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






2. The costs of activities performed on each individual unit of a product or service






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






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






5. Likelihood or chance that an event will occur






6. All direct manufacturing costs






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






8. 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






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






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






11. Summary of alternative actions - events - outcomes - probabilities of events in a decision model






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






13. 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






14. 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






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






16. Objective that can be quantified in a decision model






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






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






19. Goods completed - but not yet sold






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






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






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






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






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






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






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






27. 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.






28. Contribution margin per unit divided by selling price






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






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






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






32. 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






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






34. Anything for which a measurement of costs is desired






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






37. A possible relevant occurrence in a decision model






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






39. 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






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






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






42. 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






43. The costs of activities related to a group of units of products or services rather than to each individual unit of product or service






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






45. All manufacturing costs other than direct material costs






46. Assignment of indirect costs to a particular cost object






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






48. 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






49. 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.






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







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