- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
An inventory system that attempts to minimize inventory costs that do not add value for the customer. It arranges for suppliers to deliver small quantities of raw materials just before those units are needed in production. Storing, insuring, and handling raw materials are costs that add no value to the product, and are minimized in a just in time system.
Industry:Accounting
Drawing a bank check on insufficient funds to take advantage of the time required for collection.
Industry:Accounting
A scheme to cover an embezzlement by using payments made by one customer to reduce the receivables balance of another customer.
Industry:Accounting
The schedule at the beginning of audit documentation that summarizes the detailed schedules.
Industry:Accounting
(limit check). A computer program step that compares data with predetermined limits as a reasonableness test (hours worked over 60 per week).
Industry:Accounting
The availability of cash or ability to obtain it quickly. Debt paying ability.
Industry:Accounting
speeds the availability of funds from cash collections by reducing the time from the customer mailing the check until the funds are available to spend. Remittances are sent to a bank near the customer and the bank deposits funds speedily to the payee's account.
Industry:Accounting
management controls are controls on management, controls for giving solutions to management problems.
Industry:Accounting
A letter addressed to the auditor, signed by the client's chief executive office and chief financial officer. During an audit, management makes many representations to the auditor. Written representations from management in the letter confirm oral representations given to the auditor, document the continuing appropriateness of such representations, and reduce the possibility of misunderstanding.
Industry:Accounting
