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






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






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






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






5. Contribution margin per unit divided by selling price






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






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






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






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






10. Objective that can be quantified in a decision model






11. 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.






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






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






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






15. 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






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






17. Companies that provide services or intangible products to their customers






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






19. 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.






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






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






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






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






24. Goods completed - but not yet sold






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






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






27. An event - task - or unit of work with a specified purpose






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






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






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






31. Contribution margin per unit divided by selling price






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






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






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






35. The costs of activities undertaken to support individual services






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






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






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






39. Anything for which a measurement of costs is desired






40. Goods partially worked on but not yet completed






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






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






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






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






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






46. A grouping of individual cost items






47. All costs in the income statement other than cost of goods sold






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






49. 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






50. 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







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