SFAS Definition

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SFAS is Statement of Financial Accounting Standards or Statewide Fixed Assets System.

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YEAR-END ADJUSTMENT is the process of adjusting the entry to an account at the end of the calendar or fiscal year in order to properly state it for financial statement preparation purposes. The various  required adjustments include accrual or deferral of a revenue or expense item, reclassification, to conform book figures to physical inventory counts, and reflecting unusual transactions.

USAGE VARIANCE is the difference between the budgeted quantity of materials and the actual quantity used.

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