380 INDEX

A B Internal rate of return (IRR) method, 234 Abnormal spoilage, 297 Backflush costing, 178 (NPV) method, Absolute advantage, 140 Backup and recovery, 79, 94 233 Absorption (full) costing, 317, 320 Balance of payments, 141 Capital budgeting function, 171 Accelerator theory, 137 Balanced scorecard, 261 Capital rationing, 235 Access controls, 78, 93 Banker’s acceptance, 175 , 45 Accounting rate of return (ARR), Batch (control) total, 95 Carrying costs, 177 233 Batch processing, 75 Cartridge tape, 72 Accounts payable (trade credit), Batch-level costs, 298 Cash conversion cycle, 172 180 Benchmarking, 274, 318 Cash flow hedge, 226 Accounts receivable financing, 182 Benchmarks, 274 Cash flow ROI, 267 Activity-based budgeting, 318, 324 Best practices, 274 Cash management, 173 Activity-based costing (ABC), 298 Bit, 76 Cause-and-effect, 275 Activity-based management, 299 Black-Scholes option-pricing Fishbone, 275 Advantages, 185 model, 227 Ishikawa, 275 Advantages of issuing common Blanket inventory lien, 182 Central processing unit, 71 , 186 Bonds Centralized processing, 76 Advantages of issuing preferred Amortization Certificates of deposit (CD), 175 stock, 187 Premium/discount, 231 Check digit, 95 Agency Corporate, 47 Classical economic theory, 140 Partnership relationships, 30, 33 Investments, 231 Client-server architecture, 82 Agency theory, 171 example, 231 Closed-loop verification, 95 Aggregate demand and supply, --plus approach, 191 Closely held corporations, 43 134 Bottleneck resources, 275 Coefficient of correlation, 244 AICPA Content Specification Boundary protection, 93 Coefficient of determination, 328 Outlines, 25 Breakeven point, 319 Coefficient of variation, 241 Alphanumeric characters, 77 Budget, 317 Collateral trust bond, 184 Amortization Budgetary slack, 317 Commercial paper, 175, 181 Bonds Budgeting, 322 Committed costs, 232, 318 Premium/discount, 231 Activity-based, 324 , 45 Annuities Example budgets Common-size, 273 Future value of, 228, 230 Cash, 324 Comparative advantage, 140 Present value of, 229, 230 Direct materials, 323 Compensating balances, 173, 181 Annuity due, 230 Factory overhead, 330 Competitor analysis, 146 Production, 323 Application controls Compiler program, 74 Flexible, 330 Manual (user) controls, 95 Compounding of interest, 228 Kaizen, 324 Programmed, 94 Computer exception reports, 95 Buffer memory, 72 Applications programming, 90 Computer output to microfilm or Business cycles, 135 Applications software, 74 microfiche (COM), 74 Business risks, 143, 188, 223 Appraisal cost, 276 Computer-integrated By-products, 289, 300 Arbitrage pricing model, 191 manufacturing, 289 Byte, 76 Articles of copartnership, 31 Computer-processed controls, 95 Articles of Incorporation, 43 C Computers, see also Technology Assessing, 144 COPYRIGHTED MATERIAL Call back, 94 Auditing and, 70 Asset utilization (activity) ratios, Call feature, 184 Effects on IC, 89 268, 271 Callable stock, 46 Types of, 71 Asset-backed public offerings, 182 Canceled stock, 44 Concentration banking, 174 Assignment Capital (capital expenditures) Confidence level, 329 Of partnership interests, 31, 34, 37 budget, 324 Congeneric merger, 195 Audit software, 79 Capital account, 141 Conglomerate merger, 195 Authentication, 87 Capital asset pricing model Console, 72 Authorized stock, 44 (CAPM) method, 190 Consolidations, 51 Autocorrelation, 329 Capital budgeting, 231 Constant returns to scale, 132 Average collection period, 268 Accounting rate of return (ARR) Consumer price index, 137 Average fixed cost (AFC), 132 method, 233 Consumption function, 128 Average total cost (ATC), 132 Excess present value Contingency processing, 94 Average variable cost (AVC), 132 (profitability) index, 234 Continuous improvement, 275 Avoidable costs, 232, 318

