Give Meanings for the Following Terms

question 48

Short Answer

Give meanings for the following terms.
-Antiseptic: __________

---

Definitions:

ABC System

Activity-Based Costing System; a method of allocating overhead and indirect costs to specific products or services based on the activities they require.

Traditional Cost Systems

Traditional cost systems allocate overhead costs based on measures like direct labour hours or machine hours, often resulting in less accurate product costing.

Committed Resource

Assets or inputs that a company has dedicated to a certain project or operational activity, reflecting a long-term investment or commitment.

ABC Implementation

The process of applying Activity-Based Costing, an accounting method that assigns costs to activities based on their use of resources.