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Definition of Job costing
A method of accounting that accumulates the costs of a product/service that is produced either
a system of product costing used
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.
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 – 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 relatively new method advocated for the
a cost accumulation and reporting
a process using multiple cost drivers to predict and allocate costs to products and services;
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
the method of cost assignment that computes an average cost per equivalent
see absorption costing
hybrid costing system
a costing system combining characteristics
a single unit or group of units identifiable as being produced
job cost record
see job order cost sheet
job order cost sheet
a source document that provides virtually
life cycle costing
the accumulation of costs for activities that
modified FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per
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 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
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
A distinctly identifiable batch of a product.
The process of continual cost reduction that occurs after a product
A costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products.
Job Loss Insurance (Credit Insurance)
Coverage that can pay down your debt should you become involuntarily unemployed. The payment is made to your creditors to reduce your debt owing.
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