CIPS exam with complete solution graded A+

Acceptance testing - A form of testing used to determine if the requirements of a specification or contract are met Accrual - An adjustment made to a set of financial accounts to reflect activity that has occurred but for which cash has not yet been received or paid Annual planning cycle - Planning involves a number of activities, such as analysis of opportunities, setting aims, exploring options, producing detailed plans and reviewing the plan against expectations. A cycle of activities as the result where each activity might need the previous activity revised before the final plan is accepted Approved supplier list - A list of approved suppliers who have the skills (for example, technical, functional or financial) to undertake the work Arms-length relationship - The relationship between two parties each of whom has no obligation to the other Asset value - The value of everything an organisation owns Bargaining power - The ability of a company or individual to influence another Benchmarked prices - The price paid for a product or service either in the past or by other users in order to set a standard for future reference Bill of materials - A comprehensive list of components, items, materials and parts to create a product, essentially a recipe for the production of an item Break-even point - The level of output of a business at which revenue equals total costsBreakthrough result - The achievement of a particularly important and significant result