WORK CENTER Definition

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WORK CENTER, normally, is an individual production area or sub-process of an overall manufacturing process.

Learn new Accounting Terms

MAJORITY CONTROL is the degree of control provided by a majority position.

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.

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