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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.
  • 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. A possible relevant occurrence in a decision model






2. Costing outcome where one undercosted (overcosted) product results in at least one other product being overcosted (undercosted)






3. Predicted economic results of the various possible combinations of actions and events in a decision model






4. 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.






5. 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






6. A factor that links in a systematic way an indirect cost or group of indirect costs to a cost object






7. 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.






8. Gross margin divided by revenues






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






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






11. Contribution margin divided by operating income at any given level of sales






12. Contribution margin per unit divided by selling price






13. Sum of the costs assigned to a product for a specific purpose






14. Direct materials in stock and awaiting use in the manufacturing process






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






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






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






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






19. The spreading of underallocated manufacturing overhead or overallocated manufacturing overhead amound ending work in process - finished goods - and cost of goods sold






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






21. Anything for which a measurement of costs is desired






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






23. The possibility that an actual amount will deviate from an expected amount






24. The costs of activities undertaken to support individual services






25. Objective that can be quantified in a decision model






26. Operating income plus nonoperating revenues (such as interest revenue) minus nonoperating costs (such as interest cost) minus income taxes






27. Likelihood or chance that an event will occur






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






29. Actual total indirect costs in a cost pool divided by the actual total quantity of the cost-allocation base for that cost pool






30. Wage rate paid to workers (for both direct labor and indirect labor) in excess of their straight-time wage rates






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






32. Method of management decision-making that uses activity-based costing information to improve customer satisfaction and profitability






33. Total revenues from operations minus cost of goods sold and operating costs (excluding interest expense and income taxes)






34. Inflows of assets (usually cash or accounts receivable) received for products or services provided to customers






35. Cost incurred (a historical or past cost) - as distinguished from a budgeted or forecaster cost






36. Predicted or forecasted cost (future cost) as distinguished from an actual or historical cost






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






38. A what-if technique that managers use to examine how an outcome will change if the original predicted data are not achieved or if an underlying assumption changes






39. A grouping of individual cost items






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






41. Cost of goods brought to completion - whether they were started before or during the current accounting period






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






43. Source documents that contains information about the cost of direct materials used on a specific job and in a specific department






44. General term that encompasses both (1) tracing accumulated costs that have a direct relationship to a cost object and (2) allocating accumulated costs that have an indirect relationship to a cost object






45. Resource sacrificed or forgone to achieve a specific objective






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






47. Weighted average of the outcomes of a decision with the probability of each outcome serving as the weight






48. Source document that records and accumulates all the costs assigned to a specific job - starting when work begins






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






50. Goods partially worked on but not yet completed







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