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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 process costing methodology that assigns the earliest
a costing system combining characteristics
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;
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
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
Corporate processing float
The time that elapses between receipt of payment from a customer and the
cost-benefit analysis the analytical process of comparing the
relative costs and benefits that result from a specific course
A conception of the way a stock's price changes that assumes that the price takes on all
see variable costing
A costing methodology that only assigns direct labor and material costs
see absorption costing
In-house processing float
Refers to the time it takes the receiver of a check to process the payment and
Statistical assumptions about the behavior of security prices. For
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
a manufacturing process that simultaneously
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
the ability of a worker to monitor
Price discovery process
The process of determining the prices of the assets in the marketplace through the
A series of linked activities that result in a specific objective. For example, the
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
Process flow production
A production configuration in which products are continually
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
the actual time consumed performing the
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
Purchased In-Process Research and Development
Unfinished research and development that is acquired from another firm.
a process that compares, to the extent possible
Material that has been reworked and returned to stock.
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 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
Any items being converted into finished goods or released from
Inventory that has been partially converted through the
A method of costing that involves making continual, incremental improvements to the
the Japanese word for continuous improvement
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