ASC international glossary

ANSI/ASQ Z1.4 is a widely recognized standard for sampling procedures and tables used in inspection by attributes. It provides guidance on selecting sample sizes, acceptance criteria, and methods for assessing the quality of products based on attribute data, such as the number of defects or non-conformities found in a sample from a production batch.

ANSI/ASQ Z1.9 is a standard for sampling procedures and tables used in inspection by variables, where measurements are taken on a continuous scale. It provides guidance on selecting sample sizes, acceptance criteria, and methods for assessing the quality of products based on variable data, such as dimensions, weights, or other quantitative measurements.

The APEC Business Travel Card (ABTC) is a travel document that facilitates easier and faster entry for business travelers into APEC member economies. It provides cardholders with expedited immigration processing and visa-free entry into participating countries.

ASME standards, established by the American Society of Mechanical Engineers (ASME), cover a wide range of engineering disciplines, including mechanical, nuclear, and petroleum engineering. These standards provide specifications, guidelines, and codes of practice for the design, construction, testing, and operation of mechanical systems and equipment, ensuring their safety, reliability, and compatibility with industry best practices.

ASTM standards, developed by the American Society for Testing and Materials (ASTM International), are widely used voluntary consensus standards for materials, products, systems, and services. These standards define specifications, test methods, practices, and guides to ensure the quality, safety, and performance of various materials and products across industries, including construction, manufacturing, and transportation.

Acceptance sampling is a statistical quality control technique used to inspect a random sample of products or materials from a larger batch or population to determine whether the entire batch meets specified quality standards or acceptance criteria. Acceptance sampling plans define sample sizes, acceptance levels, and inspection criteria based on statistical principles to ensure product quality while minimizing inspection costs and time.

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business. It involves maintaining accurate financial records, preparing financial statements, and providing insights into the financial health and performance of the business.

Accounts payable represent amounts owed by a company to suppliers or vendors for goods or services received on credit. Accounts payable arise from purchases made on credit terms, where the company agrees to pay the supplier at a later date. Managing accounts payable involves timely payment of obligations to suppliers while optimizing cash flow and taking advantage of favorable payment terms. Accounts payable are recorded as liabilities on the balance sheet and are typically settled within a specified period.

Accounts receivable represent amounts owed to a company by customers or clients for goods sold or services rendered on credit. Accounts receivable arise from credit sales, where customers are allowed to pay at a later date under agreed-upon terms. Managing accounts receivable effectively is essential for maintaining cash flow and liquidity, as well as minimizing bad debts and credit risk. Accounts receivable are recorded as assets on the balance sheet and are typically collected within a specified period.

Accruals are expenses or revenues that have been incurred or earned but not yet recorded in the accounting records. Accruals are recognized under the accrual basis of accounting, which requires transactions to be recorded when they occur, regardless of when cash is exchanged. Common examples of accruals include accrued interest, accrued salaries, and accrued utilities, which are recorded as liabilities or assets until they are settled or realized. Accruals ensure that financial statements accurately reflect the economic activity of a business during a specific period.

Air freight, also known as air cargo, is the transportation of goods by aircraft. It offers rapid delivery and is particularly suitable for time-sensitive or high-value shipments, perishable goods, and products requiring special handling or temperature control. Air freight services range from small parcels to large shipments, with options for express delivery, charter flights, and specialized cargo planes to meet diverse logistics needs.

Air passenger duty is a tax imposed on passengers traveling by air from airports within a specific jurisdiction. Air passenger duty rates may vary depending on factors such as flight distance, passenger class, and destination. Air passenger duty revenue contributes to government funds and may be used to support aviation infrastructure, environmental initiatives, or other public services.

Allowances are supplementary payments or benefits provided to employees to cover specific expenses or costs incurred in the course of their work duties. Allowances may include transportation allowances, meal allowances, housing allowances, or other allowances designed to reimburse employees for expenses related to their job responsibilities or to provide additional compensation for specific circumstances or conditions.

