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Chapter 4 Key Terms
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- 1Activityis any repetitive action that is performed in fulfillment of a business function.
- 2Activity AnalysisThe process of studying activities to classify them.
- 3Activity-based costing (ABC)is a cost accounting system that focuses on an organization's activities, collects costs on the basis of the underlying nature and extent of those activities, and uses the gathered information to determine product/service cost accumulation and assess the appropriateness of activity elimination
- 4Activity-based management (ABM)is a business process model focusing on the control of production or performance activities so that they improve customer value and enhance profitability
- 5Activity Centeris any part of the production or service process for which management wants a separate reporting of costs.
- 6Activity Drivermeasures the demands placed on activities and, thus, the resources consumed by products and services.
- 7Batch-Level CostsCosts that are caused by a group of things being made, handled, or processed at a single time
- 8Business Value Added (BVA) ActivityActivities that are essential (or appear to be essential) to business operations but for which customers would not willingly choose to pay
- 9Cost Driver AnalysisThe proecess of investigating, quantifiying, and explaining the relationships of cost drivers and their related costs
- 10Cycle (lead) timeThe time from the receipt to the completion of a product or service order is equal to value-added time plus non-value-added time
- 11Idle Timethe time goods spend in storage or waiting at a production operation for processing, this time is non-value added
- 12Inspection TimeThe time required to perform quality control other than what is internal to the process; this time is usually considered non-value added unless the consumer would actually be willing to pay for it
- 13Manufacturing Cycle Efficiency (MCE)A ratio resulting from dividing the acutal production time by total lead time; reflects the proportion of lead time that is value added
- 14Mass CustomizationA process of personalizing production that is generally accomplished through the use of felxible manufacturing systems; reflects an organization's increase in product variety from the same basic component elements
- 15Non-Value Added (NVA)Increases the time spent on a product or service but does not increase its worth or value to the customer
- 16Organizational-Level CostA cost incurred to support the ongoing facility or operations
- 17Pareto PrincipleA rule that states that the greatest effects in human endeavors are traceable to a small number of causes (the vital few), while the majority of causes (the trivial many) collectively yield only a small impact; is often referred to as the 20:80 rule
- 18ProcessA series of activities that, when performed together, satisfy a specific objective
- 19Process ComplexityAn assessment about the number of processes through which a product flows
- 20Process MapA flowchart or diagram indicating every step that goes into making a product or providing a service; includes value-added and non-value-added time
- 21Processing (service) TimeThe actual time it takes to perform the functions necessary to manufacture a product; is value-added time
- 22Product ComplexityAn assessment about the number of components in a product
- 23Product-Level (process-level) CostA cost that is caused by the development, production, or acquisition of specific products or services
- 24Product VarietyThe number of different types of products produced (or services rendered) by a firm
- 25Service Cycle Efficiency (SCE)A ratio resulting from dividing total actual value-added service time by total cycle time; reflects the proportion of total time that is value-added
- 26Transfer TimeThe time consumed by moving products or components from one place to another; is non-value-added time
- 27Unit-Level CostsA cost caused by the production or acquisition of a single unit of product or the delivery of a single unit of service
- 28Value-Added (VA) ActivityAn activity that increases the worth of the product or service to the customer; an activity for which the customer is willing to pay
- 29Value ChartA visual representation indicating the value-added and non-value-added activities and time spent in those activities from the beginning to the end of a process
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- Cost Accounting Chapter 4 Key Terms
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