LOCKBOX is 1. a fireproof metal strongbox (usually in a bank) for storing valuables e.g., a safety deposit box; and, 2. a service offered by banks to companies in which the company receives payments by mail to a post office box and the bank picks up the payments several times a day, deposits them into the companys account, and notifies the company of the deposit. This enables the company to put the money to work as soon as its received, but the amounts must be large in order for the value obtained to exceed the cost of the service.
ACCRUED PAYROLL is a liability arising from employees salary expense that has been incurred but not paid.
EQUIVALENT UNIT OF PRODUCTION (EPU) is based on the idea that if 100 units are all 40% complete, then 40 whole units could have been completed.
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