Amortization is the process of spreading the cost of intangible assets over their estimated useful lives. Intangible assets subject to amortization include patents, copyrights, trademarks, and goodwill. Amortization allocates the cost of intangible assets to expense systematically over time, reflecting their diminishing value or usefulness. Amortization expense is recorded on the income statement to reflect the consumption of intangible assets and their contribution to generating revenue.

An Annual General Meeting (AGM) is a mandatory meeting held by a company once a year to discuss and vote on key issues such as financial performance, election of directors, appointment of auditors, and approval of financial statements. AGMs provide shareholders with an opportunity to engage with management, ask questions, and exercise their voting rights. AGMs are a crucial aspect of corporate governance and transparency.

The Annual Wage Supplement (AWS), also known as the 13th-month bonus, is a discretionary bonus paid to employees by their employers as an additional form of compensation. The AWS is typically paid once a year, usually at the end of the calendar year or during festive seasons, and is intended to reward employees for their contributions, loyalty, and service to the company. The AWS amount may vary depending on company performance, individual performance, or industry practices, and it is usually based on the employee's gross salary or length of service with the company.

Anti-dumping law is legislation aimed at preventing unfair competition by foreign companies, usually by imposing tariffs on imported goods that are priced below market value or below production costs, thereby protecting domestic industries from harm caused by dumping practices.

Articles of Association are a legal document that sets out the rules and regulations governing the internal management and operation of a company. It typically includes provisions on the rights and duties of shareholders, directors' powers, meetings procedures, and distribution of profits. Articles of Association are filed with the company's registration documents and form part of its constitution.

Assets are economic resources owned or controlled by an individual, company, or organization, which are expected to provide future benefits. Assets can include cash, accounts receivable, inventory, property, equipment, investments, and intangible assets such as patents and trademarks. On a balance sheet, assets are typically categorized as current assets (those expected to be converted into cash within one year) or non-current assets (those expected to provide benefits beyond one year).

In the context of accounting, an audit is an independent examination of a company's financial statements, records, and internal controls by a qualified auditor. The purpose of an audit is to provide assurance to stakeholders that the financial statements are accurate and reliable, and that the business is complying with relevant laws and regulations.

A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, typically at the end of a reporting period such as a quarter or fiscal year. The balance sheet presents the company's assets, liabilities, and equity and shows how these elements are balanced or equalized (hence the name "balance" sheet). The balance sheet provides valuable information about a company's liquidity, solvency, and overall financial health to investors, creditors, and other stakeholders.

Batch inspection is a quality control method where products or materials are inspected in groups or batches rather than individually. Batch inspection involves sampling a representative sample from each batch and assessing its quality against predetermined acceptance criteria or standards. Batch inspection helps verify batch-to-batch consistency, identify defects, and ensure compliance with quality requirements while reducing inspection time and costs.

A bilateral trade agreement is a pact or treaty negotiated and ratified between two countries to regulate and facilitate trade and economic relations between them. Bilateral trade agreements establish terms, conditions, and concessions regarding tariffs, quotas, market access, investment protection, and other trade-related matters to promote bilateral trade, investment, and cooperation between the contracting parties. Bilateral trade agreements are tailored to the specific interests, priorities, and circumstances of the participating countries and aim to reduce trade barriers, expand market opportunities, and strengthen economic ties between trading partners.

A bill of lading (B/L) is a legal document issued by a carrier or shipping agent to acknowledge receipt of goods for shipment. It serves as a contract of carriage and a receipt of goods, outlining the terms and conditions of the transportation agreement between the shipper, carrier, and consignee. The bill of lading contains details such as the type and quantity of goods, the origin and destination of the shipment, the mode of transportation, and instructions for delivery, serving as a crucial document in international trade and transportation.

Blockchain technology is a decentralized digital ledger technology that enables secure, transparent, and immutable record-keeping of transactions across a network of computers. It allows participants to verify and record transactions in a tamper-resistant manner without the need for intermediaries. Blockchain technology has applications in various industries, including finance, supply chain management, healthcare, real estate, and digital currencies like Bitcoin and Ethereum.

