Accounting dictionary. 2014.
traditional costing system — Any of the systematic costing methods that prevailed before the rise of activity based costing in the 1990s. Because they rely on an essentially arbitrary allocation of indirect costs, such systems do not give managers accurate product cost… … Accounting dictionary
traditional costing system — Any of the systematic costing methods that prevailed before the rise of activity based costing in the 1990s. Because they rely on an essentially arbitrary allocation of indirect costs, such systems do not give managers accurate product cost… … Big dictionary of business and management
Job costing — Job Order Costing versus Process Costing = Job order costing is fundamental to managerial accounting. It differs from Process costing in that the flow of costs is traced by job instead of by process. For instance, think of an assembly line making … Wikipedia
Committee on Department Methods — The Committee on Department Methods, popularly known as the Keep Commission, was appointed by President Theodore Roosevelt in 1905. The Commission s members were Charles H. Keep, Assistant Secretary of the Treasury and Chairman of the Commission … Wikipedia
Activity-Based Costing - ABC — An accounting method that identifies the activities that a firm performs, and then assigns indirect costs to products. An activity based costing (ABC) system recognizes the relationship between costs, activities and products, and through this… … Investment dictionary
accounting — /euh kown ting/, n. 1. the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc.… … Universalium
Inventory valuation — INVENTORIES AND FINANCIAL STATEMENTS Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements. If inventory is not properly measured, expenses and… … Wikipedia
Cost of goods sold — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts … Wikipedia
product costs — The costs of production when charged to the cost units and expressed as costs of individual products. Product costs may include both direct costs and indirect costs (overhead); many different costing methods, such as absorption costing, activity… … Accounting dictionary
product costs — The costs of production when charged to the cost units and expressed as costs of individual products. Product costs may include both direct costs and indirect costs (overhead); many different costing methods, such as absorption costing, activity… … Big dictionary of business and management
