The time taken to complete an operation of one unit.

A general term for the internet and anything else on-line. Attach ‘cyber’ to a business description and you’ve got a hot stock.

A branch of science dealing with communications and control systems in machines and animate objects.

Most important position.

This refers to a higher competition situation. There is over supply and lack of demand. Each seller cuts the price to score over others. The trend is picked up by others and the price cuts acquire momentum.

Not being able to record financial transactions in the correct time period.

A particular date selected for completing all financial transactions within particular financial year and making documentation of relevant data.

A group of states having an agreed common tariff.

A term introduced by WTO; refer to an agreement between several countries to harmonise and moderate (including removal) barriers in trade among the members of the Customs Union.

The duties imposed on goods meant for import or export.

Modify a product in consonance with choice of individual purchasers.

The duty imposed on a product when it enters the territory of the importing nation from that of the exporting nation. This is to correct cheap imports and so to protect domestic producers.

A service aimed at maintaining the good will of customers.

1) Outside buyers of the products/services of an organization. 2) Inside users of an activity or 0process output.

1) A client 2) A purchaser.

A standard that a system should be able to attain under current operating conditions.

Any tax that must be paid within an accounting year from the date of Balance Sheet.

An established standard meant for application over short period of time.

This is similar to current accounting or current cost accounting; this alters accounting figures by changes in the average price level. The aim is to reflect value income and assessment on real terms basis.

All debts and claims against the business entity due for clearance during the accounting period.