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Definition of Reserved material
material that has been reserved for a specific purpose.
Computer-based systems that plan backward from the production schedule
As used in connection with project financing, an agreement to furnish a
A listing of all the materials and quantities that go to make up a completed product.
Unprocessed goods bought for manufacture, part of inventory.
a document that contains information about
a readily identifiable part of a product; the cost of such a part
total actual cost of material purchased
(actual quantity X standard price) - (standard quantity allowed standard price);
a source document that indicates
(actual mix X actual quantity X standard price) - (standard mix X actual quantity X standardprice);
a computerbased information system that simulates the ordering and
(standard mix X actual quantity X standard price) - (standard mix X standard quantity X standard price);
An itemization of the parts and subassemblies required to create a
The cost of all materials used in a cost object, such as finished goods.
The variance between the budgeted and actual mixes of
The proportional size of a financial misstatement. It can be construed as
Material requirements planning (MRP)
A computer-driven production methodology
Materials price variance
The difference between the actual and budgeted cost to
Materials quantity variance
The difference between the actual and budgeted quantities
Raw materials inventory
The total cost of all component parts currently in stock that
A characterization of the magnitude of a financial statement item's effect on a
Advance material request
Very early orders for materials before the completion
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
Inventory that has been physically marked as being for a
Indented bill of material
A bill of material reporting format under which successively
Material requirements planning
A computerized system used to calculate material
Material review board
A company committee typically comprising members representing
A document listing the quantities of specific parts to be withdrawn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
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
Base-level items used by the manufacturing process to create either
Repair bill of material
A special bill itemizing changes needed to refurbish an
material that has been reworked and returned to stock.
Single-level bill of material
A list of all components used in a parent item.
Summarized bill of materials
A bill of materials format showing the grand total
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