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Cost Accounting Vocab

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • 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. Wage rate paid to workers (for both direct labor and indirect labor) in excess of their straight-time wage rates






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






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






4. Contribution margin per unit divided by selling price






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






6. Contribution margin per unit divided by selling price






7. Selling price minus the variable cost per unit






8. A variable - such as the level of activity or volume - that casually affects costs over a given time span






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






10. 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.






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






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






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






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






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






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






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






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






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






20. Contribution margin divided by operating income at any given level of sales






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






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






23. All manufacturing costs other than direct material costs






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






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






26. Likelihood or chance that an event will occur






27. 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






28. Resource sacrificed or forgone to achieve a specific objective






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






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






31. 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






32. Assignment of indirect costs to a particular cost object






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






34. 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






35. 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






36. Objective that can be quantified in a decision model






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






38. A possible relevant occurrence in a decision model






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






40. 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






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






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






43. 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






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






45. A grouping of individual cost items






46. Total revenues minus total variable costs






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






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






49. Operating income plus nonoperating revenues (such as interest revenue) minus nonoperating costs (such as interest cost) minus income taxes






50. Goods partially worked on but not yet completed







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