INDEX 381

Contribution , 318, 319, Cost-plus pricing, 334 Defective units, 297 320, 330 Cost-push, 138 Deflation, 137 And pricing decisions, 334 Costs of production, 131 Demand, 125 Control, 317 Cost-volume-profit analysis, 317, Demand curve shift, 125 Control activities, 92 318 Demand-pull, 138 Control charts, 275 Assumptions of, 320 Depression, 136 Control environment, 90 Examples of, 319 Derivative lawsuit, 50 Control total, 95 Multiproduct firms, 320 Derivatives, 225 Controllable contribution, 330 Coupon rate, 184 Currency swaps, 225 Controllable costs, 318 Cross-sectional analysis, 273 Forwards, 225 Controllers, 72 Cross-subsidization, 299 Futures, 225 Conversion, 184 Cumulative average-time model, Interest rate swaps, 225 Conversion costs, 289 303 Options, 225 Convertible securities, 187 Current account, 141 Swaption, 225 Convertible stock, 46 Current ratio, 268, 272 Desk checking, 75 Corporate governance function, Current yield, 184 Detail file, 77 171 Customer perspective, 261 Diagnostic routines, 93 Corporations Cycle time, 178, 289 Differential (incremental) cost, Advantages of, 41 Cyclical unemployment, 137 232, 318 Differential cost analysis, 335 Articles of Incorporation, 43 D Characteristics of, 41 Direct access processing, 75 Corporate structure Data control, 91 Direct costing, 320 Substantial change in, 51 Data control language (DCL), 78 Disadvantages, 185 Directors, 47 Data definition language (DDL), Disadvantages of common stock, Financial structure, 44 78 186 Formation of, 43 Data file structure, 77 Disadvantages of , Officers, 47, 49 Data flow diagram, 98 187 Promoters, 43 Data independence, 77 Discount rate, 139 Stock Data library, 91 Discounted payback, 232 Classes of, 45 Data manipulation language Discretionary costs, 232, 318 Definitions, 44 (DML), 78 Distributed data processing, 76 Marketing of, 46 Data mart, 76 Distributed database, 78 Stockholders’ liability, 41, 51 Data mining, 76 Distributed systems, 83 Stockholders’ rights, 49 Data organization, 76 payout ratio, 268, 271 Types of, 42 Data preparation, 91 Dividend policy, 194 Ultra vires acts, 47, 48 Data structure, 76 , 49 Correlation analysis, 303 Data warehouse, 76 Dividend-yield-plus-growth-rate Cost assignment, 289 Database, 77 approach, 191 Cost behavior, 289 Database administration, 90 Documentation Cost center, 330 Database controls, 78 Flowchart, 98 Cost drivers, 298 Database management system, 77 Domestic corporation, 42 Cost flows, 290 Database servers, 82 Dual transfer pricing, 335 Cost leadership, 149 Database structures, 78 Dun & Bradstreet Information Cost management, 317 Database systems, 77 Services, 179 , 189 De facto corporations, 43 DuPont ROI Analysis, 264 Cost of common equity, 190 De jure corporations, 43 E Cost of debt, 189 Debenture, 184 Cost of goods manufactured, 288 Debt covenants, 183 Echo check, 93 Cost of goods sold, 290 Debt financing, 185 Econometric models, 327 Cost of preferred equity, 190 Debt to equity, 268 Economic order quantity (EOQ), Cost of quality, 276 Debt to equity ratio, 272 177 Costing methods Debt to total assets, 268, 272 Economic profit, 133 Absorption (full), 320 Debt utilization ratios, 268 Economic profit and EVA, 266 Direct (variable), 320 Debug, 75 measure, Costing systems, 288 Decentralized processing, 76 264 Activity-based costing, 298 Decision tables, 98 Edit, 75 By-product costing, 289, 300 Decision trees, 242 , 244 Job-order costing, 291 Decomposition of time series, 327 Elasticity of supply, 130 Joint product costing, 289, 299 Decreasing returns to scale, 132 Electronic commerce, 73, 85 Process costing, 295 Default risk, 184

