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Definition of Wash
Gains equal losses.
The central bank of the U.S., established in 1913, and governed by the Federal
The practice of making a charge in the income account equivalent to the tax savings
A revision to the Bretton Woods international monetary system which was signed at
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 process of service department cost allocation
A method of adjusting accounts receivable to the amount that is expected to be collected based on company experience.
A racking system using automated systems
The inventory cost-flow assumption that assigns the average
The proportion of unemployment benefits paid to a company’s
The proportion of total taxable wages for laid off
An arithmetic method for backing an
a formal process for gathering and analyzing information and producing intelligence to meet decision making needs; requires information about
A method of constructing a replicating portfolio in which the manager purchases a
a system using transfer prices; see transfer
Clearing House Automated Payments System (CHAPS)
A computerized clearing system for sterling funds
Clearing House Interbank Payments System (CHIPS)
An international wire transfer system for high-value
A contract accounting method that recognizes contract revenue
Cookie Jar Reserves
An overly aggressive accrual of operating expenses and the creation of
cost control system
a logical structure of formal and/or informal
cost management system (CMS)
a set of formal methods
Current rate method
Under this currency translation method, all foreign currency balance-sheet and income
Direct estimate method
A method of cash budgeting based on detailed estimates of cash receipts and cash
A method of preparing the operating section of the Statement of Cash Flows that uses the company’s actual cash inflows and cash outflows.
a service department cost allocation approach
A format for the operating section of the cash-flow statement that reports actual cash receipts and cash disbursements from operating activities.
Direct write-off method
A method of adjusting accounts receivable to the amount that is expected to be collected by eliminating the account balances of specific nonpaying customers.
dividend growth method
a method of computing the cost
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.
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
Accounting method for an equity security in cases where the investor has sufficient
European Monetary System (EMS)
An exchange arrangement formed in 1979 that involves the currencies
Any excess of actual reserves above required reserves.
reserves of commercial banks in excess of those they are legally required to hold.
Federal agency securities
Securities issued by corporations and agencies created by the U.S. government,
Federal credit agencies
Agencies of the federal government set up to supply credit to various classes of
Federal Deposit Insurance Corporation (FDIC)
A federal institution that insures bank deposits.
Federal Employer Identification Number
A unique identification number issued
Federal Financing Bank
A federal institution that lends to a wide array of federal credit agencies funds it
Non-interest bearing deposits held in reserve for depository institutions at their district federal
Federal funds market
The market where banks can borrow or lend reserves, allowing banks temporarily
Federal funds rate
This is the interest rate that banks with excess reserves at a federal reserve district bank
Federal Funds Rate
The interest rate at which banks lend deposits at the federal reserve to one another overnight.
Federal Home Loan Banks
The institutions that regulate and lend to savings and loan associations. The
Federal Insurance Contributions Act of 1935 (FICA)
A federal Act authorizing the government to collect Social Security and Medicare payroll taxes.
Federal Open Market Committee (FOMC)
Fed committee that makes decisions about open-market operations.
Federal Reserve Banks
The twelve district banks in the federal reserve system.
Federal Reserve Board
Board of Governors of the federal reserve system.
Federal Reserve (the Fed)
The central bank in the United States, responsible for setting interest rates.
Federal Unemployment Tax Act (FUTA)
A federal Act requiring employers to pay a tax on the wages paid to their employees, which is then used to create a
Federally related institutions
Arms of the federal government that are exempt from SEC registration and
FIFO method (of process costing)
the method of cost assignment that computes an average cost per equivalent
First in, first-out costing method (FIFO)
A process costing methodology that assigns the earliest
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
The practice of reporting to shareholders using straight-line depreciation and
Foreign Exchange Reserves
A fund containing the central bank's holdings of foreign currency or claims thereon.
Fractional Reserve Banking
A banking system in which banks hold only a fraction of their outstanding deposits in cash or on deposit with the central bank.
Freddie Mac (Federal Home Loan Mortgage Corporation)
A Congressionally chartered corporation that
Excess reserves minus member bank borrowings at the Fed.
A method of accounting for petroleum exploration and development expenditures
a technique used to determine the fixed
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
A method of preparing the operating section of the Statement of Cash Flows that does not use the company’s actual cash inflows and cash outflows, but instead arrives at the net cash flow by taking net income and adjusting it for noncash expenses and the changes from last year in the current assets and current liabilities.
A format for the operating section of the cash-flow statement that
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.
See foreign exchange reserves.
job order costing system
a system of product costing used
judgmental method (of risk adjustment)
an informal method of adjusting for risk that allows the decision maker
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
Legal Reserve Requirement
See reserve requirement.
system whereby customers send payments to a post office box and a local bank collects and processes checks.
Log-linear least-squares method
A statistical technique for fitting a curve to a set of data points. One of the
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
method of least squares
see least squares regression analysis
method of neglect
a method of treating spoiled units in the
Modified Accelerated Cost Recovery System (MACRS)
Depreciation method that allows higher tax deductions in early years and lower deductions later.
modified FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per
Monetary / non-monetary method
Under this translation method, monetary items (e.g. cash, accounts
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
net present value method
a process that uses the discounted
Net Present Value (NPV) Method
A method of ranking investment proposals. NPV is equal to the present value of the future returns, discounted at the marginal cost of capital, minus the present value of the cost of the investment.
Nonmarket or firm-specific risk factors that can be eliminated by diversification. Also
normal cost system
a valuation method that uses actual
Holdings of gold and foreign currencies by official monetary institutions.
system whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage.
A capital budgeting analysis method that calculates the amount of
A contract accounting method that recognizes contract
performance management system
a system reflecting the entire package of decisions regarding performance measurement and evaluation
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.
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