Mainly an accounting term; 1) To merge “two or more accounts into one, 2) To apportion and allocate all costs into cost centres and then apply or recover the same from the cost unit.

Total cost applied to a cost unit including indirect cost or overheads applied through a percentage on some basis.

Overheads that are finally applied to or recovered from the cost unit through a percentage on an appropriate base factor.

1) Full adaptation and understanding of a new technology by a system; 2) Recovery of costs, mainly indirect costs or overheads from the cost unit.

An accounting word; an account in which the entries represent transfer to other accounts. Usually operated as a companion account in the main ledger.

A system of costing in which fixed costs are shown as part of unit cost; as opposed to marginal costing or variable costing.

An accounting word; a percentage, determined on some appropriate base, at which overheads are applied to the cost units.

Relinquishing current consumption in order to save for future consumption. Denying oneself the pleasures of life.

1) A thematic summary of some series of events or an article. 2) A summary without details of a series of data.

A legal word; a chronological status of a property by stages or changes of legal title.

A framework of audit of final accounts(P & L account and Balance sheet) in which incomes, expenses, assets and liabilities are depicted including social costs, benefits, investments, assets and liabilities.

A penal provision in a debt instrument which stipulates that on failure of the agreed repayment; whole of the debt will be called back on the date of such failure.

A system of recovery of depreciation at much higher rates than justified by the asset’s estimated life.

Refers to a method of charging depreciation at higher rates in the initial years; with the aim of: 1) reducing tax and 2) reckoning faster loss in value of assets in early years.

The principle in economics where investment goes up exponentially on capital assets as a result of growth in demand of the products of such capital investments.

A negotiable instrument becomes a bill only when it is accepted by the drawee. The bill is then ready for further negotiation.

A method of quality control by which the finished product is made to conform to specification.

In case of international trade, a bank of importing party assumes responsibility for the payment against goods dispatched. The Bank, thus, accepts the liability of the payment due by the importer.

A specialized institution which accepts or guarantees bills of exchange lending reliability to the bills and facilitating their negotiations.

It is a ledger maintained by banks. It has separate accounts for each acceptor of bills, which are discounted by the bank. It shows the volume of accepted bill at a point of time and bill on which individual acceptors have defaulted.