382 INDEX

Electronic data interchange (EDI), First-in, first-out (FIFO) method, I 73, 86 296 Income bond, 184 Electronic funds transfer (EFT), Fiscal policy, 139 Income effect, 127 85, 174 Fixed asset turnover, 268, 271 Income elasticity of demand, 127 Employee stock ownership plans, Fixed costs, 317 Income tax, 139 188 Flexible budget, 317, 330 Increasing returns to scale, 132 Encryption, 87, 94 Float, 173 Incremental budgeting, 318 End-user computing, 84 Floatation or selling costs, 191 Incremental cost, 336 Enterprise Resource Planning Floating rate bonds, 185 Incremental unit-time learning (ERP), 74 Flowcharting, 97 model, 303 Enterprise Resource Planning Common symbols, 97 Industry analysis, 144 (ERP) Systems, 178 Types of, 98 Inflation, 137 Equity, 186 Forecasting, 144 Informal line of credit, 181 Equity and debt securities, 176 Forecasting methods, 326 Information and communications, Equity risk premium, 221 Foreign bonds, 185 91 Equivalent units of production, Foreign corporations, 42 Information systems, 71 295 Foreign currency hedges, 226 Input controls, 94 Estoppel Foreign exchange rates, 141 Input devices, 73 Partnership by, 33 Foreign investment, 142 Interest Eurobonds, 183, 185 , 266 Compounding, 228 Eurodollar certificate of deposit, Frictional unemployment, 137 Interest rate, 138 175 Full cost, 335 Effective, 223 Excess present value index, 234 Full costing, 320 Stated, 223 Execution, 261 Future value, 230 Internal business processes Expectations theory, 225 G perspective, 262 Expected return, 221 Internal control Arithmetic average return, 221 GDP, 134 GDP deflator, 138 Components of Geometric average return, 221 Control activities, 92 General controls for computers, Expert system, 76 Control environment, 90 92 Exponential smoothing, 327 Information and General environment, 143 Extensible markup language communication, 91 (XML), 80 Going private, 188 Monitoring, 92 External failure cost, 276 Going public, 188 Risk assessment, 91 External labels, 94 Advantages of, 188 Decision table, 98 Externalities, 131 Disadvantages of, 188 Effect of computer on, 89 Extranet, 82 Goodness of fit, 328 Flowcharting, 97, 98 Government budget surplus F Internal failure cost, 276 (deficit), 138 Internal labels, 94 Factoring, 182 Gross margin, 268, 270 Internal rate of return (IRR), 234 Fair value hedge, 226 Gross National Product (GNP), International cash management, Federal agency securities, 175 134 175 Fictitious name statutes, 31 H International Monetary Fund Fiduciary duty, 33, 48, 50 (IMF), 141 Field, 77 Hardware and software access controls, 93 International trade, 140 Field check, 95 Internet, 80 Field size check, 95 Hardware, computer, 71, 83 Hash total, 95 Intranet, 81 File, 77 Inventory, 289 File protection ring, 94 Hedging, 226 Hedging to reduce interest rate Cost flows, 290 File servers, 82 Models of Financial budget, 317, 322 risk, 182 Hierarchical database, 78 Economic order quantity Financial intermediaries, 225 (EOQ), 177 High-low method, 301 Financial , 189 Just-in-time (JIT), 177 Horizontal analysis, 273 Financial management function, Inventory conversion period, 172 Horizontal merger, 195 171 Inventory financing, 182 Hurdle rate, 235 Financial perspective, 261 Inventory management, 176 Hypertext markup language Financial planning, 321 Inventory management and MRP, (HTML), 80 Financial planning models, 317 177 Hypertext transfer protocol Financing current assets, 180 Inventory turnover, 268, 271 (HTTP), 80 Financing function, 171 Investment, 137, 231 Firewall, 81

