INVENTORY VALUATION is the process of assigning a financial value to on-hand inventory, based on standard cost, first-in, first-out (FIFO), last-in, first-out (LIFO), average list price or other method. The method used is determined by a requirement to meet legal or other standards specified by a third party, or by an operational measure found to be useful in analyzing inventory positions.
PERVASIVE is having the ability to permeate. An error is pervasive if it is material to more than one of the primary financial statements.
UNBILLED REVENUE is revenue which had been recognized but which had not been billed to the purchaser(s).
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