My question is what is the meaning of name the concept on which the activity is based.
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Answer:ACTIVITY BASED COSTING
Answer:ACTIVITY BASED COSTINGIt is a system of inventory management adopted of bifurcate materials based on value and usage as the name indicates it is referred to be Always Better Control (ABC) meaning managing inventories in a skilful way. The concept behind ABC analysis is that materials of a store will be classified as A,B & C. A stands for grading, similarly B & C.
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