ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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VISION is a concise written statement defining the mid-long term (3-5 year) strategy of the organization. The vision is the summary statement of how the organization wants/intends to be perceived by the world. The statement is external/market oriented, brief (1-3 sentences), and stated in “visionary,” colorful terms. Example: “Become the respected leader in financial services with a focus on end-to-end customer relationships and satisfaction, resulting in optimized balance sheets for our partners.”
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FAIL is the failure of a transaction to be completed. In the settlement of a securities transaction, a fail occurs if the instrument is not paid for or not delivered.
OBJECT COST is the total cost of producing an item: direct cost (labor & material) + overhead cost = Total Object Cost.