INDEX 383

Investment center, 330 Magnetic ink character reader Net Domestic Product (NDP), 134 ISO quality standards, 275 (MICR), 73 Net present value (NPV), 233 J Magnetic tape, 72 Net present value profile, 235 Magnetic tape reader, 73 Networked database, 78 Job-order costing, 291 Make or buy (outsourcing) Networks, computer, 79 Overhead, 291 decisions, 335 Nominal gross domestic product, Spoilage, 297 Management by exception, 318 133 Joint and several liability, 34 Manufacturing cells, 178 Nominal interest rate, 138 Joint costs, 289, 299 Manufacturing contribution Nonbottleneck resources, 275 Sell or process further decision, margin, 330 Non-value-added activities, 298 300, 335 Marginal cost (MC), 132 Normal profit, 133 Joint products, 289, 299 Marginal product, 133 North American Free Trade Joint venture, 38 Marginal propensity to consume Agreement (NAFTA), 140 Junk bonds, 185 (MPC), 128 O Just-in-time (JIT), 177 Marginal propensity to save Just-in-Time (JIT) Production, (MPS), 129 Object program, 74 178 Marginal revenue, 133 Object-oriented database, 78 Just-in-Time (JIT) Purchasing, Marginal revenue product, 133 Object-relational database, 78 177 Market equilibrium, 130 Official bank checks, 174 K Market price, 335 Official reserve account, 141 Off-line, 72 Kaizen, 275 Market ratios, 268, 272 Oligopoly, 145 Kaizen budgeting, 324 Market segmentation theory, 225 Online, 72 Keynesian theory, 140 Market/book ratio, 268, 272 Marketable securities Online analytical processing Key-to-disk, 73 (OLAP), 75 Key-to-tape, 73 management, 175 Markov techniques, 327 Online entry, 73 L Master budget, 317 Online real-time systems, 75 Labor variances, 332 Master file, 77 Online transaction processing Law of diminishing marginal Materials variances, 331 (OLTP), 75 utility, 128 Maturity risk premiums, 224 Open-market operations, 139 Lean manufacturing philosophy, Memory dump, 75 Operating budget, 317, 322 275 Menu driven input, 95 Operating leverage, 188 Learning and growth perspective, Mergers, 51, 195 Operating profit margin, 268, 270 262 Metropolitan area networks Operation-costing system, 297 Learning curves, 303 (MAN), 80 Operations, 91 Leasing, 185 Microcomputers, 71, 83 Opportunity cost, 232, 318, 335 Least squares (regression) Missing data check, 95 Optimal , 192 method, 302 Mixed (semivariable costs), 289 Ordering costs, 177 Letter of credit, 181 Mixed costs, 317 Ordinary annuities, 228, 229, 230 Leverage, 188 Model Business Corporation Act, Outlay (out-of-pocket) cost, 232, , 188 46 318 LIBOR, 183 Monetarist theory, 140 Output devices, 73 Life-cycle budgeting, 317 Monetary policy, 138 Outsourcing, 150 Limit (reasonableness) test, 95 Money, 138 Outsourcing (make or buy) Limited liability companies, 38 Money market accounts, 176 decisions, 335 Limited liability partnerships, 40 Money market funds, 176 Overhead, 289 Limited partnerships, 30, 35 Monitoring, 92, 144 Accounting for, 291 Liquidity preference (premium) Monopolistic competition, 145 Overapplied/underapplied, 293 theory, 224 Mortgage bond, 184 Disposition of, 293 Liquidity ratios, 268, 272 Moving average, 326 Variance analysis of, 332 Three-way, 333 Local area network (LAN), 80, 83 Multicollinearity, 329 Two-way, 333 Lockbox system, 174 Multiple regression, 303, 317, 328 Logic check, 95 Multiprocessing, 74 P London Interbank Offered Rate Mutually exclusive projects, 235 Pareto chart, 275 (LIBOR), 181 N Parity check, 93 -term debt, 183 Partnerships, 29, 41, 42, 52 Naive models, 326 Loop, 75 Admission of partners, 33, 34, 37 Natural monopolies, 144 M Agency relationship, 30 Negotiated transfer price, 335 Characteristics of, 30 Magnetic disk, 72 Neo-Keynesian theory, 140

