Raw materials inventoryThe total cost of all component parts currently in stock that Repair bill of materialA special bill itemizing changes needed to refurbish an Reprocessed materialmaterial that has been reworked and returned to stock. Reserved materialmaterial that has been reserved for a specific purpose. Single-level bill of materialA list of all components used in a parent item. Summarized bill of materialsA bill of materials format showing the grand total Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |