quality cost variance
the difference between the budgeted cost of scrapping, rectifying or selling, at substandard prices, product that fails to conform to quality specification and the actual cost incurred.
ratio
The number (called the ‘numerator’) of units of one thing corresponding to a particular number (called the ‘denominator’) of units of another thing; The result of dividing one number by another.
salary
monetary payment made regularly by an employer to an employee under a contract of employment. Usually used only for payments to employees engaged in non-manual work and payments made at intervals of a month or longer.
tangible asset
an asset that is tangible property.
ultimate parent company
in relation to a company A, another company B is A’s ultimate parent company if B is not itself under the control of another company but there is a sequence of companies starting with B and ending with A such that each company in the sequence controls the next one.