Annexure A

Glossary

Activity-Based Costing Costing method that breaks down overhead costs into specific activities (cost drivers) in order to more accurately distribute the costs in product costing.

Abc Inventory Classification It involves the method used to categorize inventory into groups based upon certain activity characteristics. It is the process of classification of products as per the level of importance in terms of their relative criteria such as purchase or sales volume etc. ABC classification is used to develop inventory-planning policies, set count frequencies for cycle counting, slot inventory for optimized order picking, and other inventory management activities. It can be described as a technique that is used in a business sense ...

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