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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.
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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. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
proration
product-sustaining costs
overapplied indirect costs
direct manufacturing labor costs
2. Actual total indirect costs in a cost pool divided by the actual total quantity of the cost-allocation base for that cost pool
actual indirect-cost rate
finished goods inventory
probability
contribution margin ratio
3. All costs in the income statement other than cost of goods sold
indirect costs of a cost object
underallocated indirect costs
period costs
gross margin percentage
4. 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
sensitivty analysis
actual costing
operating leverage
degree of operating leverage
5. Restates all overhead entries in the general ledger and subsidiary ledgers using actual cost rates rather than budgeted cost rates
indirect costs of a cost object
adjusted allocation-rate approach
cost driver
facility-sustaining costs
6. A grouping of individual cost items
degree of operating leverage
factory overhead costs
cost pool
operating income
7. The spreading of underallocated manufacturing overhead or overallocated manufacturing overhead amound ending work in process - finished goods - and cost of goods sold
indirect manufacturing costs
batch-level costs
proration
variable cost
8. An event - task - or unit of work with a specified purpose
activity
output unit-level costs
service-sector companies
product-sustaining costs
9. 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.
service-sector companies
breakeven point (BEP)
factory overhead costs
facility-sustaining costs
10. A factor that links in a systematic way an indirect cost or group of indirect costs to a cost object
job-costing system
manufacturing overhead costs
cost hierarchy
cost-allocation base
11. 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
manufacturing overhead allocated
facility-sustaining costs
overapplied indirect costs
activity-based costing (ABC)
12. The costs of activities that cannot be traced to individual products or services but support the organization as a whole
contribution margin percentage
facility-sustaining costs
service-sustaining costs
underallocated indirect costs
13. Contribution margin per unit divided by selling price
choice criterion
contribution margin percentage
cost accumulation
cost driver
14. Gross margin divided by revenues
contribution margin per unit
underapplied indirect costs
overallocated indirect costs
gross margin percentage
15. The costs of activities related to a group of units of products or services rather than to each individual unit of product or service
contribution margin
batch-level costs
direct costs of a cost object
PV graph
16. Companies that provide services or intangible products to their customers
manufacturing-sector companies
outcomes
service-sector companies
manufacturing overhead applied
17. 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
source document
work in progress
overapplied indirect costs
refined costing system
18. Wage rate paid to workers (for both direct labor and indirect labor) in excess of their straight-time wage rates
manufacturing overhead allocated
overtime premium
cost-application base
inventoriable costs
19. 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
variable cost
sensitivty analysis
uncertainty
product overcosting
20. A variable - such as volume - that casually affects revenues
actual costing
finished goods inventory
revenue driver
unit cost
21. Cost of goods brought to completion - whether they were started before or during the current accounting period
overapplied indirect costs
cost of goods manufactured
uncertainty
cost allocation
22. Describes the likelihood (or the probability) that each of the mutually exclusive and collectively exhaustive set of events will occur
probability distribution
inventoriable costs
prime costs
product-sustaining costs
23. Costing system in which the cost object is masses of identical or similar units of a product or service
contribution margin per unit
process-costing system
cost allocation
manufacturing overhead applied
24. Costing system in which the cost object is a unit or multiple units of a distinct product or service called a job
overtime premium
job-costing system
direct material costs
contribution margin ratio
25. Cost incurred (a historical or past cost) - as distinguished from a budgeted or forecaster cost
operating leverage
actual cost
contribution margin per unit
activity-based management (ABM)
26. 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
direct material costs
direct manufacturing labor costs
overapplied indirect costs
work in progress
27. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
contribution margin percentage
underallocated indirect costs
PV graph
overapplied indirect costs
28. Companies that purchase materials and components and convert them into various finished goods
labor-time record
manufacturing-sector companies
finished goods inventory
gross margin percentage
29. Operating income plus nonoperating revenues (such as interest revenue) minus nonoperating costs (such as interest cost) minus income taxes
contribution margin per unit
breakeven point (BEP)
net income
average cost
30. Budgeted annual indirect costs in a cost pool divided by the budgeted annual quanttity of the cost allocation base
operating income
inventoriable costs
net income
budgeted indirect-cost rate
31. A variable - such as the level of activity or volume - that casually affects costs over a given time span
variable cost
facility-sustaining costs
cost driver
budgeted cost
32. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
margin of safety
overallocated indirect costs
indirect costs of a cost object
manufacturing overhead costs
33. Cost that changes in total in proportion to changes in the related level of total activity or volume
service-sustaining costs
variable cost
activity-based management (ABM)
margin of safety
34. Source document that records and accumulates all the costs assigned to a specific job - starting when work begins
operating income
labor-time record
job-cost record
activity-based management (ABM)
35. Quantity of output sold at which total revenues equal total costs - that is where the operating income is zero
breakeven point (BEP)
revenue driver
expected monetary value
work-in-process inventory
36. 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
cost assignment
decision table
budgeted indirect-cost rate
sensitivty analysis
37. Total revenues from operations minus cost of goods sold and operating costs (excluding interest expense and income taxes)
overabsorbed indirect costs
operating income
manufacturing overhead costs
cost-volume-profit (CVP) analysis
38. Predicted economic results of the various possible combinations of actions and events in a decision model
outcomes
overabsorbed indirect costs
contribution margin per unit
product-sustaining 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
overapplied indirect costs
cost hierarchy
prime costs
underallocated indirect costs
40. Weighted average of the outcomes of a decision with the probability of each outcome serving as the weight
expected monetary value
cost accumulation
underabsorbed indirect costs
net income
41. Source documents that contains information about the cost of direct materials used on a specific job and in a specific department
actual costing
service-sector companies
facility-sustaining costs
materials-requisition record
42. Goods completed - but not yet sold
job-costing system
overabsorbed indirect costs
finished goods inventory
actual indirect-cost rate
43. A possible relevant occurrence in a decision model
event
overabsorbed indirect costs
labor-time record
product-sustaining costs
44. Contribution margin per unit divided by selling price
merchandising-sector companies
choice criterion
overabsorbed indirect costs
contribution margin ratio
45. Anything for which a measurement of costs is desired
unit cost
cost pool
cost object
cost-volume-profit (CVP) analysis
46. Summary of alternative actions - events - outcomes - probabilities of events in a decision model
probability distribution
decision table
degree of operating leverage
contribution margin
47. Costing outcome where one undercosted (overcosted) product results in at least one other product being overcosted (undercosted)
direct costs of a cost object
prime costs
product-cost cross-subsidization
work-in-process inventory
48. Effects that fixed costs have on changes in operating income as changes occur in units sold and hence in contribution margin
facility-sustaining costs
revenues
fixed cost
operating leverage
49. Source document that records and accumulates all the costs assigned to a specific job - starting when work begins
gross margin percentage
labor-time record
job-cost sheet
direct costs of a cost object
50. 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
manufacturing overhead applied
choice criterion
activity-based management (ABM)
job-cost sheet
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