384 INDEX

Fiduciary duty, 30, 33 Prevention cost, 276 Reasonableness (limit) test, 95 Formation of, 31 Price ceiling, 131 Receivable turnover, 268 Interests in, 31 Price elasticity analysis, 146 Receivables collection period, 172 Assignment of, 31, 37 Price elasticity of demand, 126 Receivables management, 179 Joint and several liability, 34 Price floor, 131 Receivables turnover, 271 Joint ventures, 38 Price/earnings (PE) ratio, 268, 272 Recession, 136 Limited, 30, 35 Pricing of products and services, Record count, 95 Assignment of interest, 37 334 Redeemable, 184 Creation of, 35 Cost-plus pricing, 334 Redundant data check, 95 Termination of, 37 Target pricing, 334 Reengineering, 275 Limited liability companies, 38 Transfer pricing, 334 Registered bonds, 185 Limited liability partnerships, 40 Prime costs, 288 Regression analysis, 302, 327 Nature of, 29 Prime rate, 181 Relational database, 78 Partners Private debt, 183 Relevant costs, 232, 318, 335 Capacity to be, 30 Private network, 80 Relevant range, 290, 317, 318 General, 30 , 183 Reporting Authority of, 32 Probability analysis, 239 Types of reports Liability of, 34 Process costing, 295 WebTrust, 85 Rights of, 31, 36 Equivalent units of production, Limited, 30, 35 Reserve requirements, 138 295 Liability of, 36 Residual income profile, 265 Example of, 295 Rights of, 36 Responsibility accounting, 318, Flow of units, 295 Partnership property, 31 330 Spoilage, 297 Profits and losses, 32, 36 Retained earnings, 45 Processing controls, 95 Relationship to third parties, 33 Return on assets, 268, 270 Termination of Processing methods, 75 Return on equity, 268, 270 Dissolution, 35, 37 Producer price index, 138 Return on investment, 264 Notice of, 35 Product costs, 288, 297 Revolving credit agreements, 181 Distribution of property, 35 Product differentiation, 149 Risk Winding up, 35, 37 Product pricing, 334 Credit or default, 223 Withdrawal of partner, 34 Professional corporations, 43 Estimating risk Patch, 75 Profit center, 330 Normal distribution, 222 Payables deferral period, 172 Profitability index, 234 Interest rate, 223 Payback, 232 Profitability ratios, 268, 270 Market, 223 PDCA, 275 Program flowchart, 98 Risk averse, 221 Perfect (Pure) competition, 144 Promoters of corporation, 43 Risk-neutral, 221 Performance measures, 261 Proof (control) total, 95 Risk-seeking, 221 Performance reports, 317 Property tax, 139 Systematic, 223 Period costs, 288, 297 Proprietary networks, 87 Unsystematic, 223 Peripheral equipment, 72 Public long-term debt, 183 Risk and return, 221 Permanent current assets, 180 Public networks, 80, 87 Risk assessment, 91 Personal disposable income, 128, Pure monopoly, 144 Risk preference function, 223, 244 Risk-adjusted discounted rate, 241 138 Q Phillips curve, 138 Risk-management function, 171 Qualitative factors, 336 Risks in using derivatives, 226 Physical access controls, 93 Quality award programs, 274 Piercing the corporate veil, 51 Basis risk, 226 Quantitative factors, 336 Credit risk, 226 Planning, 317 Quantitative methods Legal risk, 226 Pledging of receivables, 182 Correlation, 303 Market risk, 226 Point-of-sale recorders, 73 High-low method, 301 Robust design, 275 Point-to-point, 86 Regression (least squares), 302 Router, 81 Poka-yoke, 275 Scattergraph method, 301 Run, 75 Portfolio returns and risk, 222 Quick (acid) ratio, 268, 272 S Efficient portfolio, 223 Quota, 140 Expected returns, 222 Safety stock, 177 R Variance, 222 Sales tax, 139 Portfolio risk, 244 Random access, 72 Scanner, 73 Potential GDP, 134 Rate of return, 334 Scanning, 144 Preemptive right, 50 Real GDP, 134 Scattergraph method, 301 Preferred stock, 46, 187 Real interest rate, 138 Scenario analysis, 242 Present value, 228, 230 Real options, 243 Schedules

