ORIENTATION
Initial induction of new employees into organizations. Objectives include developing employee commitment, easing anxiety, promoting organizational expectations and explaining what the employee can gain from working with the organization.
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Initial induction of new employees into organizations. Objectives include developing employee commitment, easing anxiety, promoting organizational expectations and explaining what the employee can gain from working with the organization.
Classification term that applies to minor assets (e.g. scrap value of outmoded equipment) when recorded on balance sheets.
The state of a process when outputs / samples are no longer within statistical control. A control chart of such a process will show data points that are not clustered around the
1. A statistical data point that lies outside of normal distribution. 2. A person who lives or works far from major conurbations.
A measurable standard that expresses the amount of energy, work, goods or services a process should produce in a given period.
When a certification authority approves a greater payment than is actually due.
Occurs when spending money to improve a property is no longer the best use of the property, or is too expensive when compared to the cost of improving other properties.
Activity that occurs when feedback or corrective action is delayed or poor. Most evident in the collapse of economic cycles and social units, when natural resources are exhausted and when an ecosystem
On their financial statements, a company reports payments received for products or services.
The price of an item which is estimated, and has no correlation to the market price. The sole purpose of the nominal price is to initiate a trade. It is used when
Data that contains significant information regarding the items being costed but does not include any information related to cost. Some examples include technical descriptions, schedules, etc
Absence when called upon by a court at the hearing
1. Accounting: A Financial items that does not affect the firm’s cash inflows and outflows while being included in the computation of its income on the basis of accruement 2. Banking: Checks
Several companies within the same field or industry who are independent but lack cooperation between each other.
An entity that is not affected by the influence of another individual’s discretion or preferences. For example, a budget or a contract states the non discretionary spending that ought to occur. Also,
Assets that have no physical attachment to a building. For example, a non attached garage or shed on a property.
1. A feature of economic and social systems that cannot be broken down into smaller parts and reassembled to obtain the initial system. It is characterized by unpredictability, random behaviour and approximation.
The benefits received in the form of a reimbursement when a medical service is delivered by a nonparticipating medical provider.
Documents which do not require to be filled and have no retention value. These can be drafts, memos or a copy for distribution.
The failure to fully examine the available data results in this type of audit risk. It also results from the incompetency on part of the auditor to spot a mistake or a