STANDARD COSTING Definition

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STANDARD COSTING is a control method involving the preparation of detailed cost and sales budgets. Such budgets are then compared with the actual results for a specific account period and any significant variances between the actual and the budgeted results are investigated. Unexpected trends are corrected if they are not acceptable or they cannot be accommodated.

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BUSINESS COMBINATION is the merger of separate entities or operations of entities into one reporting entity.

BANK WIRE is an electronic message network developed by an association of banks to communicate information between members of the association. It speeds and facilitates the transfer of funds and reporting of security transactions, quotes the payment and nonpayment of items and gives credit information on individuals and organizations. Unlike the Fed Wire System, it is not used to send actual payments, but rather to inform banks in the association about the movement of certain funds affecting a particular bank's account.

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