ACCEPTANCE SAMPLING Definition

Bookmark and Share

ACCEPTANCE SAMPLING is statistical sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.

Learn new Accounting Terms

PROFESSIONAL FEE is that fee charged for services from university trained professionals; primarily doctors, lawyers and accountants. The term is often expanded to include other university trained professions, e.g. pharmacists charging to maintain a medicinal profile of a client or customer.

BILLS PAYABLE, in merchant accounts, are all bills which have been accepted, and promissory notes which have been made, are called "bills payable," and are entered in a ledger account under that name, and recorded in a book bearing the same title.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.