Set: ACCT102 Ch.8

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All 17 Terms

Term Definition
action analysis report a report showing what costs have been assigned to a cost object, such as a product/customer, and how difficult it would be to adjust the cost if there is a change in activity
activity an event that causes the consumption of overhead resources in an organization
activity-based costing a costing method based on activities that is designed to provide managers with cost information for strategic and other decisions that potentially affect capacity and therefore fixed as well as variable costs
activity-based management a management approach that focuses on managing activities as a way of eliminating waste and reducing delays and defects
activity cost pool a "bucket" in which costs are accumulated that relate to a single activity measure in an activity-based costing system
activity measure an allocation base in an activity-based costing system; ideally, a measure of the amount of activity that drives the costs in an activity cost pool
batch-level activities activities that are performed each time a batch of goods is handled orprocessed, regardless of how many unitsare in the batch; the amount of resrouce consumed depends on the number of batches run rather than on the number of units in the batch
benchmarking a systematic approach to identifying the activities with the greatest potential for improvement
customer-level activities activities that are carried out to support customers but that are not related to any specific product
duration driver a measure of the amount of time required to perform an activity
first-stage allocation the process by which overhead costs are assigned to activity cost pools in an activity-based costing system
organization-sustaining activities activities that are carried out regardless of which customers are served, which products are produced, how many batches are run, or how many unites are made
product-level activities activities that relate to specific products that must be carried out regardless of how many units are produced and sold or batches run
second-stage allocation the process by which activity rates are used to apply costs to products and customers in activity-based costing
unit-level activities activities that are performed each time a unit is produced
product margin profit from a product
customer margin profit from a customer

Set Information

Terms 17
Creator tingtingh88
Created July 17, 2008
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Most Missed Words

  1. action analysis report → a report showing what costs have been assigned to a cost object, such as a product/customer, and how difficult it would be to adjust the cost if there is a change in activity - 2 misses
  2. activity-based costing → a costing method based on activities that is designed to provide managers with cost information for strategic and other decisions that potentially affect capacity and therefore fixed as well as variable costs - 2 misses
  3. duration driver → a measure of the amount of time required to perform an activity - 2 misses
  4. organization-sustaining activities → activities that are carried out regardless of which customers are served, which products are produced, how many batches are run, or how many unites are made - 2 misses
  5. benchmarking → a systematic approach to identifying the activities with the greatest potential for improvement - 1 miss
  6. first-stage allocation → the process by which overhead costs are assigned to activity cost pools in an activity-based costing system - 1 miss
  7. product-level activities → activities that relate to specific products that must be carried out regardless of how many units are produced and sold or batches run - 1 miss