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S CORPORATION
see SUBCHAPTER S.
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S&P 500
see STANDARD AND POOR'S
(S&P) 500.
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SAFE HARBOR RULE
is a concept in statutes
and regulations whereby a person who meets listed requirements will be
preserved from adverse legal action. Frequently, safe harbors are used
where a legal requirement is somewhat ambiguous and carries a risk of
punishment for an unintended violation.
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SAFETY STOCK (SS)
or security stock
ensures that the item is available up to the pre-defined required service
level, even when the re-ordered material arrives later then expected,
or the fluctuations in demand during the lead-time cause the demand to
be larger then expected. See also STOCK RESERVE.
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SAH
see STANDARD ALLOWED HOURS.
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SALARY
is scheduled wages and benefits
an employee receives from an employer.
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SALES
is income (at invoice values) received for goods and services over some given period of time.
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SALES & MARKETING EXPENSE
normally
includes: salaries, commissions, and benefits to sales and marketing
personnel, co-op advertising allowances to customers, advertising, warehouse
costs, and shipping costs.
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SALES ALLOWANCE
is an offer of a lower
price as an inducement to the buyer to accept delivery under special
circumstances, e.g. when the merchandise delivered is not exactly what
was ordered.
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SALES AND COLLECTIONS BUDGET
represents
one of the first steps in the budgeting process, as items such as inventory
levels and operating expenses are driven off of the Sales and Collections
Budget. Effective sales budgeting is a key factor in building a useful
and representative financial model for a business. Regardless of the
nature of your business (for example, whether it is product or service-based).
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SALES BUDGET
is the expected sales in units and dollars.
See OPERATING BUDGET.
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SALES CONTRACT
see SALES ORDER.
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SALES DISCOUNT
is a reduction in the
selling price usually as an inducement to consummate a sale. Sales Discount
is on the income statement as a deduction from Gross Sales to get Net
Sales.
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SALES JOURNAL
is a record containing a chronological
listing of credit sales.
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SALES LEDGER
see LEDGER.
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SALES MULTIPLE
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SALES ORDER
, also known as SALES CONTRACT,
is a contract by which buyer and seller agree to the terms and conditions
of a sale.
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SALES PROCEEDS
are the sum of the service
units (products, services) sold by a corporation within a particular period.
The sales proceeds are calculated from the quantities sold (pcs, kg, hrs)
multiplied by the sales price per unit within a particular period.
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SALES TAX
is a tax levied by a government
entity, usually state or city, on the retail price of an item and certain
taxable services, collected by the retailer.
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SALES TURNOVER
see TURNOVER.
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SAP
is an integrated enterprise resource
planning (ERP) system that seamlessly integrates most activities of a
company.
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SARBANES-OXLEY ACT (SOX)
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SAVINGS ACCOUNTS
are client accounts
maintained by banks, savings & loan associations, credit unions,
and mutual savings banks that pay interest but can not be used directly
as money. These accounts let customers set aside a portion of their liquid
assets that could be used to make purchases. But to make those purchases,
savings account balances must be transferred to "transactions deposits" (or "checkable
deposits") or currency. However, this transference is easy enough
that savings accounts are often termed near money. Savings accounts,
as such constitute a sizeable portion of the M2 monetary aggregate. With
savings accounts you can make withdrawals, but you do not have the flexibility
of using checks to do so. As with an MMDAs (money market deposit account),
the number of withdrawals or transfers you can make on the account each
month is usually limited.
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SAVINGS DEPOSITS
see SAVINGS ACCOUNTS.
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SBIC
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SCHEDULE
is an ordered list of times
at which things are planned to occur, e.g., cash receipts schedule and
amortization schedule.
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SCHEDULE K-1
see K-1, SCHEDULE.
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SCIENTER THEORY
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SCORE
is a set of twenty members.
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SCRAP
is material that is discarded
as worthless or sold to be reused as parts; junk; a small unusable amount
of something that is left over after the rest has been used or consumed.
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