MATERIAL CONTROL normally refers to the department responsible for the proactive control of materials within a manufacturing environment: Do procedures exist for storage, release, and movement of material? Are materials in stores identified and controlled? Are in-process materials identified and controlled? Are materials in inspection identified and controlled? Do storage areas and facilities provide control to protect material from degradation? Are nonconforming items identified, segregated and controlled?
ELIMINATION is the the act of removing a mathematical quantity by combining equations. This is common practice in accounting when consolidating financial reports; one example would be inter-company transactions, currency translations, and account balances.
REVOLVING COLLATERAL is accounts receivable or inventory which change from day to day.
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