The cost of converting raw materials and buy in items into finished products.

Refers to alteration of an old stock or share into a new stock or share at the time of maturity or through trading. Also conversion of inputs into salable output with value addition.

The generally accepted view.

A loan on which a fixed rate of interest is charged and which is repayable over a period determined before hand.

Is a method of selecting a sample on the basis of convenience.

Items, which can be bought at conveniently placed outlets.

A means of determining the policy of a business, especially by ownership of a majority of its stock.

The managerial function of assessing the performance of subordinates to ensure that organizational objectives and plans are achieved.

An economy that is controlled by the state. A regulated economy.

In managing, it means setting standards, assessing performance against them and making corrections for deviations.

Limits when exceeded signifies that the process has gone wrong.

An accounting term; in the control accounts only totals of debits and credits are posted, thereby balancing final accounts.

1) Deviance suppressed by an individual or a group in the organization as an expediency. 2) The management function of ensuring implementation of plan and evaluation of performance.

A profit centre where expenditure is reckoned on a marginal cost basis.

A term in marginal costing referring to excess of sale price over variable cost.

This is the total amount invested by owners at the beginning of the business and also during the currency of the business.

A void contract is one which in fact never existed; it is due to certain flaw or illegality in the original contract making such a contract invalid ab initio.

It is a form of costing that is applied where work is done to cater to customer’s specific requirements and orders are of long duration.

Total costs relating to a particular contract regarded as a cost unit.

Any agreement (written or oral) enforceable by law.