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Accounting


Inventory

Inventory is all the money that the system has invested in purchasing things which it intends to sell.” (chapter 8 The Goal) Other Definitions Inventory – Stock on hand; often divided between raw materials inventory, work-in-process , and finished goods...

Financial Accounting

Financial Accounting is the generation of accounting information for external reporting. (see also Managerial Accounting) (Thomson Nelson; Managerial Accounting Glossary)

Expensed

An accounting term. To write off as an expense as opposed to classifying as a capital asset. (knownet.hhs.gov glossary)

Expense

An expenditure which is chargeable against revenue during an accounting period. An expense results in the reduction of an asset. All expenditures are not expenses. For example, a company buys a truck. It trades one asset – cash – to acquire another asset. An...

Direct Job Costs

(aka Direct Project Costs) The costs directly attributable to a project, including all personnel, goods and/or services together with all their associated costs, but not including indirect project costs, such as any overhead and office costs incurred in support of the...