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Definition of Product
Any item intended for sale.
An equation determining aggregate output as a function of aggregate inputs such as labor and capital.
an incidental output of a joint process; it is salable,
A product that is an ancillary part of the primary production process, having
A material created incidental to a production process, which can be
a process costing document that
an estimate of the number
an approximation of the number of whole units of output that could have been
A resource used to produce a good or service. The main macroeconomic factors of production are capital and labor.
the addition or removal of product
Total output of final goods and services produced within a country during a year.
The market value of goods and services produced over time including the
Total output of final goods and services produced by a country's citizens during a year.
Measures and economy's total income. It is equal to GDP plus the income
The line of required returns for investment projects as a function of beta
A product that has the highest sales value from among a group of products
The technique of stripping all non-value-added activities from
National Income and Product Accounts
The national accounting system that records economic activity such as GDP and related measures.
Net Domestic Product
GDP minus depreciation.
Net National Product
GNP minus depreciation.
A general term referring to period costs, such as selling, administration and financial expenses.
Process flow production
A production configuration in which products are continually
the total units produced during a period
an assessment about the number of components in a product
product contribution margin
the difference between selling price and variable cost of goods sold
The cost of goods or services produced.
This is a key factor in the profit model of a business. product
a cost associated with making or acquiring inventory
The total of all costs assigned to a product, typically including direct
The time it takes to bring new and/or improved products to market.
product life cycle
a model depicting the stages through
product line margin
see segment margin
A business’s investment in technology, people and materials in order to make, buy and sell products or services to customers.
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
A type of mortgage-pipeline risk that occurs when a lender has an unusual loan in production or
See sales mix.
the number of different types of products
An agreement by the loan purchaser to allow the monthly loan quota to be
A general term referring to indirect costs.
Production payment financing
A method of nonrecourse asset-based financing in which a specified
Production yield variance
The difference between the actual and budgeted proportions
the number of total units that could be
Output per unit of input, usually measured as output per hour of labor.
Sales Revenue Revenue recognized from the sales of products as opposed to the provision of
UNITS OF PRODUCTION
A depreciation method that relates a machine’s depreciation to the number of units it makes each
see activity-based management
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
‘Buckets’ within the ledger, part of the accounting system. Each account contains similar transactions (line items) that are used for the production of financial statements. Or commonly used as an abbreviation for financial statements.
an increase in units or volume caused by the addition
the process of detailing the various repetitive actions that are performed in making a product or
activity-based budgeting (ABB)
planning approach applying activity drivers to estimate the levels and costs of activities necessary to provide the budgeted quantity and
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.
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
activity-based management (ABM)
a discipline that focuses on the activities incurred during the production/performance process as the way to improve the value received
a segment of the production or service
a measure of the demands on activities and,
One who uses statistical information to evaluate the probability of future events and prices insurance products.
A payment made by a customer to the company, or by the company to a
Advance material request
Very early orders for materials before the completion
A budgeting process using summary-level information to
Allocation base A measure of activity or volume such as labour
hours, machine hours or volume of production
the amount of overhead that has been assigned to Work in Process Inventory as a result of productive activity; credits for this amount are to an overhead account
approximated net realizable value at split-off allocation
a method of allocating joint cost to joint products using a
a ratio measuring asset productivity and showing the number of sales dollars generated by each dollar of assets
A firm's productive resources.
Assuris is a not for profit organization that protects Canadian policyholders in the event that their life insurance company should become insolvent. Their role is to protect policyholders by minimizing loss of benefits and ensuring a quick transfer of their policies to a solvent company where their benefits will continue to be honoured. Assuris is funded by the life insurance industry and endorsed by government. If you are a Canadian citizen or resident, and you purchased a product from a member life insurance company in Canada, you are protected by Assuris.
attribute-based costing (ABC II)
an extension of activitybased costing using cost-benefit analysis (based on increased customer utility) to choose the product attribute
Average Collection Period
Average number of days necessary to receive cash for the sale of
The subsequent subtraction from inventory records of those parts used
A market condition in which futures prices are lower in the distant delivery months than in
A group of similar products produced together.
A cost that is incurred when a group of products or services are produced,
Bill and Hold Practices
products that have been sold with an explicit agreement that delivery
Bill of materials
A listing of all the materials and quantities that go to make up a completed product.
bill of materials
a document that contains information about
Bill of materials
An itemization of the parts and subassemblies required to create a
Bill of materials (BOM)
A listing of all parts and subassemblies required to produce one
The reintroduction of a faulty product into a process production flow by
An operation in the midst of a manufacturing or service process in which the
The sales level at which a company, division, or product line makes a
Breeder bill of materials
A bill of material that accounts for the generation and
the difference between total actual overhead
a mission of increasing market share, even at
The maximum volume of products or services that can be produced given limitations of space,
a measure of production volume or some other activity base
The proportion of capacity that is able to be utilized to fulfil customer demand for products
a) Physical capital: buildings, equipment, and any materials used to produce other goods and services in the future rather than being consumed today.
Expenditures Purchases of productive long-lived assets, in particular, items of property,
an asset used to generate revenues or cost savings
A loose quantity term sometimes used to describe a the amount of a commodity underlying one
The length of time between a purchase of materials and collection of accounts receivable generated by the sale of the products made from the materials.
An incentive offered to purchasers of a firm's product for payment within a specified time
Cash Flow Provided or Used from Investing Activities
Cash receipts and payments involving
Shipments of product to distributors who are encouraged to overbuy under
Income payments to factors of production are spent to buy output. The receipts from these sales are used to pay factors of production, creating a circular flow of income.
A country has a comparative advantage over another country in the production of good A if to produce a unit of A it forgoes more of the production of good B than would the other country when it produces a unit of good A. Its efficiency in the production of good A relative to its efficiency in the production of good B is greater than is the case for the other country. See also absolute advantage.
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