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






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






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






4. 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






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






6. Costs related to the particular cost object that cannot be traced to that object in an economically feasible (cost-effective) way






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






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






10. Costing system in which the cost object is masses of identical or similar units of a product or service






11. Companies that purchase and then sell tangible products without changing their basic form






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






13. Goods partially worked on but not yet completed






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






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






16. Goods completed - but not yet sold






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






18. 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






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






20. All manufacturing costs other than direct material costs






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






23. Total revenues minus total variable costs






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






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






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






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.






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






29. 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






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






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






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






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






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






35. Quantities of various products or services that constitute total unit sales






36. Effects that fixed costs have on changes in operating income as changes occur in units sold and hence in contribution margin






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






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






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






40. Gross margin divided by revenues






41. 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






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






43. 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






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






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






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






47. 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






48. Goods partially worked on but not yet completed






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






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







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