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Definition of Work-in-process
Any items being converted into finished goods or released from
Inventory that has been partially converted through the
a valuation method that uses actual direct
the amount of overhead that has been assigned to work in process Inventory as a result of productive activity; credits for this amount are to an overhead account
a source document that provides virtually
a source document that indicates
a valuation method that uses actual
the process of combining information technology to create new and more effective
A federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week.
The time that elapses between receipt of payment from a customer and the
relative costs and benefits that result from a specific course
A conception of the way a stock's price changes that assumes that the price takes on all
An unemployed person who gives up looking for work and so is no longer counted as in the labor force.
when the incremental revenue from the sale of reworked defective units is greater than
the method of cost assignment that computes an average cost per equivalent
Refers to the time it takes the receiver of a check to process the payment and
Statistical assumptions about the behavior of security prices. For
a manufacturing process that simultaneously
A project, such as digging holes and filling them up again, that has no useful purpose other than to make work.
modified FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per
the ability of a worker to monitor
Net working capital
Current assets minus current liabilities. Often simply referred to as working capital.
net working capital
Current assets minus current liabilities.
a flexible organization structure that
Personal Responsibility and Work Opportunity Reconciliation Act
A federal Act requiring the reporting of new hires into a national database.
Price discovery process
The process of determining the prices of the assets in the marketplace through the
A series of linked activities that result in a specific objective. For example, the
benchmarking that focuses on practices and how the best-in-class companies achieved their results
an assessment about the number of processes through which a product flows
A method of costing for continuous manufacture in which costs for an accounting compared are compared with production for the same period to determine a cost per unit produced.
A costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products.
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
Process flow production
A production configuration in which products are continually
a flowchart or diagram indicating every step
the total units produced during a period
process quality yield
the proportion of good units that resulted from the activities expended
the actual time consumed performing the
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
Purchased In-Process Research and Development
Unfinished research and development that is acquired from another firm.
Material that has been reworked and returned to stock.
Refers to a product that does not meet a company’s minimum quality standards,
The refurbishment of a faulty part.
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
strict FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the
weighted average method (of process costing)
the method of cost assignment that computes an average cost per
Goods or services that have commenced the production process but are incomplete and unable to be sold.
A fixed period of 168 consecutive hours that recurs on a consistent basis.
Workers' Compensation Benefits
Employer-paid insurance that provides their employees with wage compensation if they are injured on the job.
Defined as the difference in current assets and current liabilities (excluding short-term
Current assets less current liabilities. Money that revolves in the business as part of the process of buying, making and selling goods and services, particularly in relation to debtors, creditors, inventory and bank.
total current assets minus total current liabilities
The amount of a company’s current assets minus its current liabilities;
Current assets minus current liabilities
Funds invested in a company's cash, accounts receivable and inventory. Net working capital is current assets minus current liabilities.
Working Capital Cash
The cash component of working capital.
Working capital management
The management of current assets and current liabilities to maximize shortterm liquidity.
Working capital ratio
working capital expressed as a percentage of sales.
Informal arrangement between a borrower and creditors.
Agreement between a company and its creditors establishing the steps the company must take to avoid bankruptcy.
Realignment period of a temporary misaligned yield relationship that sometimes occurs in
Automated Clearing House (ACH)
A collection of 32 regional electronic interbank networks used to
any object or facility whose processing speed is
the process of giving workers the training
Those items included categorized as either raw materials, work-inprocess,
The term for several manufacturing innovations that
The process of continual cost reduction that occurs after a product
the Japanese word for card; it was the original name
The allocation of either under- or over-allocated overhead costs among the
Raw materials inventory
The total cost of all component parts currently in stock that
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.
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