Processing Cost
Processing cost is the total cost associated with converting raw materials into finished goods in a manufacturing process. It includes direct labour, manufacturing overhead, and sometimes utilities. In process costing systems, costs are averaged over large quantities of similar products, rather than tracked per individual item.
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Purchase Order
A purchase order is a formal document issued by a buyer to a supplier, confirming the purchase of goods or…
Petty Cash
Petty cash is a small fund kept on hand for minor or incidental expenses, such as office supplies or travel…
Provision
A provision is an estimated liability recorded when a business expects a future obligation from a past event but the…
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