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Cost Accounting Vocab

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. Source documents that contains information about the cost of direct materials used on a specific job and in a specific department






2. A variable - such as volume - that casually affects revenues






3. All manufacturing costs other than direct material costs






4. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.






5. 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






6. The costs of activities related to a group of units of products or services rather than to each individual unit of product or service






7. Describes the likelihood (or the probability) that each of the mutually exclusive and collectively exhaustive set of events will occur






8. Contribution margin per unit divided by selling price






9. Budgeted annual indirect costs in a cost pool divided by the budgeted annual quanttity of the cost allocation base






10. Cost that changes in total in proportion to changes in the related level of total activity or volume






11. 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






12. An original record that supports journal entries in an accounting system






13. A possible relevant occurrence in a decision model






14. Selling price minus the variable cost per unit






15. Cost computed by dividing total cost by the number of units






16. Cost that remains unchanged in total for a given time period - despite wide changes in the related level of total activity or volume






17. Goods partially worked on but not yet completed






18. Include the compensation of all manufacturing labor that can be traced to the cost object (work in process and then finished goods) in a economically feasible way






19. 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






20. A unit or multiple units of a distinct product or service






21. 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.






22. Wages paid for unproductive time caused by lack of orders - machine breakdowns - material shortages - poor scheduling - and the like






23. Summary of alternative actions - events - outcomes - probabilities of events in a decision model






24. Collection of cost data in some organized way by means of an accounting system






25. Restates all overhead entries in the general ledger and subsidiary ledgers using actual cost rates rather than budgeted cost rates






26. Costs related to the particular cost object that can be traced to that object in an economicqally feasible (cost-effective) way






27. The costs of activities performed on each individual unit of a product or service






28. A product consumes a high level of resources but is reported to have a low cost per unit






29. All costs of a product that are considered assets in the balance sheet when they are incurred and that become cost of goods sold only when the product is sold






30. Contribution margin per unit divided by selling price






31. Cost-allocation base when the cost object is a job - product - or customer






32. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.






33. Source document that contains information about the amount of labor time used for a specific job in a specific department






34. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.






35. A costing system that traces direct costs to a cost object by using the actual direct-cost rates times the actual quantities of the direct-cost inputs and that allocates indirect costs based on the budgeted indirect-cost rates times the actual quanti






36. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.






37. Goods partially worked on but not yet completed






38. Quantity of output sold at which total revenues equal total costs - that is where the operating income is zero






39. Describes the assignment of direct costs to a particular cost object






40. A costing system that traces direct costs to a cost object by using the actual direct-cost rates times the actual quantities of the direct-cost inputs and allocates the indirect costs based on the actual indirect-cost rates times the actual quantitie






41. A grouping of individual cost items






42. The costs of activities undertaken to support individual products regardless of the number of units or batches in which the units are produced






43. Companies that purchase materials and components and convert them into various finished goods






44. Shows how changes in the quantity of units sold affect operating income






45. Amount by which budgeted (or actual) revenues exceed breakeven revenues






46. Resource sacrificed or forgone to achieve a specific objective






47. Cost computed by dividing total cost by the number of units






48. Costing system in which the cost object is a unit or multiple units of a distinct product or service called a job






49. 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






50. Goods completed - but not yet sold







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