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Financial Terms | |
Raw materials |
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Definition of Raw materialsRaw materialsUnprocessed goods bought for manufacture, part of inventory.
Related Terms:Raw materials inventoryThe total cost of all component parts currently in stock that Componentraw materials or subassemblies used to make either finished goods conversion costRefers to the sum of manufacturing direct labor and overhead Financial yearThe accounting period adopted by a business for the production of its financial statements. InventoryFor companies: raw materials, items available for sale or in the process of being made ready for InventoryGoods bought or manufactured for resale but as yet unsold, comprising raw materials, work-in-progress and finished goods. InventoryThose items included categorized as either raw materials, work-inprocess, ![]() MERCHANDISE INVENTORYThe value of the products that a retailing or wholesaling company intends to resell for a profit. overhead costsOverhead generally refers to indirect, in contrast to direct, RoutingA list of all the labour or machining processes and times required to convert raw materials into finished goods or to deliver a service. two-bin systeman inventory ordering system in which two 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 ![]() Crawling pegAn automatic system for revising the exchange rate. It involves establishing a par value around 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 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system that simulates the ordering and Materials requisitionA document listing the quantities of specific parts to be withdrawn Negotiable order of withdrawal (NOW)Demand deposits that pay interest. 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 ![]() Special drawing rights (SDR)A form of international reserve assets, created by the IMF in 1967, whose Summarized bill of materialsA bill of materials format showing the grand total systematic withdrawal planPlans offered by mutual fund companies that allow unitholders to receive payment from their investment at regular intervals. WithdrawalThe release of items from storage. Withdrawal planThe ability to establish automatic periodic mutual fund redemptions and have proceeds Cost of goods soldThe cost of merchandise that a company sold this year. For manufacturing companies, the cost of raw material requisition forma source document that indicates Pull systemA materials flow concept in which parts are only withdrawn after a Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |