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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. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
overallocated indirect costs
job-costing system
contribution income statement
factory overhead costs
2. Costing system in which the cost object is a unit or multiple units of a distinct product or service called a job
cost assignment
overtime premium
job-costing system
underabsorbed indirect costs
3. Predicted or forecasted cost (future cost) as distinguished from an actual or historical cost
cost-application base
budgeted cost
cost tracing
factory overhead costs
4. Amount by which budgeted (or actual) revenues exceed breakeven revenues
process-costing system
period costs
underapplied indirect costs
margin of safety
5. Contribution margin per unit divided by selling price
contribution margin percentage
average cost
budgeted indirect-cost rate
decision table
6. Effects that fixed costs have on changes in operating income as changes occur in units sold and hence in contribution margin
sensitivty analysis
contribution margin per unit
expected value
operating leverage
7. Cost that changes in total in proportion to changes in the related level of total activity or volume
cost-volume-profit (CVP) analysis
contribution margin
service-sustaining costs
variable cost
8. The possibility that an actual amount will deviate from an expected amount
batch-level costs
uncertainty
cost accumulation
job
9. Cost-allocation base when the cost object is a job - product - or customer
cost-application base
direct materials inventory
overallocated indirect costs
manufacturing overhead costs
10. Objective that can be quantified in a decision model
overtime premium
cost assignment
materials-requisition record
choice criterion
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.
operating leverage
operating income
facility-sustaining costs
indirect manufacturing costs
12. Source document that contains information about the amount of labor time used for a specific job in a specific department
labor-time record
job-cost record
job-cost sheet
overallocated indirect costs
13. A product consumes a low level of resources but is reported to have a high cost per unit
product overcosting
contribution income statement
activity
cost-allocation base
14. A product consumes a high level of resources but is reported to have a low cost per unit
idle time
cost tracing
overapplied indirect costs
product undercosting
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
cost accumulation
operating income
cost assignment
idle time
16. A unit or multiple units of a distinct product or service
degree of operating leverage
merchandising-sector companies
job
overallocated indirect costs
17. Companies that provide services or intangible products to their customers
uncertainty
cost assignment
PV graph
service-sector companies
18. Inflows of assets (usually cash or accounts receivable) received for products or services provided to customers
revenues
cost-allocation base
relevant range
batch-level costs
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.
factory overhead costs
cost tracing
cost allocation
contribution margin percentage
20. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
event
cost of goods manufactured
overabsorbed indirect costs
cost allocation
21. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
output unit-level costs
average cost
underabsorbed indirect costs
inventoriable costs
22. Costing system in which the cost object is masses of identical or similar units of a product or service
cost of goods manufactured
cost-volume-profit (CVP) analysis
process-costing system
cost tracing
23. Direct materials in stock and awaiting use in the manufacturing process
event
direct materials inventory
cost
operating income
24. Goods completed - but not yet sold
finished goods inventory
job-cost record
product undercosting
idle time
25. Costs related to the particular cost object that can be traced to that object in an economicqally feasible (cost-effective) way
direct costs of a cost object
activity-based costing (ABC)
product-cost cross-subsidization
job
26. Source document that records and accumulates all the costs assigned to a specific job - starting when work begins
underallocated indirect costs
refined costing system
job-cost record
cost accumulation
27. An event - task - or unit of work with a specified purpose
inventoriable costs
activity
conversion costs
manufacturing overhead allocated
28. Cost computed by dividing total cost by the number of units
cost pool
overallocated indirect costs
unit cost
normal costing
29. The costs of activities that cannot be traced to individual products or services but support the organization as a whole
facility-sustaining costs
manufacturing-sector companies
probability distribution
underabsorbed indirect costs
30. A factor that links in a systematic way an indirect cost or group of indirect costs to a cost object
actual costing
gross margin percentage
cost-allocation base
cost-application base
31. Contribution margin per unit divided by selling price
actual cost
activity-based management (ABM)
contribution margin ratio
cost of goods manufactured
32. Quantity of output sold at which total revenues equal total costs - that is where the operating income is zero
adjusted allocation-rate approach
cost-volume-profit (CVP) analysis
breakeven point (BEP)
product costs
33. Income statement that groups costs into variable costs and fixed costs to highlight the contribution margin
product-sustaining costs
cost hierarchy
revenue driver
contribution income statement
34. Weighted average of the outcomes of a decision with the probability of each outcome serving as the weight
product overcosting
cost hierarchy
sales mix
expected monetary value
35. The costs of activities undertaken to support individual services
service-sustaining costs
budgeted indirect-cost rate
gross margin percentage
work in progress
36. Quantities of various products or services that constitute total unit sales
indirect costs of a cost object
sales mix
average cost
overtime premium
37. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
underallocated indirect costs
degree of operating leverage
adjusted allocation-rate approach
job
38. Shows how changes in the quantity of units sold affect operating income
decision table
PV graph
labor-time record
overtime premium
39. Anything for which a measurement of costs is desired
activity-based management (ABM)
batch-level costs
cost object
source document
40. Goods partially worked on but not yet completed
contribution income statement
work-in-process inventory
contribution margin
choice criterion
41. Cost of goods brought to completion - whether they were started before or during the current accounting period
cost-allocation base
fixed cost
cost of goods manufactured
job-cost sheet
42. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
actual costing
finished goods inventory
overapplied indirect costs
event
43. Total revenues from operations minus cost of goods sold and operating costs (excluding interest expense and income taxes)
variable cost
normal costing
contribution margin percentage
operating income
44. Sum of the costs assigned to a product for a specific purpose
normal costing
activity
product costs
conversion costs
45. Collection of cost data in some organized way by means of an accounting system
cost accumulation
contribution margin percentage
product costs
net income
46. A grouping of individual cost items
cost pool
direct manufacturing labor costs
expected value
finished goods inventory
47. All costs in the income statement other than cost of goods sold
relevant range
cost pool
finished goods inventory
period costs
48. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
overtime premium
cost of goods manufactured
underapplied indirect costs
contribution margin ratio
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
decision table
manufacturing overhead applied
overallocated indirect costs
adjusted allocation-rate approach
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
manufacturing-sector companies
activity-based management (ABM)
direct manufacturing labor costs
finished goods inventory
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