What does it mean and how important to know about it for a C/C++ programmers?
Is it the same across the platforms, at least conceptually?
I understand it as
When we call function, we need someplace to store callers and callees' context, this place is called activation record(AKA stack frame).
Yes, activation records compose call stack, however, that doesn't mean activation records must be stack-based. It is implementation specific.
You may wonder "Any examples?".
Just like @FrakHB said, not only heap and stack, other regions of memory could also be activation record, that's what implementation specific means.