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Test your basic knowledge |
Cost Accounting Vocab
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Subject
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business-skills
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Costing system that reduces the use of broad averages for assigning the cost of resources to cost objects (jobs - products - services) and provides better measurement of the costs of indirect resources used by different cost objects- no matter how di
materials-requisition record
manufacturing overhead costs
direct costs of a cost object
refined costing system
2. Cost incurred (a historical or past cost) - as distinguished from a budgeted or forecaster cost
overabsorbed indirect costs
actual cost
direct materials inventory
cost-volume-profit (CVP) analysis
3. Restates all overhead entries in the general ledger and subsidiary ledgers using actual cost rates rather than budgeted cost rates
activity-based management (ABM)
adjusted allocation-rate approach
product overcosting
activity-based costing (ABC)
4. Weighted average of the outcomes of a decision with the probability of each outcome serving as the weight
finished goods inventory
gross margin percentage
product-cost cross-subsidization
expected monetary value
5. A product consumes a low level of resources but is reported to have a high cost per unit
manufacturing overhead allocated
cost pool
service-sustaining costs
product overcosting
6. Cost that changes in total in proportion to changes in the related level of total activity or volume
contribution margin
actual indirect-cost rate
contribution margin ratio
variable cost
7. Operating income plus nonoperating revenues (such as interest revenue) minus nonoperating costs (such as interest cost) minus income taxes
cost accumulation
materials-requisition record
service-sector companies
net income
8. Assignment of indirect costs to a particular cost object
cost tracing
cost allocation
prime costs
work-in-process inventory
9. Categorization of indirect costs into different cost pools on the basis of the different types of cost drivers - or cost-allocation bases - or different degrees of difficulty in determinig cause-and-effect (or benefits received) relationships
manufacturing overhead costs
activity-based management (ABM)
cost hierarchy
inventoriable costs
10. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
actual indirect-cost rate
cost object
overapplied indirect costs
indirect costs of a cost object
11. Predicted or forecasted cost (future cost) as distinguished from an actual or historical cost
idle time
activity-based costing (ABC)
cost pool
budgeted cost
12. Wage rate paid to workers (for both direct labor and indirect labor) in excess of their straight-time wage rates
fixed cost
contribution margin ratio
product-cost cross-subsidization
overtime premium
13. Cost of goods brought to completion - whether they were started before or during the current accounting period
cost of goods manufactured
factory overhead costs
cost tracing
refined costing system
14. Describes the assignment of direct costs to a particular cost object
cost tracing
contribution margin
product overcosting
contribution margin ratio
15. Amount by which budgeted (or actual) revenues exceed breakeven revenues
facility-sustaining costs
margin of safety
product undercosting
degree of operating leverage
16. Contribution margin divided by operating income at any given level of sales
uncertainty
breakeven point (BEP)
operating income
degree of operating leverage
17. Acquisition costs of all materials that eventually become part of the cost object (work in process and then finished goods) - and that can be traced to the costt object in an economically feasible way
direct material costs
cost-application base
cost driver
contribution margin per unit
18. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
PV graph
manufacturing overhead costs
overallocated indirect costs
unit cost
19. The costs of activities related to a group of units of products or services rather than to each individual unit of product or service
variable cost
refined costing system
batch-level costs
operating income
20. The possibility that an actual amount will deviate from an expected amount
uncertainty
contribution margin per unit
product-cost cross-subsidization
variable cost
21. Inflows of assets (usually cash or accounts receivable) received for products or services provided to customers
job-cost record
revenues
refined costing system
expected value
22. Weighted average of the outcomes of a decision with the probability of each outcome serving as the weight
fixed cost
indirect manufacturing costs
expected value
adjusted allocation-rate approach
23. Amount of manufacturing overhead costs allocated to individual jobs - products - or services based on the budgeted rate multiplied by the actual quantity used of the cost-allocation base
actual costing
expected value
average cost
manufacturing overhead applied
24. Source document that records and accumulates all the costs assigned to a specific job - starting when work begins
actual costing
normal costing
cost hierarchy
job-cost sheet
25. Quantities of various products or services that constitute total unit sales
decision table
product-cost cross-subsidization
sales mix
PV graph
26. Costs related to the particular cost object that cannot be traced to that object in an economically feasible (cost-effective) way
adjusted allocation-rate approach
proration
source document
indirect costs of a cost object
27. All manufacturing costs that are related to the cost object (work in process and then finished goods) but that cannot be traced to that cost object in an economically feasible way.
