PROCESS COSTING is a method of cost accounting applied to production carried out by a series of chemical or operational stages or processes. Its characteristics are that costs are accumulated for the whole production process and that average unit costs of production are computed at each stage.
REDISCOUNT is to discount short-term negotiable debt instruments for a second time, after they have been discounted with a bank.
SFAS is Statement of Financial Accounting Standards or Statewide Fixed Assets System.
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