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Financial Terms | |
full costing |
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Definition of full costingfull costingsee absorption costing
Related Terms:Absorption costingA method of costing in which all fixed and variable production costs are charged to products or services using an allocation base. absorption costinga cost accumulation and reporting Absorption costingA methodology under which all manufacturing costs are assigned Activity-based costingA 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. activity based costing (ABC)A relatively new method advocated for the activity-based costing (ABC)a process using multiple cost drivers to predict and allocate costs to products and services; Activity-based costing (ABC)A cost allocation system that compiles costs and assigns ![]() attribute-based costing (ABC II)an extension of activitybased costing using cost-benefit analysis (based on increased customer utility) to choose the product attribute backflush costinga streamlined cost accounting method that speeds up, simplifies, and reduces accounting effort in an environment that minimizes inventory balances, requires direct costingsee variable costing Direct costingA costing methodology that only assigns direct labor and material costs FIFO method (of process costing)the method of cost assignment that computes an average cost per equivalent First in, first-out costing method (FIFO)A process costing methodology that assigns the earliest Full costThe cost of a product/service that includes an allocation of all the (production and Full-Cost MethodA method of accounting for petroleum exploration and development expenditures Full coupon bondA bond with a coupon equal to the going market rate, thereby, the bond is selling at par. ![]() Full Credit PeriodThe period of trade credit given by a supplier to its customer. Full EmploymentThe level of employment corresponding to the natural rate of unemployment. Full-Employment OutputThe level of output produced by the economy when operating at the natural rate of unemployment. Full faith-and-credit obligationsThe security pledges for larger municipal bond issuers, such as states and Full-payout leaseSee: financial lease. Full priceAlso called dirty price, the price of a bond including accrued interest. Related: flat price. Full-service leaseAlso called rental lease. Lease in which the lessor promises to maintain and insure the Fully diluted earnings per sharesEarnings per share expressed as if all outstanding convertible securities Fully modified pass-throughsAgency pass-throughs that guarantee the timely payment of both interest and hybrid costing systema costing system combining characteristics Job costingA method of accounting that accumulates the costs of a product/service that is produced either ![]() job order costing systema system of product costing used Kaizen costingThe process of continual cost reduction that occurs after a product life cycle costingthe accumulation of costs for activities that Lifecycle costingAn approach to costing that estimates and accumulates the costs of a product/service over modified FIFO method (of process costing)the method of cost assignment that uses FIFO to compute a cost per Process costingA 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. Process costingA costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products. process costing systema method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products; relevant costinga process that compares, to the extent possible strict FIFO method (of process costing)the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the Target costingA method of costing that is concerned with managing whole-of-life costs of a product/service during the product design phase – the difference between target price (to achieve market share) and the target profit margin. target costinga method of determining what the cost of a Variable costingA 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. variable costinga cost accumulation and reporting method weighted average method (of process costing)the method of cost assignment that computes an average cost per Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |