Raw material
Raw material is the material or substance that the enterprises in the manufacturing industry or other production units further process in order to create those goods and services that can be eventually consumed by end users.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Raw material. Material that is to be processed into a finished product or that changes the quality or characteristics of the product.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
