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Backflush accounting is a subset of management accounting focused on types of "postproduction issuing;" It is a product costing approach, used in a Just-In-Time (JIT) operating environment, in which costing is delayed until goods are finished.
Reflecting that material and money flow in opposite directions during trade, this is a contrast to the monetary trade balance which calculates net-exports. Domestic material consumption (DMC) is a measure of apparent consumption and calculated from domestic extraction plus imports minus exports (or DE plus PTB).
There are two ways to reduce the material consumption per unit of service, the material input (MI) of the product can be reduced or amount of service units (S) can be increased. Material input in the production phase can be reduced by using less energy or raw materials. Also transport chains can be rationalized.
DMC does not include upstream hidden flows related to imports and exports of raw materials and products. [8] Domestic material input (DMI) summarizes domestic extraction of resources and the imports, i.e. all materials which are of economic value and are used in production and consumption activities, except balancing items. [1]
A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products.
A supply chain is a complex logistics system that consists of facilities that convert raw materials into finished products and distribute them [1] to end consumers [2] or end customers. [3] Meanwhile, supply chain management deals with the flow of goods in distribution channels within the supply chain in the most efficient manner.
Raw materials: Materials and components scheduled for use in making a product. Work in process (WIP): Materials and components that have begun their transformation to finished goods. These are used in process of manufacture and as such these are neither raw material nor finished goods. [8] Finished goods: Goods ready for sale to customers.
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...