Business Glossary

Business Definition for: ABC

Dictionary of Accounting Terms

ABC

See also activity-based costing (ABC)

Dictionary of Computer and Internet Terms

ABC

a machine developed in 1939 at Iowa State University by JohnAtanasoff and Clifford Berry for solving equation systems. Although it did not allow for stored programs, it was an important predecessor of the ENIAC and other digital computers.

Related Terms:

activity-based costing (ABC)

costing system that identifies the various activities performed in a firm and uses multiple cost drivers (volume and nonvolume based cost drivers) to assign overhead costs (or indirect costs) to products. ABC recognizes the causal relationship of cost drivers with activities.

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