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Financial Terms | |
engineering change order (ECO) |
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Definition of engineering change order (ECO)engineering change order (ECO)a business mandate that changes the way in which a product is manufactured or a
Related Terms:Accelerated cost recovery system (ACRS)Schedule of depreciation rates allowed for tax purposes. Accounting changeAn alteration in the accounting methodology or estimates used in American Stock Exchange (AMEX)The second-largest stock exchange in the United States. It trades Bank reconciliationThe process of taking the balances from the bank statement and the general ledger and making adjustments so that they agree. Bank reconciliationA comparison between the cash position recorded on a company’s Bill of exchangeGeneral term for a document demanding payment. business process reengineering (BPR)the process of combining information technology to create new and more effective ![]() Buy limit orderA conditional trading order that indicates a security may be purchased only at the designated capital recoveryRefers to recouping, or regaining, invested capital over Change in Accounting EstimateA change in accounting that occurs as the result of new information Change in Accounting EstimateA change in the implementation of an existing accounting Change in Accounting PrincipleA change from one generally accepted accounting principle to another generally accepted accounting principle—for example, a change from capitalizing expenditures Change in Reporting EntityA change in the scope of the entities included in a set of, typically, consolidated financial statements. Changes in Financial PositionSources of funds internally provided from operations that alter a company's Chicago Mercantile Exchange (CME)A not-for-profit corporation owned by its members. Its primary Classical MacroeconomicsThe school of macroeconomic thought prior to the rise of Keynesianism. Closed EconomyAn economy in which imports and exports are very small relative to GDP and so are ignored in macroeconomic analysis. Contrast with open economy. Commodities Exchange Center (CEC)The location of five New York futures exchanges: Commodity concurrent engineeringsee simultaneous engineering Consolidated Omnibus Budget Reconciliation Act (COBRA)A federal Act Convertible exchangeable preferred stockConvertible preferred stock that may be exchanged, at the Cross-border riskRefers to the volatility of returns on international investments caused by events associated Cumulative Effect of a Change in Accounting PrincipleThe change in earnings of previous years Cumulative Effect of Accounting ChangeThe change in earnings of previous years assuming Date of recordDate on which holders of record in a firm's stock ledger are designated as the recipients of Day orderAn order to buy or sell stock that automatically expires if it can't be executed on the day it is entered. Discrete order pickingA picking method requiring the sequential completion of Economic assumptionseconomic environment in which the firm expects to reside over the life of the economic components modelAbrams’ model for calculating DLOM based on the interaction of discounts from four economic components. Economic defeasanceSee: in-substance defeasance. Economic dependenceExists when the costs and/or revenues of one project depend on those of another. Economic earningsThe real flow of cash that a firm could pay out forever in the absence of any change in Economic exposureThe extent to which the value of the firm will change because of an exchange rate change. Economic incomeCash flow plus change in present value. economic integrationthe creation of multi-country markets Economic lifeThe period over which a company expects to be able to use an asset. economic order quantityorder size that minimizes total inventory costs. Economic order quantity (EOQ)The order quantity that minimizes total inventory costs. economic order quantity (EOQ)an estimate of the number economic production run (EPR)an estimate of the number Economic rentsProfits in excess of the competitive level. Economic riskIn project financing, the risk that the project's output will not be salable at a price that will Economic surplusFor any entity, the difference between the market value of all its assets and the market Economic unionAn agreement between two or more countries that allows the free movement of capital, Economic Value Added (EVA)Operating profit, adjusted to remove distortions caused by certain accounting rules, less a charge economic value added (EVA)a measure of the extent to which income exceeds the dollar cost of capital; calculated economic value added (EVA)Term used by the consulting firm Stern Stewart for profit remaining after deduction of the cost economically reworkedwhen the incremental revenue from the sale of reworked defective units is greater than EconomicsThe study of the allocation and distribution of scare resources among competing wants. Economies of scaleThe decrease in the marginal cost of production