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Definition of Raw material
Base-level items used by the manufacturing process to create either
As used in connection with project financing, an agreement to furnish a
Unprocessed goods bought for manufacture, part of inventory.
The total cost of all component parts currently in stock that
raw materials or subassemblies used to make either finished goods
Refers to the sum of manufacturing direct labor and overhead
The accounting period adopted by a business for the production of its financial statements.
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.
Those items included categorized as either raw materials, work-inprocess,
a source document that indicates
The value of the products that a retailing or wholesaling company intends to resell for a profit.
Overhead generally refers to indirect, in contrast to direct,
A list of all the labour or machining processes and times required to convert raw materials into finished goods or to deliver a service.
An agreement to put a specified amount of raw material per period through a particular
an inventory ordering system in which two
Advance material request
Very early orders for materials before the completion
Bill of materials
A listing of all the materials and quantities that go to make up a completed product.
bill of materials
a document that contains information about
Bill of materials
An 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 materials
A bill of material that accounts for the generation and
An automatic system for revising the exchange rate. It involves establishing a par value around
a readily identifiable part of a product; the cost of such a part
Direct materials cost
The cost of all materials used in a cost object, such as finished goods.
Direct materials mix variance
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 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
Negotiable order of withdrawal (NOW)
Demand deposits that pay interest.
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
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.
Special drawing rights (SDR)
A form of international reserve assets, created by the IMF in 1967, whose
Summarized bill of materials
A bill of materials format showing the grand total
systematic withdrawal plan
Plans offered by mutual fund companies that allow unitholders to receive payment from their investment at regular intervals.
The release of items from storage.
The ability to establish automatic periodic mutual fund redemptions and have proceeds
Cost of goods sold
The cost of merchandise that a company sold this year. For manufacturing companies, the cost of raw
A materials flow concept in which parts are only withdrawn after a
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