Glossary Term: Cost Management

Actual Costing

The method of calculating the actual cost of raw materials, consumables, packaging materials, formulas, formulas ingredients and resources used during production

Analysis Codes

Analysis codes are categories by which different costs for the same item or class of items, may be stores and reported.

Burden

A cost added to finished goods to cover overhead expenses

Component Classes

Certain kinds of production resources may be grouped according to the type of resource and how it’s used.

Component Groups

Groupings by which various costs (for example, raw materials, packing materials, production machinery etc) may be collected for reporting

Cost Calendar

A calendar of periods to which costing transactions will be posted

Cost Methods

The method of costing refers to a system of cost ascertainment and cost accounting. Industries differ in their nature, in the products they produce and the services they offer. Hence, …

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Cost Update

There is a process that take the updated cost of each item in your purchase and adds them to the total cost

Frozen Cost Period

A period in which no changes can be made to existing postings. Newly-created postings are allowed.

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