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Chap 3 Terms - Flashcards

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Class:ACTG 212 - Fundamentals of Managerial Accounting
Subject:Accounting
University:Radford University
Term:Fall 2009
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Activity An event that causes the consumption of overhead resources.
Activity Based Costing - (ABC) A two stage costing method in which overhead costs are applied to products based on the basis of the activities they require.
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 cost system.
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Activity Measure Allocation base in an activity based costing system; ideally a measure of whatever causes the costs in an activity cost pool.
Activity Rate Predetermined overhead rate in activity based costing. Each activity cost pool has its own activity rate which is used to apply overhead to products and services.
Batch level activities Performed each time a batch of goods is handled or processed, regardless of how many units are in a batch. Amount of resources consumed depends on the # of batches, not number of units within the batch.
Facility Level Activities Activities that relate to the overall costs of maintaining and managing productive capacity and that can;t be traced to specific products.
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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.
Unit Level Activity Activities that arise as a result of the total volume of goods and services that are produced, and that are performed each time a unit is produced.
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 ActivityAn event that causes the consumption of overhead resources.
 Activity Based Costing - (ABC)A two stage costing method in which overhead costs are applied to products based on the basis of the activities they require.
 Activity Based ManagementA management approach that focuses on managing activities as a way of eliminating waste and reducing delays and defects.
 Activity cost poolA "bucket" in which costs are accumulated that relate to a single activity measure in an activity based cost system.
 Activity MeasureAllocation base in an activity based costing system; ideally a measure of whatever causes the costs in an activity cost pool.
 Activity RatePredetermined overhead rate in activity based costing. Each activity cost pool has its own activity rate which is used to apply overhead to products and services.
 Batch level activitiesPerformed each time a batch of goods is handled or processed, regardless of how many units are in a batch. Amount of resources consumed depends on the # of batches, not number of units within the batch.
 Facility Level ActivitiesActivities that relate to the overall costs of maintaining and managing productive capacity and that can;t be traced to specific products.
 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.
 Unit Level ActivityActivities that arise as a result of the total volume of goods and services that are produced, and that are performed each time a unit is produced.
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