TOP-DOWN BUDGETING is where budgets are created by starting from the highest level working towards the bottom using parametric relationships. A monetary value is placed on an individual unit (product, service, materials, and labor hour). An estimate of the number of units required is then converted to currency by multiplying the quantity of units by the unit price.
BOOKKEEPING is the recording of business transactions.
QUALITY OF EARNINGS is the increased earnings due to increased sales and cost controls, as compared to artificial profits created by inflation of inventory or other asset prices.
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