PURCHASE MONEY INTEREST Definition

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PURCHASE MONEY INTEREST is that interest associated with the purchase money mortgage.

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UNDER-APPLIED FACTORY OVERHEAD is the amount of residual factory overhead that remains once all known overhead allocations are assigned to the applicable products. See also UNABSORBED COSTS.

INCOMPATIBLE DUTIES arise in internal control systems because positive control relies on separation of duties to reduce the chance of errors or fraud. Duties are incompatible if they should be separated for control. For example, one person should not be in a position to both embezzle funds and to hide that embezzlement by changing the recorded accountability.

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