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Hierarchy in a social organization
Machine Hours
A measure of production time where costs are allocated to products based on the number of hours machines are used in their manufacturing.
Actual Costing
A costing method that assigns actual costs of direct materials, direct labor, and overhead to products, instead of using estimated or standard costs.
Activity-Based Budgeting (ABB)
A method of budgeting where activities that incur costs in every function of an organization are recorded, analyzed and researched.
Conventional Budgeting
A traditional approach to budgeting that involves planning income and expenditures for a fixed period.
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