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ABC is a costing method that assigns overhead and indirect costs to related products and services based on their usage of activities.

TCO is the purchase price of an asset plus the costs of operation, accounting for all costs associated with the acquisition, use, and disposal of the product.

JIT is a strategy that aligns raw-material orders with production schedules to minimize inventory costs and reduce waste.

This methodology involves analyzing and designing the flow of materials and information required to bring a product or service to a consumer.

EOQ is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs.

Lean costing focuses on the elimination of waste in all forms and improves the value stream by targeting processes that do not add value.

TA is a principle-based and simplified management accounting approach that focuses on the throughput of cash through the business, rather than on cost control.

It is a costing method in which all of the costs of manufacturing are absorbed by the units produced - essentially, the cost of all materials, labor, and overhead are assigned to products.

Target costing is a pricing method that involves reverse-engineering the product to meet a specific price point and profit margin by reducing costs while ensuring quality.

Life-cycle costing involves the analysis of a product's costs over its entire lifecycle, from creation to disposal, to inform decision-making and pricing strategies.

Kaizen costing is the process of continually reducing costs by making incremental improvements to products or production processes.

Process costing is a method of assigning costs to units of production in continuous processes, where the units are indistinguishable from each other.

Job order costing is a system that assigns manufacturing costs to each product, based on the specific resources consumed by each job.

Direct costing is a technique where only variable costs are charged to product cost, with fixed costs treated as period costs and charged directly to the profit and loss account.

Marginal costing involves considering the additional costs incurred when producing one additional unit of a product, thus focusing on variable costs.

Standard costing assigns 'standard' costs rather than actual costs to the cost of goods sold and inventory, and the variances are analyzed for management action.

A fixed cost is a cost that does not change with an increase or decrease in the number of goods or services produced or sold.

A variable cost changes in proportion to the level of production or sales volume, such as raw materials or direct labor costs.

Also known as semi-variable costs, mixed costs consist of both fixed and variable components. These costs change with the level of production but not proportionally.