The board of directors is a group of individuals elected by the shareholders of a company to oversee its management and strategic direction. The board typically comprises both executive directors (involved in day-to-day management) and non-executive directors (independent advisors). The board of directors is responsible for making major decisions, setting policies, appointing senior executives, and providing oversight of company affairs.

A bonded warehouse, or entrepôt sous douane, is a facility authorized by customs authorities where goods can be stored without payment of duties or taxes until they are released into the domestic market or exported. Bonded warehouses are often used to defer customs duties and taxes or to facilitate international trade by allowing goods to be held in transit or undergo processing or manufacturing operations before final clearance by customs.

A bonus is a monetary reward or incentive given to employees in addition to their regular salary or wages as recognition for their performance, contributions, or achievements. Bonuses may be paid as one-time lump-sum payments, profit-sharing distributions, or performance-based incentives based on individual, team, or company performance goals and metrics.

Brand identity refers to the visual, emotional, and conceptual elements that define and differentiate a brand in the minds of consumers. It includes brand elements such as logos, colors, typography, imagery, messaging, values, and personality traits that collectively shape how a brand is perceived and recognized by its target audience. Brand identity is essential for building brand awareness, loyalty, and equity in the marketplace.

Bulk transport is the movement of large quantities of homogeneous goods, such as grains, ores, liquids, or gases, without packaging, containers, or palletization. It involves specialized equipment and vehicles designed to handle bulk commodities efficiently, minimizing handling costs and maximizing transportation capacity. Bulk transport is commonly used in industries such as agriculture, mining, energy, and chemicals.

A business license is a legal permit or authorization issued by a government authority that allows a business to operate within a specific jurisdiction. It certifies that the business has met the necessary requirements and regulations to conduct its operations legally.

Business registration is the process of officially registering a business with the relevant government authorities to obtain legal recognition and approval to operate. This process typically involves providing information about the business, such as its name, address, ownership structure, and type of business activity.

Bylaws are a set of rules and regulations adopted by a corporation or organization to govern its internal affairs and operations. Bylaws typically address matters such as the structure of the organization, roles and responsibilities of officers and directors, meeting procedures, and voting rights. Bylaws are legally binding and must be consistent with the company's articles of incorporation and applicable laws.

The CDAC Fund Contribution is a mandatory contribution imposed on employers who hire Chinese employees. It supports educational and social assistance for the Chinese community.

CIF (Cost, Insurance, Freight) is an international trade term where the seller is responsible for delivering the goods to the named port of destination, including the cost of goods, marine insurance, and freight charges.

CPF contribution is a mandatory savings scheme implemented to provide retirement, healthcare, and housing benefits for citizens and residents. Both employees and employers contribute a percentage of the employee's salary to their CPF accounts. Contributions are managed by the Central Provident Fund Board.

Customer relationship management (CRM) is a strategy, process, or technology platform used by businesses to manage interactions and relationships with current and potential customers. CRM systems typically include features for tracking customer interactions, managing sales leads, analyzing customer data, and improving customer engagement and retention.

Corporate social responsibility (CSR) refers to the commitment of businesses to contribute positively to society and the environment through ethical practices, sustainable initiatives, and philanthropic activities. CSR initiatives may include environmental stewardship, social welfare programs, community engagement, ethical labor practices, diversity and inclusion efforts, and responsible supply chain management.

The Canadian Intellectual Property Office (CIPO) is the government agency responsible for granting patents, registering trademarks, and providing intellectual property services in Canada. It examines patent applications, registers trademarks, and promotes innovation and economic growth in Canada.

Capital gains tax is a tax levied on the profit earned from the sale or disposal of capital assets, such as stocks, bonds, real estate, or other investments. Capital gains are typically subject to specific tax rates that may differ from ordinary income tax rates. Capital gains tax encourages investment and asset ownership while generating revenue for government coffers.