Term
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Definition
| Measuring, recording, and reporting of product costs. From the data accumulated, both the total and unit cost of each product is determined. |
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Term
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Definition
| Costs are assigned to each job or to each batch of goods. |
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Term
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Definition
| Accumulates product-related costs for a period of time instead of assigning costs to specific products or job orders. Used when a large volume of similar products are manufactured. |
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Term
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Definition
| 1) Accumulating the manufacturing costs incurred. 2) Assigning the accumulated costs to the work done. |
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