|Shelf life control|
Information about financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit.
Main Page: inventory, accounting, money, investment, stock trading, financial advisor, inventory control, business,
Definition of Shelf life control
Shelf life control
Deliberate usage of the oldest items first, in order to avoid exceeding
the additional value inherent in the control interest as contrasted to a minority interest, which reflects its power of control
an amount or percentage deducted from a pro rata share of the value of 100% of an equity interest in a business, to reflect the absence of some or all of the powers of control.
Also referred to as the weighted-average life (WAL). The average number of years that each
50% of the outstanding votes plus one vote.
A service that provides for a single presentation of checks each day (typically in
A foreign corporation whose voting stock is more than 50% owned
The corporate manager responsible for the firm's accounting activities.
A monthly fixed-dollar payment beginning at retirement age. It is nominal
Highlights the fact that return on assets (ROA) can be expressed in terms
Governmental restrictions on the purchase of foreign currencies by domestic citizens or
The management of a firm's costs and expenses in order to control them in relation to
Various forms of controls imposed by a government on the purchase/sale of
A self-funding, self-hedged series of transactions that generally utilize mortgage
A procedure that allows firms to file one registration statement covering several issues of
A contract that provides a death benefit but no cash build-up or investment component.
A whole life insurance product whose investment component pays a competitive interest rate
Variable life insurance policy
A whole life insurance policy that provides a death benefit dependent on the
Weighted average life
Whole life insurance
A contract with both insurance and investment components: (1) It pays off a stated
The process of ensuring that actual financial results are in line with targets – see variance
The profit made by a division after deducting only those expenses that can be controlled by the
The process of either reducing costs while maintaining the same level of productivity or maintaining costs while increasing productivity.
An approach to costing that estimates and accumulates the costs of a product/service over
An account maintained in the general ledger that holds the balance without the detail. The detail is maintained in a subsidiary ledger.
internal accounting controls
Refers to forms used and procedures
This is difficult to define in a few words—indeed, an
a graphical presentation of the results of a
a cost over which a manager has the ability to authorize incurrence or directly influence magnitude
the budget variance of the two variance approach to analyzing overhead variances
the chief accountant (in a corporation) who is responsible
the process of exerting managerial influence on
cost control system
a logical structure of formal and/or informal
any measure used by management to protect
life cycle costing
the accumulation of costs for activities that
management control system (MCS)
an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans,
the fixed overhead volume variance;
product life cycle
a model depicting the stages through
the implementation of all practices and policies
statistical process control (SPC)
the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations
The period over which a company expects to be able to use an asset.
The estimated life span of a fixed asset, during which it can be expected to
Officer responsible for budgeting, accounting, and auditing.
A procedure that allows firms to file one registration statement for several issues of the same security.
An incomes policy in which wages and prices are constrained by law not to rise by more than a specified percentage.
Immigration Reform and Control Act of 1986
A federal Act requiring all employers having at least four employees to verify the identity and employment
Verifying that a delivered product matches authorizing
A procedure for ensuring that transaction processing is completed
The time period during which inventory can be retained in stock and beyond
The visual inspection of inventory levels, enabled by the use of
Group Life Insurance
This is a very common form of life insurance which is found in employee benefit plans and bank mortgage insurance. In employee benefit plans the form of this insurance is usually one year renewable term insurance. The cost of this coverage is based on the average age of everyone in the group. Therefore a group of young people would have inexpensive rates and an older group would have more expensive rates.
Level Premium Life Insurance
This is a type of insurance for which the cost is distributed evenly over the premium payment period. The premium remains the same from year to year and is more than actual cost of protection in the earlier years of the policy and less than the actual cost of protection in the later years. The excess paid in the early years builds up a reserve to cover the higher cost in the later years.
The average number of years of life remaining for a group of people of a given age and gender according to a particular mortality table.
Life Income Fund
Commonly known as a LIF, this is one of the options available to locked in Registered Pension Plan (RPP) holders for income payout as opposed to Registered Retirement Savings Plan (RRSP) holders choice of payout through Registered Retirement Income Funds (RRIF). A LIF must be converted to a unisex annuity by the time the holder reaches age 80.
Split Dollar Life Insurance
The split dollar concept is usually associated with cash value life insurance where there is a death benefit and an accumulation of cash value. The basic premise is the sharing of the costs and benefits of a life insurance policy by two or more parties. Usually one party owns and pays for the insurance protection and the other owns and pays for the cash accumulation. There is no single way to structure a split dollar arrangement. The possible structures are limited only by the imagination of the parties involved.
Temporary Life Insurance
Temporary insurance coverage is available at time of application for a life insurance policy if certain conditions are met. Normally, temporary coverage relates to free coverage while the insurance company which is underwriting the risk, goes through the process of deciding whether or not they will grant a contract of coverage. The qualifications for temporary coverage vary from insurance company to insurance company but generally applicants will qualify if they are between the ages of 18 and 65, have no knowledge or suspicions of ill health, have not been absent from work for more than 7 days within the prior 6 months because of sickness or injury and total coverage applied for from all sources does not exceed $500,000. Normally a cheque covering a minimum of one months premium is required to complete the conditions for this kind of coverage. The insurance company applies this deposit towards the cost of a policy at its issue date, which may be several weeks in the future.
Term Life Insurance
A plan of insurance which covers the insured for only a certain period of time and not necessarily for his or her entire life. The policy pays a death benefit only if the insured dies during the term.
Canadian Life and Health Insurance Association (CLHIA)
An association of most of the life and health insurance companies in Canada that conducts research and compiles information about the life and health insurance industry in Canada.
Joint Policy Life
One insurance policy that covers two lives, and generally provides for payment at the time of the first insured's death. It could also be structured to pay on second death basis for estate planning purposes.
Insurance that provides protection against an economic loss caused by death of the person insured.
Life Insurance (Credit Insurance)
Group Term life insurance that pays or reduces the balance due on a loan if the borrower dies before the loan is repaid.
The person who's life is protected by an individual policy.
Mortgage Life insurance (Credit Insurance)
Decreasing term life insurance that provides a death benefit amount corresponding to the decreasing amount owed on a mortgage.
A product that provides life coverage for a specified duration typically not beyond the age of 75.
An unbundled life product with a separate investment component. It typically does not participate in companies profits.
Component that provides life coverage during the insured's life.
Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit.