ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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INITIATE is to set going by taking the first step, e.g., initiate contract negotiations.
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DIRECT COST is that portion of cost that is directly expended in providing a product or service for sale and is included in the calculation of COST OF GOODS SOLD, e.g. labor and inventory (it can be traced to a given cost object in an economically feasible manner). Opposite of indirect cost.
IOU is an informal debt instrument in the form of a written promise to pay back money owed; e.g., personal loans and professional services.