IMPREST Definition

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IMPREST see PETTY CASH.

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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.

STAKEHOLDER is a person, group, organization, or system who affects or can be affected by an organization's actions, e.g. stockholders, employees, vendors, and customers.

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