as a plant's scale of operations increases. Economies of scopeScope economies exist whenever the same investment can support multiple profitable Effective Exchange RateThe weighted average of several exchange rates, where the weights are determined by the extent of our trade done with each country. Electronic data interchange (EDI)The exchange of information electronically, directly from one firm's electronic data interchange (EDI)the computer-to-computer transfer of information in virtual real time using standardized formats developed by the American National Standards Institute Embodied Technical ChangeTechnical change that can be used only when new capital embodying this technical change is produced. Engineering changeA change to a product’s specifications as issued by the engineering Equation of ExchangeThe quantity theory equation Mv = PQ. ExchangeThe marketplace in which shares, options and futures on stocks, bonds, commodities and indices Exchange controlsGovernmental restrictions on the purchase of foreign currencies by domestic citizens or Exchange of assetsAcquisition of another company by purchase of its assets in exchange for cash or stock. Exchange of stockAcquisition of another company by purchase of its stock in exchange for cash or shares. Exchange offerAn offer by the firm to give one security, such as a bond or preferred stock, in exchange for Exchange rateThe price of one country's currency expressed in another country's currency. exchange rateAmount of one currency needed to purchase one unit of another. Exchange Rate Mechanism (ERM)The methodology by which members of the EMS maintain their Exchange Rate, NominalThe price of one currency in terms of another, in this book defined as number of units of foreign currency per dollar. Exchange Rate, RealThe nominal exchange rate corrected for price level differences. Exchange rate riskAlso called currency risk, the risk of an investment's value changing because of currency Exchange riskThe variability of a firm's value that results from unexpected exchange rate changes or the Exchangeable SecuritySecurity that grants the security holder the right to exchange the security for the expectations theory of exchange ratesTheory that expected spot exchange rate equals the forward rate. Fill or kill orderA trading order that is canceled unless executed within a designated time period. Financial engineeringCombining or dividing existing instruments to create new financial products. Fixed-exchange rateA country's decision to tie the value of its currency to another country's currency, gold Fixed Exchange RateAn exchange rate held constant by a government promise to buy or sell dollars at the fixed rate on the foreign exchange market. Flexible Exchange RateAn exchange rate whose value is determined by the forces of supply and demand on the foreign exchange market. Floating exchange rateA country's decision to allow its currency value to freely change. The currency is not Floating Exchange RateSee flexible exchange rate. Foreign exchangeCurrency from another country. Foreign ExchangeThe currency of a foreign country. Foreign exchange controlsVarious forms of controls imposed by a government on the purchase/sale of Foreign exchange dealerA firm or individual that buys foreign exchange from one party and then sells it to Foreign Exchange MarketA worldwide market in which one country's currency is bought or sold in exchange for another country's currency. Foreign Exchange ReservesA fund containing the central bank's holdings of foreign currency or claims thereon. Foreign exchange riskThe risk that a long or short position in a foreign currency might have to be closed out Foreign exchange swapAn agreement to exchange stipulated amounts of one currency for another currency Forward Exchange MarketA market in which foreign exchange can be bought or sold for delivery (and payment) at some specified future date but at a price agreed upon now. Forward exchange rateExchange rate fixed today for exchanging currency at some future date. forward rate of exchangeExchange rate for a forward transaction. global economyan economy characterized by the international Gold exchange standardA system of fixing exchange rates adopted in the Bretton Woods agreement. It Historical exchange rateAn accounting term that refers to the exchange rate in effect when an asset or Holder-of-record dateThe date on which holders of record in a firm's stock ledger are designated as the International Bank for Reconstruction and Development - IBRD or World BankInternational Bank for Reconstruction and Development makes loans at nearly conventional terms to countries for projects of high job cost recordsee job order cost sheet job order cost sheeta source document that provides virtually job order costing systema system of product costing used Leading economic indicatorseconomic series that tend to rise or fall in advance of the rest of the economy. Limit orderAn order to buy a stock at or below a specified price or to sell a stock at or above a specified Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |