BUFFER Definition

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BUFFER is anything that stands between two other things. For example, an inventory buffer would be additional inventory over and above committed or planned inventory. The inventory buffer will act as an inventory reserve to ensure that sufficient inventory is available when and if required, i.e., the buffer inventory stands between committed inventory and out-of-stock status.

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COMPENSATING ERROR is the name given to the situation where one mistake cancels out the effect of a second mistake.

ICA is International Congress of Accountants.

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