Costing Terms

Product Costing

Definition / Meaning Product costing is not an absolute term having a permanent definition. The definition of product costing varies with the purpose behind costing a product. A product …

Activity Based Costing

What is Activity Based Costing (ABC)? Activity Based Costing (ABC) is a 2 step method of costing whereby costs are first allocated to ‘identified activities’ of a business and …

Break Even Point

Break-Even Point Definition Break-even point is the level of production where the total revenues and total expenses of the company are equal. At the BEP, the revenue of the …