Costing Variant Glossary
2
COSTING VARIANT GLOSSARY Cost Component Group: A group of cost components presenting a condensed view of cost components in the information system Cost Component: A grouping of cost elements that groups the costs of a material according to the requirements for material valuation (e.g. raw material, direct labor, overhead, etc.) Cost Element: Items in a chart of accounts that are relevant to cost. Most will correspond to an income statement G/L account Cost Estimate: A tool for planning costs and setting prices for materials. Calculates the cost of goods sold or cost of goods manufactured; provides a basis for material valuation with standard costs Costing Sheet: Controls the calculation and application of overhead Costing Type: Defines the purpose of a material cost estimate, and defines which material master field is updated by the cost estimate Costing Variant: Key that determines how a cost estimate is performed and valuated. Determines the valid dates for a cost estimate, how the BOMs and routings are selected, which prices are used to valuate the quantity structure, and how overhead is calculated (costing sheet) Date Control: Controls the dates on which the quantity structure and value structure are created, the validity period of the cost estimate, and the dates on which quantity structure is determined and valuated Moving Average Price: A price used to valuate materials. Changes with goods movements and invoice entry. Overhead Costs: Costs that cannot be traced directly to a product. These costs are allocated by means of overhead keys. Product Cost by Order: Component for costing products by order. Can include production orders or process orders.
-
Upload
mauriciogasparini6221 -
Category
Documents
-
view
5 -
download
1
description
Costing Variant Glossary
Transcript of Costing Variant Glossary
COSTING VARIANT GLOSSARY Cost Component Group: A group of cost components presenting a condensed view of cost components in
the information system
Cost Component: A grouping of cost elements that groups the costs of a material according to the requirements for material valuation (e.g. raw material, direct labor, overhead, etc.)
Cost Element: Items in a chart of accounts that are relevant to cost. Most will correspond to an income statement G/L account
Cost Estimate: A tool for planning costs and setting prices for materials. Calculates the cost of goods sold or cost of goods manufactured; provides a basis for material valuation with standard costs
Costing Sheet: Controls the calculation and application of overhead
Costing Type: Defines the purpose of a material cost estimate, and defines which material master field is updated by the cost estimate
Costing Variant: Key that determines how a cost estimate is performed and valuated. Determines the valid dates for a cost estimate, how the BOMs and routings are selected, which prices are used to valuate the quantity structure, and how overhead is calculated (costing sheet)
Date Control: Controls the dates on which the quantity structure and value structure are created, the validity period of the cost estimate, and the dates on which quantity structure is determined and valuated
Moving Average Price: A price used to valuate materials. Changes with goods movements and invoice entry.
Overhead Costs: Costs that cannot be traced directly to a product. These costs are allocated by means of overhead keys.
Product Cost by Order: Component for costing products by order. Can include production orders or process orders.
Product Cost Planning: Component for planning the costs of products before an order to commence manufacturing is placed. Includes tools for planning costs and setting prices for materials (cost estimate with or without quantity structure) and for other objects of cost accounting (base object costing, simulation costing).
Production Order: A request asking production to manufacture a specific quantity of a material on a specific date. Also holds the cost estimate for this task.
Quantity Structure Control: Controls the selection of BOMs and routers
Quantity Structure: Basis for calculating costs in a material cost estimate. Generally consists of the BOM and routing.
Standard Cost Estimate: A material cost estimate used to calculate the standard price in the material master. Used for inventory valuation in a standard cost (as opposed to moving average cost) environment.
Standard Price: A constant price at which a material is valuated without taking goods movements and invoices into account.
Transfer Control: Controls how the system searches for cost estimates when existing costing data are transferred to another cost estimate
Valuation Variant: Determines the prices used to valuate the quantity structure (e.g. material master prices, activity prices, costing sheet used to calculate overhead, etc.)
