|FIFO method (of process costing)
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Definition of FIFO method (of process costing)
FIFO method (of process costing)
the method of cost assignment that computes an average cost per equivalent
the method of cost assignment that uses fifo to compute a cost per
the method of cost assignment that uses fifo to compute a cost per equivalent unit and, in transferring units from a department, keeps the
A method of constructing a replicating portfolio in which the manager purchases a
The time that elapses between receipt of payment from a customer and the
Under this currency translation method, all foreign currency balance-sheet and income
A conception of the way a stock's price changes that assumes that the price takes on all
A method of cash budgeting based on detailed estimates of cash receipts and cash
A method of valuing the cost of goods sold that uses the cost of the oldest item in
The practice of reporting to shareholders using straight-line depreciation and
Refers to the time it takes the receiver of a check to process the payment and
A statistical technique for fitting a curve to a set of data points. One of the
Under this translation method, monetary items (e.g. cash, accounts
The practice of making a charge in the income account equivalent to the tax savings
The process of determining the prices of the assets in the marketplace through the
Accounting for an acquisition using market value for the consolidation of the two entities'
A method of allocating the purchase price for the acquisition of another firm among the
Simple compound growth method
A method of calculating the growth rate by relating the terminal value to
A method of cash budgeting that is organized along the lines of the statement of cash flows.
Under this currency translation method, the choice of exchange rate depends on the
FIFO (First In, First Out)
An inventory valuation method that presumes that the first units received were the first ones
A method of costing in which all fixed and variable production costs are charged to products or services using an allocation base.
A method of costing that uses cost pools to accumulate the cost of significant business activities and then assigns the costs from the cost pools to products or services based on cost drivers.
A method of accounting that accumulates the costs of a product/service that is produced either
An approach to costing that estimates and accumulates the costs of a product/service over
A method of costing for continuous manufacture in which costs for an accounting compared are compared with production for the same period to determine a cost per unit produced.
A method of costing that is concerned with managing whole-of-life costs of a product/service during the product design phase â€“ the difference between target price (to achieve market share) and the target profit margin.
A method of costing in which only variable production costs are treated as product costs and in which all fixed (production and non-production) costs are treated as period costs.
A method of adjusting accounts receivable to the amount that is expected to be collected based on company experience.
A method of preparing the operating section of the Statement of Cash Flows that uses the companyâ€™s actual cash inflows and cash outflows.
Direct write-off method
A method of adjusting accounts receivable to the amount that is expected to be collected by eliminating the account balances of specific nonpaying customers.
First-in, first-out (FIFO)
A method of accounting for inventory.
A method of preparing the operating section of the Statement of Cash Flows that does not use the companyâ€™s actual cash inflows and cash outflows, but instead arrives at the net cash flow by taking net income and adjusting it for noncash expenses and the changes from last year in the current assets and current liabilities.
activity based costing (ABC)
A relatively new method advocated for the
a cost accumulation and reporting
activity-based costing (ABC)
a process using multiple cost drivers to predict and allocate costs to products and services;
a process of service department cost allocation
attribute-based costing (ABC II)
an extension of activitybased costing using cost-benefit analysis (based on increased customer utility) to choose the product attribute
a streamlined cost accounting method that speeds up, simplifies, and reduces accounting effort in an environment that minimizes inventory balances, requires
business process reengineering (BPR)
the process of combining information technology to create new and more effective
cost-benefit analysis the analytical process of comparing the
relative costs and benefits that result from a specific course
see variable costing
a service department cost allocation approach
dividend growth method
a method of computing the cost
see absorption costing
a technique used to determine the fixed
hybrid costing system
a costing system combining characteristics
job order costing system
a system of product costing used
a manufacturing process that simultaneously
judgmental method (of risk adjustment)
an informal method of adjusting for risk that allows the decision maker
life cycle costing
the accumulation of costs for activities that
method of least squares
see least squares regression analysis
method of neglect
a method of treating spoiled units in the
the ability of a worker to monitor
net present value method
a process that uses the discounted
benchmarking that focuses on practices and how the best-in-class companies achieved their results
an assessment about the number of processes through which a product flows
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
the actual time consumed performing the
a flowchart or diagram indicating every step
the total units produced during a period
process quality yield
the proportion of good units that resulted from the activities expended
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
a process that compares, to the extent possible
risk-adjusted discount rate method
a formal method of adjusting for risk in which the decision maker increases the rate used for discounting the future cash flows to compensate for increased risk
an iterative (sequential) algorithm used to solve multivariable, multiconstraint linear programming problems
a high-performance, data-driven approach to analyzing and solving the root causes of business problems
statistical process control (SPC)
the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations
a process of service department cost allocation
a method of determining what the cost of a
a cost accumulation and reporting method
weighted average method (of process costing)
the method of cost assignment that computes an average cost per
Bootstrapping, bootstrap method
An arithmetic method for backing an
Statistical assumptions about the behavior of security prices. For
A methodology under which all manufacturing costs are assigned
Activity-based costing (ABC)
A cost allocation system that compiles costs and assigns
A costing methodology that only assigns direct labor and material costs
First in, first-out costing method (FIFO)
A process costing methodology that assigns the earliest
The process of continual cost reduction that occurs after a product
Moving average inventory method
An inventory costing methodology that calls for the re-calculation of the average cost of all parts in stock after every purchase.
A capital budgeting analysis method that calculates the amount of
A series of linked activities that result in a specific objective. For example, the
A costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products.
An accounting method used to combine the financial statements of
Inventory that has been partially converted through the
Benefit Ratio Method
The proportion of unemployment benefits paid to a companyâ€™s
Benefit Wage Ratio Method
The proportion of total taxable wages for laid off
Average-Cost Inventory Method
The inventory cost-flow assumption that assigns the average
A contract accounting method that recognizes contract revenue
A format for the operating section of the cash-flow statement that reports actual cash receipts and cash disbursements from operating activities.
Accounting method for an equity security in cases where the investor has sufficient
First-In, First-Out (FIFO) Inventory Method
The inventory cost-flow assumption that
A method of accounting for petroleum exploration and development expenditures
A format for the operating section of the cash-flow statement that
Last-In, First-Out (LIFO) Inventory Method
The inventory cost-flow assumption that assigns the most recent inventory acquisition costs to cost of goods sold. The earliest inventory
A contract accounting method that recognizes contract
Purchased In-Process Research and Development
Unfinished research and development that is acquired from another firm.
Successful Efforts Method
A method of accounting for petroleum exploration and development
First-in, first-out (FIFO)
An inventory valuation method under which one assumes that the
Process flow production
A production configuration in which products are continually
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