INDEX 385

Cost of goods manufactured, 290 Stockholders’ equity Electronic commerce, 85 Cost of goods sold, 290 Common stock, 45 Electronic data interchange, 86 Securitization of assets, 182 Preferred stock, 46 Value-added network (VAN), Security provisions, 184 Stockholders’ liability, 41, 51 86 Segment contribution, 330 Stockholders’ rights, 49, 50 End-user computing, 84 Segment reporting and Stockouts, 177 General controls, 92 controllability, 330 Storage devices, 72 Hardware, 71 Segregation controls, 90, 92, 93 Strategic alliances, 150 Information systems, 71 Sell or process further decision, Strategy, 261 Local area networks (LAN), 80, 300, 335 Strategy maps, 262 83 Sensitivity analysis, 242 Structural unemployment, 137 Manual vs. computer system, 71 Sequential access, 72 Structured query language (SQL), Microcomputers, 71, 83 Serial bonds, 184 78 Networks, 79 Service bureau/center, computer, Subordinated debenture, 184 Processing methods 88 Substitution effect, 127 Batch, 75 Centralized, 76 Service department cost Sunk costs, 335 Decentralized, 76 allocation, 293 Sunk, past, or unavoidable costs, Direct access, 75 Direct method, 293 232, 318 Distributed, 76 Step method, 294 Supply, 129 Online real-time, 75 Service pricing, 334 Supply chain, 176 Service bureau/center, 88 Share repurchases, 194, 195 Supply chain management, 149, Software, 74 -term bank loans, 181 176 Telecommunications, 79, 88 Short-term differential cost Supply curve shift, 129 Temporary current assets, 180 analysis, 335 Supply-side theory, 140 Term structure of interest rates, Allocation of scarce resources, System, 71 224 336 System flowchart, 98 Flat yield curve, 224 Closing a department/segment, Systematic risk, 223 Humped yield curve, 224 335, 336 Systems analysis, 90 Inverted yield curve, 224 Outsourcing (make or buy), 335 Systems programming, 90 Normal yield curve, 224 Sale of obsolete inventory, 335, The F-Statistic, 329 336 T The multiplier, 135 Sell or process further, 300, 335 Target costing, 318 The t-Statistics, 329 Special orders, 335 Target market analysis, 148 Theory of constraints (TOC), 275 Simulation models, 242 Target pricing, 334 Three-tier architectures, 82 Sinking fund provisions, 184 Tariff, 140 Throughput contribution, 275 Six-sigma quality, 274 Taxes, 139 Throughput time, 289 Software, 74, 83, 93 Technology, auditing with Time value of money Source program, 74 Application controls, 94 Amortization of bond interest, 231 Sources of short-term funds, 180 Computer systems Annuities, 228, 230 Special order decisions, 335 Characteristics of, 71, 79 Applications of, 230 , 226 Types of, 71 Vs. manual systems, 71 Compounding interest, 228 Spin-offs, 187 Factor tables, 229 Split-off point, 299 Computers, types of, 71 Data file structure, 77 Future value Spoilage Of an amount, 228 Job-order costing, 297 Data organization, 76 Database systems, 77 Of an annuity due, 230 Process costing, 297 Of an ordinary annuity, 228 Standard costs, 318, 331 Documentation Data flow diagrams (DFD), 98 Present value And pricing, 334 Of a future amount, 228 Variance analysis, 331 Decision tables, 98 Flowcharting, 97 Of an annuity due, 230 Standard error of the estimate, Of an ordinary annuity, 229 329 Common symbols, 97 Types of, 98 Time-adjusted discount rates, 241 Stepped (semifixed costs), 289 Time-adjusted rate of return, 234 Stock Effect of computer on internal control, 89 Times interest earned, 268, 272 Classes of, 45 Torts, 47 Definitions, 44 Control activities, 92 Control environment, 90 Total asset turnover, 268, 272 Marketing of, 46 Total quality control, 275 Stock dividends, 194 Information and communication, 91 Total Quality Management Stock splits, 194 (TQM), 274 Stock subscriptions, 46 Monitoring, 92 Risk assessment, 91 Tracking , 187 Stock warrants, 186

386 INDEX

Trade discounts, 173 Value engineering, 334 Web browser, 81 Transaction file, 77 Value-added activities, 298 Web server, 81 Transfer pricing, 142, 318, 334 Value-added network (VAN), 86 WebTrust, 85 Treasury bills (T-bills), 175 Value-added tax, 139 Weighted-average cost of capital, Treasury Inflation Protected Value-based management, 261 193 Securities (TIPS), 175 Variable (direct) costing, 317, 320 Weighted-average inventory Treasury notes, 175 Variable costs, 317 method, 295 , 44 Variance analysis, 331 Wide area networks (WAN), 80 Trend analysis, 327 Disposition of variances, 334 Working capital management, 172 Trust receipt, 182 Labor, 332 World Wide Web, 81 Materials, 331 Turnaround documents, 73 Y Overhead, 332 U Venture capital, 187 Yield to maturity, 184 Ultra vires acts, 47, 48 Vertical analysis, 273 Z Unemployment, 137 Vertical merger, 195 Zero-balance accounts, 173 Uniform resource locator (URL), Virtual storage, 75 80 Zero-based budgeting, 318 W Utility program, 74 Zero-coupon method, 227 Wages taxes, 139 Zero-coupon rate bonds, 185 V Warehousing, 182 Validity check, 95 Watered stock, 46