manufacturing overhead allocated
indirect manufacturing costs
service-sustaining costs
contribution margin
28. An original record that supports journal entries in an accounting system
cost-allocation base
service-sector companies
source document
cost accumulation
29. Examines the behavior of total revenues - total costs - and operating income as changes occur in the units sold - the selling price - the variable cost per unit - or the fixed costs of a product
variable cost
revenue driver
factory overhead costs
cost-volume-profit (CVP) analysis
30. The costs of activities undertaken to support individual services
operating income
direct material costs
direct materials inventory
service-sustaining costs
31. Cost-allocation base when the cost object is a job - product - or customer
direct costs of a cost object
job-cost sheet
cost-application base
batch-level costs
32. All costs in the income statement other than cost of goods sold
cost
cost tracing
budgeted cost
period costs
33. A factor that links in a systematic way an indirect cost or group of indirect costs to a cost object
cost assignment
cost-allocation base
labor-time record
product-cost cross-subsidization
34. Gross margin divided by revenues
labor-time record
gross margin percentage
manufacturing overhead costs
sensitivty analysis
35. Cost computed by dividing total cost by the number of units
contribution margin per unit
prime costs
average cost
activity-based management (ABM)
36. All manufacturing costs other than direct material costs
cost
normal costing
conversion costs
gross margin percentage
37. Goods partially worked on but not yet completed
work in progress
prime costs
overtime premium
normal costing
38. Summary of alternative actions - events - outcomes - probabilities of events in a decision model
idle time
revenue driver
decision table
cost pool
39. Describes the likelihood (or the probability) that each of the mutually exclusive and collectively exhaustive set of events will occur
actual indirect-cost rate
cost assignment
product undercosting
probability distribution
40. Goods partially worked on but not yet completed
period costs
job-costing system
direct material costs
work-in-process inventory
41. Costs related to the particular cost object that can be traced to that object in an economicqally feasible (cost-effective) way
direct costs of a cost object
contribution margin percentage
merchandising-sector companies
manufacturing overhead applied
42. A variable - such as the level of activity or volume - that casually affects costs over a given time span
job-cost sheet
direct costs of a cost object
cost driver
adjusted allocation-rate approach
43. Direct materials in stock and awaiting use in the manufacturing process
average cost
underallocated indirect costs
factory overhead costs
direct materials inventory
44. A unit or multiple units of a distinct product or service
manufacturing overhead allocated
uncertainty
job
manufacturing overhead costs
45. Source documents that contains information about the cost of direct materials used on a specific job and in a specific department
overabsorbed indirect costs
underabsorbed indirect costs
materials-requisition record
service-sector companies
46. A product consumes a high level of resources but is reported to have a low cost per unit
activity
budgeted indirect-cost rate
product undercosting
actual indirect-cost rate
47. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
choice criterion
underabsorbed indirect costs
cost assignment
contribution margin
48. Selling price minus the variable cost per unit
activity
work-in-process inventory
job-cost sheet
contribution margin per unit
49. Companies that provide services or intangible products to their customers
choice criterion
work in progress
service-sector companies
cost of goods manufactured
50. Approach to costing that focuses on individual activities as the fundamental cost objects. It uses costs of these activities as the basis for assigning costs to other cost objects such as products or services
cost tracing
activity-based costing (ABC)
manufacturing overhead costs
cost-volume-profit (CVP) analysis
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