|Periodic inventory system|
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Definition of Periodic inventory system
Periodic inventory system
An inventory system in which the balance in the inventory account is adjusted for the units sold only at the end of the period.
A method for dividing inventory into classifications,
Schedule of depreciation rates allowed for tax purposes.
A set of accounts that summarize the transactions of a business that have been recorded on source documents.
a valuation method that uses actual direct
A racking system using automated systems
The inventory cost-flow assumption that assigns the average
The beginning inventory for a period, plus the amount at the end of
A secured loan that gives the lender a lien against all the borrower's inventories.
The amount of money invested in inventory, as per a company’s
a formal process for gathering and analyzing information and producing intelligence to meet decision making needs; requires information about
a system using transfer prices; see transfer
A computerized clearing system for sterling funds
An international wire transfer system for high-value
a logical structure of formal and/or informal
a set of formal methods
Days' sales in inventory ratio
The average number of days' worth of sales that is held in inventory.
inventory intended for shipment to customers, usually
dollar days (of inventory)
a measurement of the value of inventory for the time that inventory is held
Du Pont system
A breakdown of ROE and ROA into component ratios.
Dupont system of financial control
Highlights the fact that return on assets (ROA) can be expressed in terms
Electronic Federal Tax Payment Systems (EFTPS)
An electronic funds transfer system used by businesses to remit taxes to the government.
The dollar value or unit total of goods on hand at the end of an
enterprise resource planning (ERP) system
a packaged software program that allows a company to
Enterprise resource planning system
A computer system used to manage all company
European Monetary System (EMS)
An exchange arrangement formed in 1979 that involves the currencies
Federal Reserve System
The central bank of the U.S., established in 1913, and governed by the Federal
Federal Reserve System
The central banking authority responsible for monetary policy in the United States.
Finished goods inventory
Goods that have been completed by the manufacturing
Finished goods inventory
Completed inventory items ready for shipment to
First-In, First-Out (FIFO) Inventory Method
The inventory cost-flow assumption that
flexible manufacturing system (FMS)
a production system in which a single factory manufactures numerous variations
Excess inventory kept on hand to provide a buffer against
Excess inventories kept on hand as a buffer against contingent
hybrid costing system
a costing system combining characteristics
Imputation tax system
Arrangement by which investors who receive a dividend also receive a tax credit for
inventory currently situated between its shipment and delivery
Parts with no recent prior or forecasted usage.
Canada's bank machine and electronic debit system. If you use your bank card at a bank machine which displays the Interac symbol (and that bank machine is not your bank's machine), you will be charged a fee.
For companies: Raw materials, items available for sale or in the process of being made ready for
Goods bought or manufactured for resale but as yet unsold, comprising raw materials, work-in-progress and finished goods.
The cost of the goods that a company has available for resale.
Goods that a firm stores in anticipation of its later sale or use as an input.
The cost of unsold goods that are held for sale in the ordinary course of business or
Those items included categorized as either raw materials, work-inprocess,
A transaction used to adjust the book balance of an inventory
The number of days it would take to sell the ending balance in inventory at the
The redirection of parts or finished goods away from their intended
A transaction used to record the reduction in inventory from a location,
A secured short-term loan to purchase inventory. The three basic forms are a blanket
The arrival of an inventory delivery from a supplier or other
inventory returned from a customer for any reason. This receipt
A term describing the loss of products from inventory
A shortfall between inventory based on actual physical counts and inventory
The ratio of annual sales to average inventory which measures the speed that inventory
The number of times a company sold out and replaced its average stock of goods in a year. The formula is:
The number of times per year that an entire inventory or a
Ratio of annual sales to inventory, which shows how many times the inventory of a firm is sold and replaced during an accounting period.
inventory turnover ratio
The cost-of-goods-sold expense for a given
Inventory Turnover Ratio
Provides a measure of how often a company's inventory is sold or
Refers to making an entry, usually at the close of a
job order costing system
a system of product costing used
Just-in-time inventory systems
systems that schedule materials/inventory to arrive exactly as they are
just-in-time manufacturing system
a production system that attempts to acquire components and produce inventory only as needed, to minimize product defects, and to
Last-In, First-Out (LIFO) Inventory Method
The inventory cost-flow assumption that assigns the most recent inventory acquisition costs to cost of goods sold. The earliest inventory
system whereby customers send payments to a post office box and a local bank collects and processes checks.
MACRS (Modified Accelerated Cost Recovery System)
A depreciation method created by the IRS under the Tax Reform Act of 1986. Companies must use it to depreciate all plant and equipment assets installed after December 31, 1986 (for tax purposes).
management control system (MCS)
an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans,
management information system (MIS)
a structure of interrelated elements that collects, organizes, and communicates
An inventory item’s budgeted maximum inventory level,
The value of the products that a retailing or wholesaling company intends to resell for a profit.
An inventory item’s budgeted minimum inventory level.
Modified Accelerated Cost Recovery System (MACRS)
Depreciation method that allows higher tax deductions in early years and lower deductions later.
Moving average inventory method
An inventory costing methodology that calls for the re-calculation of the average cost of all parts in stock after every purchase.
A technical trading strategy that combines mechanical rules, such as the CRISMA
The current inventory balance, less allocated or reserved items.
Nonmarket or firm-specific risk factors that can be eliminated by diversification. Also
normal cost system
a valuation method that uses actual
Parts not used in any current end product.
system whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage.
performance management system
a system reflecting the entire package of decisions regarding performance measurement and evaluation
a pay plan based on the time spent on the task rather than the work accomplished
A physical inventory count taken on a repetitive basis.
A system that continually tracks all additions to and deletions
A manual or automated inventory tracking system in which
Perpetual inventory system
An inventory system in which the balance in the inventory account is adjusted for the units sold each time a sale is made.
A manual count of the on-hand inventory.
Planning, programming and budgeting system (PPBS)
A method of budgeting in which budgets are allocated to projects or programmes rather than to responsibility centres.
A bank machine network outside Canada, across the U.S. and internationally. Customers who use a bank machine with a 'PLUS' symbol may be charged a fee.
PPF (periodic perpetuity factor)
a generalization formula invented by Abrams that is the present value of regular but noncontiguous cash flows that have constant growth to perpetuity.
See market mechanism.
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
Progressive tax system
A tax system wherein the average tax rate increases for some increases in income but
a production system dictated by product sales
A materials flow concept in which parts are only withdrawn after a
the traditional production system in which
A materials flow concept in which parts are issued based on planned
Raw materials inventory
The total cost of all component parts currently in stock that
The process of comparing book to actual inventory balances,
an inventory ordering system in which a red
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