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Definition of Process costing
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.
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
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the
the method of cost assignment that computes an average cost per
a process costing document that
an approximation of the number of whole units of output that could have been
a costing system combining characteristics
A process costing methodology that assigns the earliest
The time that elapses between receipt of payment from a customer and the
A conception of the way a stock's price changes that assumes that the price takes on all
Refers to the time it takes the receiver of a check to process the payment and
The process of determining the prices of the assets in the marketplace through the
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 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.
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;
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
see absorption costing
job order costing system
a system of product costing used
a manufacturing process that simultaneously
life cycle costing
the accumulation of costs for activities that
the ability of a worker to monitor
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
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
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 method of determining what the cost of a
a cost accumulation and reporting method
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
The process of continual cost reduction that occurs after a product
A series of linked activities that result in a specific objective. For example, the
Inventory that has been partially converted through the
Purchased In-Process Research and Development
Unfinished research and development that is acquired from another firm.
Process flow production
A production configuration in which products are continually
Material that has been reworked and returned to stock.
Any items being converted into finished goods or released from
A method of costing that involves making continual, incremental improvements to the
the Japanese word for continuous improvement
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