Online Accounting Dictionary

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Facility-level activity (also called, a business/organization sustaining activity) is an activity that supports business operations in general and cannot be traced to individual units, batches, or products.
Factory overhead is any manufacturing cost that is not direct materials or direct labor.
Financial accounting provides information that is designed to satisfy the needs of external users. Such reporting is usually done in the form of financial statements.
Financial reporting is a process through which companies communicate information to the public.
Finished goods are completed manufactured items that a company has produced for sale to customers.
First-in, first-out (FIFO) inventory costing method assumes that the costs of earliest inventories acquired are the first to be recognized as the cost of goods sold.
Fixed costs remain the same as the level of activity (cost driver) changes.
FOB destination implies terms of sale under which title of goods passes to the buyer at the point of destination.
FOB shipping point implies terms of sale under which title of goods passes to the buyer at the point of shipment. FOB shipping point is sometimes called FOB origin.

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