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K-1, SCHEDULE
is an IRS form used to report a beneficiary's share of income, deductions, credits, and other items from certain trusts or partnerships.
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KAIZEN BUDGETING
is a budgeting approach
that projects costs on the basis of future improvements, rather than
current practices and methods. The key point is that the budget cannot
be achieved unless improvements are made.
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KAIZEN COSTING
means "improvements
in small steps" (i.e., continuous improvement). It was developed
in Japan by Yashuhiro Monden. Kaizen Costing is applied to product that
it already under production.
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KEEP-WELL AGREEMENTS
, also known as
comfort letters, are documents from one party written to another party
in regards to contingent liability. Comfort letters have been held by
courts to be legally enforceable commitments if they meet certain standards
criteria of language. Comfort letters meeting these standards are loss
contingencies in that they are construed to guarantee a financial commitment
and must be reported under Statement of Financial Accounting Standard
5 as a guarantee. Auditors should review the language of all comfort
letters and seek to discover contingent liabilities not disclosed in
financial statements in situations where comfort letters exist. Sources
of information concerning the contingent liabilities of comfort letters
include: management and third parties. Auditors should document within
the client representations letter management assurances that loss contingencies
have been reported.
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KEOGH
is a pension plan in the United States
that allows a business to contribute a portion of profits into a tax-sheltered
account.
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KIKIN
, in Japan, is a capital foundation fund.
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KNOW-HOW
is the knowledge and skill required to do
something correctly.
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KNOWLEDGE ACQUISITION
is the process
of acquiring knowledge from a human expert for an expert system, which
must be carefully organized into IF-THEN rules or some other form of
knowledge representation.
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