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Weighted Average Cost (WAC)

An inventory costing method that averages the cost of all units available for sale during a period, rather than tracking specific batches.

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Related terms

  • Vouching

    Tracing a recorded transaction back to its underlying source document to verify that it is genuine, properly authorized and correctly recorded.

  • Walkthrough (Control Walkthrough)

    Tracing one transaction through a process end to end, confirming at each step that the control the client describes actually happens the way they describe it.

  • Whistleblower Mechanism

    A formal channel allowing employees and others to report suspected fraud or misconduct, required for specified classes of companies and audit committees under the Companies Act.

  • Work-in-Progress (WIP) Valuation

    Valuing partially completed production — raw material, labour and overhead incurred so far — a judgment-heavy area in any manufacturing audit.

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231 terms in total, or go deeper with working procedures and worked examples in the resource library.

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