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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 in which the cost object is a unit or multiple units of a distinct product or service called a job
job-costing system
job-cost sheet
cost-application base
unit cost
2. Wages paid for unproductive time caused by lack of orders - machine breakdowns - material shortages - poor scheduling - and the like
cost-application base
batch-level costs
product-sustaining costs
idle time
3. Source documents that contains information about the cost of direct materials used on a specific job and in a specific department
materials-requisition record
work-in-process inventory
overtime premium
indirect manufacturing costs
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
product undercosting
direct material costs
cost allocation
work-in-process inventory
5. Goods completed - but not yet sold
revenues
conversion costs
direct material costs
finished goods inventory
6. Cost-allocation base when the cost object is a job - product - or customer
cost-application base
materials-requisition record
overabsorbed indirect costs
output unit-level costs
7. A variable - such as volume - that casually affects revenues
revenue driver
expected monetary value
choice criterion
adjusted allocation-rate approach
8. Cost that changes in total in proportion to changes in the related level of total activity or volume
materials-requisition record
variable cost
conversion costs
choice criterion
9. Wage rate paid to workers (for both direct labor and indirect labor) in excess of their straight-time wage rates
overtime premium
cost
batch-level costs
adjusted allocation-rate approach
10. The spreading of underallocated manufacturing overhead or overallocated manufacturing overhead amound ending work in process - finished goods - and cost of goods sold
proration
adjusted allocation-rate approach
sensitivty analysis
finished goods inventory
11. The costs of activities undertaken to support individual products regardless of the number of units or batches in which the units are produced
merchandising-sector companies
product-sustaining costs
period costs
labor-time record
12. A product consumes a low level of resources but is reported to have a high cost per unit
underallocated indirect costs
factory overhead costs
cost-application base
product overcosting
13. Collection of cost data in some organized way by means of an accounting system
unit cost
cost accumulation
batch-level costs
proration
14. Weighted average of the outcomes of a decision with the probability of each outcome serving as the weight
variable cost
budgeted indirect-cost rate
adjusted allocation-rate approach
expected value
15. Costing outcome where one undercosted (overcosted) product results in at least one other product being overcosted (undercosted)
contribution margin percentage
product-cost cross-subsidization
job
product-sustaining costs
16. Method of management decision-making that uses activity-based costing information to improve customer satisfaction and profitability
activity-based management (ABM)
job-costing system
materials-requisition record
cost pool
17. All direct manufacturing costs
expected monetary value
manufacturing-sector companies
prime costs
conversion costs
18. Quantity of output sold at which total revenues equal total costs - that is where the operating income is zero
net income
breakeven point (BEP)
activity-based management (ABM)
job-cost sheet
19. A product consumes a high level of resources but is reported to have a low cost per unit
product undercosting
service-sector companies
manufacturing-sector companies
adjusted allocation-rate approach
20. Shows how changes in the quantity of units sold affect operating income
PV graph
contribution margin percentage
budgeted cost
cost object
21. Direct materials in stock and awaiting use in the manufacturing process
decision table
direct materials inventory
indirect costs of a cost object
revenues
22. Likelihood or chance that an event will occur
cost allocation
sensitivty analysis
service-sector companies
probability
23. Effects that fixed costs have on changes in operating income as changes occur in units sold and hence in contribution margin
overallocated indirect costs
revenues
service-sector companies
operating leverage
24. Amount by which budgeted (or actual) revenues exceed breakeven revenues
cost pool
revenue driver
margin of safety
average cost
25. Goods partially worked on but not yet completed
work in progress
product-sustaining costs
outcomes
work-in-process inventory
26. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
average cost
actual costing
direct materials inventory
overabsorbed indirect costs
27. Selling price minus the variable cost per unit
net income
underabsorbed indirect costs
contribution margin per unit
cost accumulation
28. Cost incurred (a historical or past cost) - as distinguished from a budgeted or forecaster cost
actual cost
variable cost
indirect manufacturing costs
budgeted 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.
manufacturing overhead costs
cost hierarchy
direct manufacturing labor costs
activity-based costing (ABC)
30. Restates all overhead entries in the general ledger and subsidiary ledgers using actual cost rates rather than budgeted cost rates
contribution margin per unit
actual cost
activity
adjusted allocation-rate approach
31. Income statement that groups costs into variable costs and fixed costs to highlight the contribution margin
expected monetary value
activity
contribution income statement
cost allocation
32. Predicted economic results of the various possible combinations of actions and events in a decision model
outcomes
cost allocation
contribution margin percentage
overallocated indirect costs
33. Cost computed by dividing total cost by the number of units
contribution margin ratio
cost assignment
event
unit cost
34. Actual total indirect costs in a cost pool divided by the actual total quantity of the cost-allocation base for that cost pool
overallocated indirect costs
actual indirect-cost rate
underapplied indirect costs
batch-level costs
35. A grouping of individual cost items
cost pool
relevant range
cost driver
adjusted allocation-rate approach
36. Companies that purchase materials and components and convert them into various finished goods
operating leverage
budgeted cost
manufacturing-sector companies
cost driver
37. The possibility that an actual amount will deviate from an expected amount
uncertainty
cost hierarchy
expected value
sales mix
38. Cost that remains unchanged in total for a given time period - despite wide changes in the related level of total activity or volume
proration
breakeven point (BEP)
fixed cost
overapplied indirect costs
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
idle time
relevant range
cost hierarchy
output unit-level costs
40. The costs of activities that cannot be traced to individual products or services but support the organization as a whole
product-cost cross-subsidization
facility-sustaining costs
actual costing
budgeted indirect-cost rate
41. Assignment of indirect costs to a particular cost object
labor-time record
sensitivty analysis
contribution margin ratio
cost allocation
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
prime costs
cost allocation
cost driver
inventoriable costs
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
work in progress
cost
normal costing
batch-level costs
44. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
output unit-level costs
idle time
overapplied indirect costs
source document
45. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
contribution income statement
underapplied indirect costs
labor-time record
output unit-level costs
46. A possible relevant occurrence in a decision model
underallocated indirect costs
conversion costs
event
work-in-process inventory
47. All manufacturing costs other than direct material costs
cost object
indirect manufacturing costs
conversion costs
probability
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
normal costing
average cost
sensitivty analysis
decision table
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
indirect costs of a cost object
actual cost
unit cost
actual costing
50. Gross margin divided by revenues
product-sustaining costs
gross margin percentage
contribution margin
job
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