What is Acceptance Sampling? Acceptance Sampling is a method used in the industry for quality control. This method uses statistical sampling to inspect or test a random sample for determining whether the quality of a batch of product or service is acceptable or not. This method is used for quality control of the products or … Continue reading Acceptance Sampling →

What are the acceptance criteria and their role in projects? Acceptance criteria (AC) are the conditions that a software product must meet to be accepted by a user, a customer, or other systems. They are unique for each user story and define the feature behavior from the end-user’s perspective. Acceptance criteria are the criteria used in … Continue reading Acceptance criteria →

What is the Acceptable Quality Level (AQL)? The Acceptable Quality Level (AQL) is a quality control concept. It is the minimum level of faults acceptable in a sample of a manufactured product for the entire batch of the product to be accepted. If the number of faults is higher than the AQL, then the entire … Continue reading Acceptable Quality Level (AQL) →

What Is the Acceleration Principle? The acceleration principle is an economic concept that draws a connection between fluctuations in consumption and capital investment. It states that when demand for consumer goods increases, demand for equipment and other investments necessary to make these goods will grow even more. In other words, if a population’s income increases … Continue reading Acceleration Principle →

What Is Accelerated Depreciation? Accelerated depreciation is any method of depreciation used for accounting or income tax purposes that allows greater depreciation expenses in the early years of the life of an asset. Accelerated depreciation methods, such as double-declining balance (DDB), means there will be higher depreciation expenses in the first few years and lower … Continue reading Accelerated depreciation →

What Is Absorbed cost? Absorbed cost, also known as absorption cost, is a managerial accounting method that includes both the variable and fixed overhead costs of producing a particular product. Knowing the full cost of producing each unit enables manufacturers to price their products. Calculating absorbed costs is part of a broader accounting approach called … Continue reading Absorbed costs →

What Is an Absolute title? An absolute title, also known as a perfect title, to a property is free of any encumbrances or deficiencies. An absolute title gives an unequivocal right of ownership to the owner, and cannot be disputed or challenged by anyone else. This is opposed to titles with liens, attachments, or judgments … Continue reading Absolute title →

An absolute privilege is a privilege that cannot be lost because of the bad motives of the party asserting the privilege. The holder of such a privilege is not subject to defamation liability even though he or she knows the statement is false and has per sonal ill will toward or intends to harm the subject … Continue reading Absolute privilege →

What Is an Absolute Auction? An absolute auction is a type of auction in which the sale is awarded to the highest bidder. Absolute auctions do not have a reserve price, which sets a minimum required bid for the item to be sold. An absolute auction is an auction in which the highest bidder receives … Continue reading Absolute auction →

Absolute Assignment stands for a complete transfer of all the rights of the policy from the assignor to the assignee without any further applicable conditions. Absolute Assignment is the transfer of right to a benefit from one person to another. It gives the recipient—the transferee—the rights that the owner or holder of the property—the transferor—had prior … Continue reading Absolute assignment →