AP Definition

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AP is Accounts Payable.

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STANDARD COST SYSTEM is an accounting system designed to properly allocate costs of direct labor, indirect labor, materials, overhead, and selling/ general/administrative accounts on a unit basis for the purpose of accurately costing products and the subsequent control of those costs in managing the production, marketing, purchasing, and administrative functions of the business.

CLOSELY HELD is a description of a corporation whose voting stock is owned by a very small number of shareholders.

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