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






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






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






4. 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






5. Goods completed - but not yet sold






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






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






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






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






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






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






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






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






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






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






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






17. All direct manufacturing costs






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






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






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






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






22. Likelihood or chance that an event will occur






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






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






25. Goods partially worked on but not yet completed






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






27. Selling price minus the variable cost per unit






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






29. 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.






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






31. Income statement that groups costs into variable costs and fixed costs to highlight the contribution margin






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






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






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






35. A grouping of individual cost items






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






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






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






39. 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






40. The costs of activities that cannot be traced to individual products or services but support the organization as a whole






41. Assignment of indirect costs to a particular cost object






42. 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






43. 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






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






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






46. A possible relevant occurrence in a decision model






47. All manufacturing costs other than direct material costs






48. 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






49. 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






50. Gross margin divided by revenues







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