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hybrid costing system |
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Definition of hybrid costing systemhybrid costing systema costing system combining characteristics
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 Accelerated cost recovery system (ACRS)Schedule of depreciation rates allowed for tax purposes. Accounting systemA set of accounts that summarize the transactions of a business that have been recorded on source documents. 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 actual cost systema valuation method that uses actual direct attribute-based costing (ABC II)an extension of activitybased costing using cost-benefit analysis (based on increased customer utility) to choose the product attribute Automated storage/retrieval systemA racking system using automated systems backflush costinga streamlined cost accounting method that speeds up, simplifies, and reduces accounting effort in an environment that minimizes inventory balances, requires business intelligence (BI) systema formal process for gathering and analyzing information and producing intelligence to meet decision making needs; requires information about charge-back systema system using transfer prices; see transfer Clearing House Automated Payments System (CHAPS)A computerized clearing system for sterling funds Clearing House Interbank Payments System (CHIPS)An international wire transfer system for high-value cost control systema logical structure of formal and/or informal cost management system (CMS)a set of formal methods direct costingsee variable costing Direct costingA costing methodology that only assigns direct labor and material costs Du Pont systemA breakdown of ROE and ROA into component ratios. Dupont system of financial controlHighlights the fact that return on assets (ROA) can be expressed in terms Electronic Federal Tax Payment Systems (EFTPS)An electronic funds transfer system used by businesses to remit taxes to the government. enterprise resource planning (ERP) systema packaged software program that allows a company to Enterprise resource planning systemA computer system used to manage all company European Monetary System (EMS)An exchange arrangement formed in 1979 that involves the currencies Federal Reserve SystemThe central bank of the U.S., established in 1913, and governed by the Federal Federal Reserve SystemThe central banking authority responsible for monetary policy in the United States. 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 flexible manufacturing system (FMS)a production system in which a single factory manufactures numerous variations full costingsee absorption costing HybridA package containing two or more different kinds of risk management instruments that are usually Hybrid securityA convertible security whose optioned common stock is trading in a middle range, causing Imputation tax systemArrangement by which investors who receive a dividend also receive a tax credit for Interac systemCanada's bank machine and electronic debit system. If you use your bank card at a bank machine which displays the Interac symbol (and that bank machine is not your bank's machine), you will be charged a fee. 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 Just-in-time inventory systemssystems that schedule materials/inventory to arrive exactly as they are just-in-time manufacturing systema production system that attempts to acquire components and produce inventory only as needed, to minimize product defects, and to 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 lock-box systemsystem whereby customers send payments to a post office box and a local bank collects and processes checks. MACRS (Modified Accelerated Cost Recovery System)A depreciation method created by the IRS under the Tax Reform Act of 1986. Companies must use it to depreciate all plant and equipment assets installed after December 31, 1986 (for tax purposes). management control system (MCS)an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans, management information system (MIS)a structure of interrelated elements that collects, organizes, and communicates Modified Accelerated Cost Recovery System (MACRS)Depreciation method that allows higher tax deductions in early years and lower deductions later. modified FIFO method (of process costing)the method of cost assignment that uses FIFO to compute a cost per Multirule systemA technical trading strategy that combines mechanical rules, such as the CRISMA Nonsystematic riskNonmarket or firm-specific risk factors that can be eliminated by diversification. Also normal cost systema valuation method that uses actual Overdraft Systemsystem whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage. performance management systema system reflecting the entire package of decisions regarding performance measurement and evaluation Periodic inventory systemAn inventory system in which the balance in the Inventory account is adjusted for the units sold only at the end of the period. Perpetual inventory systemAn inventory system in which the balance in the Inventory account is adjusted for the units sold each time a sale is made. Planning, programming and budgeting system (PPBS)A method of budgeting in which budgets are allocated to projects or programmes rather than to responsibility centres. PLUS systemA bank machine network outside Canada, across the U.S. and internationally. Customers who use a bank machine with a 'PLUS' symbol may be charged a fee. Price SystemSee market mechanism. 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; Progressive tax systemA tax system wherein the average tax rate increases for some increases in income but pull systema production system dictated by product sales Pull systemA materials flow concept in which parts are only withdrawn after a push systemthe traditional production system in which Push systemA materials flow concept in which parts are issued based on planned red-line systeman inventory ordering system in which a red relevant costinga process that compares, to the extent possible responsibility accounting systeman accounting information system for successively higher-level managers about the performance of segments or subunits under the control Split-rate tax systemA tax system that taxes retained earnings at a higher rate than earnings that are standard cost systema valuation method that uses predetermined 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 SystematicCommon to all businesses. Systematic riskAlso called undiversifiable risk or market risk, the minimum level of risk that can be Systematic RiskThe amount of total risk that cannot be eliminated by portfolio Systematic risk principleOnly the systematic portion of risk matters in large, well-diversified portfolios. systematic withdrawal planPlans offered by mutual fund companies that allow unitholders to receive payment from their investment at regular intervals. 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 two-bin systeman inventory ordering system in which two Two-bin systemA system in which parts are reordered when their supply in one Two-tier tax systemA method of taxation in which the income going to shareholders is taxed twice. Unsystematic riskAlso called the diversifiable risk or residual risk. The risk that is unique to a company Unsystematic RiskThe amount of total risk that can be eliminated by diversification by 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 Visual review systemInventory reordering based on a visual inspection of on-hand 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. |