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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 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
refined costing system
contribution margin ratio
cost object
job
2. Goods partially worked on but not yet completed
work in progress
contribution margin
actual indirect-cost rate
underapplied indirect costs
3. Anything for which a measurement of costs is desired
actual indirect-cost rate
batch-level costs
breakeven point (BEP)
cost object
4. The costs of activities performed on each individual unit of a product or service
labor-time record
factory overhead costs
average cost
output unit-level costs
5. Direct materials in stock and awaiting use in the manufacturing process
cost assignment
process-costing system
direct materials inventory
probability distribution
6. A variable - such as the level of activity or volume - that casually affects costs over a given time span
service-sustaining costs
cost driver
gross margin percentage
cost of goods manufactured
7. Contribution margin divided by operating income at any given level of sales
service-sustaining costs
facility-sustaining costs
service-sector companies
degree of operating leverage
8. 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
sensitivty analysis
cost
direct materials inventory
process-costing system
9. Cost incurred (a historical or past cost) - as distinguished from a budgeted or forecaster cost
service-sustaining costs
finished goods inventory
degree of operating leverage
actual cost
10. Total revenues minus total variable costs
contribution margin
adjusted allocation-rate approach
manufacturing overhead costs
cost of goods manufactured
11. Summary of alternative actions - events - outcomes - probabilities of events in a decision model
service-sustaining costs
decision table
output unit-level costs
fixed cost
12. Resource sacrificed or forgone to achieve a specific objective
cost
idle time
job-cost sheet
breakeven point (BEP)
13. Costs related to the particular cost object that cannot be traced to that object in an economically feasible (cost-effective) way
net income
prime costs
product overcosting
indirect costs of a cost object
14. Companies that purchase materials and components and convert them into various finished goods
fixed cost
job-cost record
manufacturing-sector companies
facility-sustaining costs
15. 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
finished goods inventory
direct material costs
cost hierarchy
overallocated indirect costs
16. 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
cost-volume-profit (CVP) analysis
budgeted indirect-cost rate
work in progress
direct material costs
17. Predicted economic results of the various possible combinations of actions and events in a decision model
cost pool
facility-sustaining costs
outcomes
cost-volume-profit (CVP) analysis
18. Companies that purchase and then sell tangible products without changing their basic form
process-costing system
merchandising-sector companies
job
actual indirect-cost rate
19. Cost-allocation base when the cost object is a job - product - or customer
labor-time record
cost assignment
cost-application base
activity
20. The costs of activities related to a group of units of products or services rather than to each individual unit of product or service
operating leverage
batch-level costs
merchandising-sector companies
factory overhead costs
21. A product consumes a high level of resources but is reported to have a low cost per unit
process-costing system
sensitivty analysis
product undercosting
proration
22. Cost computed by dividing total cost by the number of units
manufacturing overhead costs
cost tracing
inventoriable costs
average cost
23. Wage rate paid to workers (for both direct labor and indirect labor) in excess of their straight-time wage rates
product overcosting
overtime premium
batch-level costs
direct manufacturing labor costs
24. Collection of cost data in some organized way by means of an accounting system
cost accumulation
contribution income statement
overabsorbed indirect costs
probability
25. Cost that remains unchanged in total for a given time period - despite wide changes in the related level of total activity or volume
decision table
work in progress
inventoriable costs
fixed cost
26. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
cost
overabsorbed indirect costs
expected monetary value
revenues
27. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
work-in-process inventory
cost accumulation
overapplied indirect costs
choice criterion
28. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
underapplied indirect costs
uncertainty
operating leverage
cost pool
29. Source document that contains information about the amount of labor time used for a specific job in a specific department
direct manufacturing labor costs
actual indirect-cost rate
labor-time record
work-in-process inventory
30. Amount by which budgeted (or actual) revenues exceed breakeven revenues
revenues
margin of safety
budgeted indirect-cost rate
direct manufacturing labor costs
31. Band of normal activity level or volume in which there is a specific relationship between the level of activity or volume and the cost in question
overabsorbed indirect costs
relevant range
inventoriable costs
choice criterion
32. The possibility that an actual amount will deviate from an expected amount
uncertainty
contribution margin
normal costing
idle time
33. The costs of activities undertaken to support individual services
PV graph
service-sustaining costs
underallocated indirect costs
product costs
34. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
underallocated indirect costs
budgeted cost
inventoriable costs
cost hierarchy
35. Selling price minus the variable cost per unit
activity-based costing (ABC)
unit cost
contribution margin per unit
variable cost
36. Approach to costing that focuses on individual activities as the fundamental cost objects. It uses costs of these activities as the basis for assigning costs to other cost objects such as products or services
activity-based costing (ABC)
net income
sensitivty analysis
revenues
37. Weighted average of the outcomes of a decision with the probability of each outcome serving as the weight
direct costs of a cost object
expected value
average cost
product costs
38. Costing outcome where one undercosted (overcosted) product results in at least one other product being overcosted (undercosted)
underallocated indirect costs
materials-requisition record
product-cost cross-subsidization
decision table
39. Goods partially worked on but not yet completed
work-in-process inventory
product undercosting
PV graph
materials-requisition record
40. Describes the assignment of direct costs to a particular cost object
manufacturing-sector companies
underallocated indirect costs
idle time
cost tracing
41. A grouping of individual cost items
cost assignment
activity-based management (ABM)
cost pool
manufacturing overhead allocated
42. Costs related to the particular cost object that can be traced to that object in an economicqally feasible (cost-effective) way
cost pool
factory overhead costs
direct costs of a cost object
job-cost sheet
43. Source document that records and accumulates all the costs assigned to a specific job - starting when work begins
unit cost
overtime premium
job-cost record
direct material costs
44. Budgeted annual indirect costs in a cost pool divided by the budgeted annual quanttity of the cost allocation base
service-sector companies
activity-based management (ABM)
budgeted indirect-cost rate
manufacturing overhead costs
45. An event - task - or unit of work with a specified purpose
overabsorbed indirect costs
cost accumulation
breakeven point (BEP)
activity
46. Method of management decision-making that uses activity-based costing information to improve customer satisfaction and profitability
activity-based management (ABM)
margin of safety
actual costing
cost allocation
47. Objective that can be quantified in a decision model
direct costs of a cost object
activity-based costing (ABC)
idle time
choice criterion
48. Likelihood or chance that an event will occur
contribution margin percentage
overallocated indirect costs
breakeven point (BEP)
probability
49. All costs in the income statement other than cost of goods sold
prime costs
period costs
manufacturing overhead applied
activity-based costing (ABC)
50. A factor that links in a systematic way an indirect cost or group of indirect costs to a cost object
cost-allocation base
source document
activity-based management (ABM)
cost allocation
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