Term
Bill and hold transactions |
|
Definition
transactions in which sales of merch are billed to customers prior to delivery, with the goods held by the seller. overstates revenues and net income if they do not meet specific revenue reqmts |
|
|
Term
|
Definition
doc issued to a common carrier acknowledging the receipt of goods and setting fort the provisions of the transportation agreement |
|
|
Term
|
Definition
a transfer of goods from the owner to another person who acts as the sales agent of the owner |
|
|
Term
Cost Accounting Standards Board |
|
Definition
a 5 member board established by Congress to narrow the options in Cost Acctg that are available under GAAP |
|
|
Term
Electronic data interchange EDI |
|
Definition
a system in which data are exchanged electronically between the computers of different comps. in an EDI system source docs are replaced by electronic transactions created in standard form |
|
|
Term
|
Definition
a doc designed to accumulate the labor and machine time devoted to a particular production order |
|
|
Term
master production schedule |
|
Definition
a schedule that is used to plan overall production for a period of time. the schedule illustrates the gross production of each of the company's products |
|
|
Term
|
Definition
the auditors' evidence-gathering technique of viewing a client activity to obtain physical evidence of performance |
|
|
Term
periodic inventory system |
|
Definition
a method of accounting in which inventories are determined soley by means of a physical inventory at the end of the period |
|
|
Term
perpetual inventory system |
|
Definition
controlling acounts and subsidiary ledgers are maintained to record receipts and issuances of goods both in qts and $ amts. Tested periodically by physical inventory counts |
|
|
Term
|
Definition
doc that authorizes the production of a specific qty of a a product |
|
|
Term
|
Definition
a contractual obligation to purchase goods at fixed prices entered into well in advance of scheduled delivery dates |
|
|
Term
|
Definition
a contractual obligation to sell goods at fixed prices entered into well in advance of scheduled delivery dates |
|
|
Term
|
Definition
person possessing special skill or knowledge in a field other than acctg or auditing such as a real estate appraiser |
|
|