DEDUCTION Definition

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DEDUCTION is the act of deducting; subtraction. It is an amount that is or may be deducted, e.g. tax deductions.

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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.

MARKET ORIENTATION is the business philosophy and approach to focusing on the customer's needs and wants, both stated and hidden, and satisfying them with proprietary or purchased products and services.

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