Costing system

Management accounting

Financial accounting

Budget

Cost classification by element

Cost classification by nature

Direct costs

Prime cost

Indirect costs

Cost of production

Cost centre

Profit centres

Investment centre

Coding system

Numeric code

Alphabetic code

Alpha-numeric code

Absorption

Absorption base

Overhead absorption rate

Units of output method

Direct labour hours method

Machine hours method

Cost behaviour

Fixed costs

Variable costs

Semi-variable costs

High-low method

Raw materials

Work-in-progress

Finished goods

First in First Out (FIFO)

Last in First Out (LIFO)

Average cost (AVCO)

Manufacturing account

Direct materials

Direct cost

Manufacturing cost

Cost of goods manufactured

Cost of goods sold

Time rate

Basic rate

Overtime rate

Piecework

Bonus system

Budget

Variances

Adverse variances

Favourable variances

Significant variance