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Definition of full costing
see absorption costing
A method of costing in which all fixed and variable production costs are charged to products or services using an allocation base.
a cost accumulation and reporting
A methodology under which all manufacturing costs are assigned
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 relatively new method advocated for the
a process using multiple cost drivers to predict and allocate costs to products and services;
A cost allocation system that compiles costs and assigns
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
see variable costing
A costing methodology that only assigns direct labor and material costs
the method of cost assignment that computes an average cost per equivalent
A process costing methodology that assigns the earliest
The cost of a product/service that includes an allocation of all the (production and
A method of accounting for petroleum exploration and development expenditures
Full coupon bond
A bond with a coupon equal to the going market rate, thereby, the bond is selling at par.
Full Credit Period
The period of trade credit given by a supplier to its customer.
The level of employment corresponding to the natural rate of unemployment.
The level of output produced by the economy when operating at the natural rate of unemployment.
Full faith-and-credit obligations
The security pledges for larger municipal bond issuers, such as states and
See: financial lease.
Also called dirty price, the price of a bond including accrued interest. Related: flat price.
Also called rental lease. Lease in which the lessor promises to maintain and insure the
Fully diluted earnings per shares
Earnings per share expressed as if all outstanding convertible securities
Fully modified pass-throughs
Agency pass-throughs that guarantee the timely payment of both interest and
hybrid costing system
a costing system combining characteristics
A method of accounting that accumulates the costs of a product/service that is produced either
job order costing system
a system of product costing used
The process of continual cost reduction that occurs after a product
life cycle costing
the accumulation of costs for activities that
An 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
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 costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products.
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
a 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
A 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.
a method of determining what the cost of a
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 cost accumulation and reporting method
weighted average method (of process costing)
the method of cost assignment that computes an average cost per
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