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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.
unit cost
conversion costs
overallocated indirect costs
idle time
2. The costs of activities performed on each individual unit of a product or service
manufacturing overhead costs
product-sustaining costs
output unit-level costs
overtime premium
3. A product consumes a low level of resources but is reported to have a high cost per unit
prime costs
probability distribution
event
product overcosting
4. Amount by which budgeted (or actual) revenues exceed breakeven revenues
margin of safety
underabsorbed indirect costs
overabsorbed indirect costs
manufacturing overhead allocated
5. The costs of activities related to a group of units of products or services rather than to each individual unit of product or service
manufacturing overhead applied
actual costing
adjusted allocation-rate approach
batch-level costs
6. Goods completed - but not yet sold
overabsorbed indirect costs
expected monetary value
direct manufacturing labor costs
finished goods inventory
7. 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.
manufacturing overhead costs
choice criterion
unit cost
variable cost
8. Wages paid for unproductive time caused by lack of orders - machine breakdowns - material shortages - poor scheduling - and the like
idle time
direct costs of a cost object
expected value
work-in-process inventory
9. Gross margin divided by revenues
gross margin percentage
overtime premium
cost-volume-profit (CVP) analysis
revenues
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.
revenues
product-sustaining costs
indirect manufacturing costs
normal costing
11. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.
job
overapplied indirect costs
product overcosting
adjusted allocation-rate approach
12. Describes the likelihood (or the probability) that each of the mutually exclusive and collectively exhaustive set of events will occur
service-sector companies
manufacturing overhead applied
sensitivty analysis
probability distribution
13. 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
process-costing system
overapplied indirect costs
sales mix
14. Budgeted annual indirect costs in a cost pool divided by the budgeted annual quanttity of the cost allocation base
product-cost cross-subsidization
contribution margin
job-costing system
budgeted indirect-cost rate
15. A factor that links in a systematic way an indirect cost or group of indirect costs to a cost object
cost-allocation base
job
direct materials inventory
cost allocation
16. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
process-costing system
cost-volume-profit (CVP) analysis
underallocated indirect costs
outcomes
17. Restates all overhead entries in the general ledger and subsidiary ledgers using actual cost rates rather than budgeted cost rates
direct manufacturing labor costs
margin of safety
adjusted allocation-rate approach
job-cost record
18. Total revenues from operations minus cost of goods sold and operating costs (excluding interest expense and income taxes)
operating income
manufacturing overhead costs
service-sustaining costs
actual cost
19. Cost computed by dividing total cost by the number of units
job
factory overhead costs
adjusted allocation-rate approach
unit cost
20. Assignment of indirect costs to a particular cost object
cost allocation
labor-time record
overabsorbed indirect costs
revenue driver
21. Companies that provide services or intangible products to their customers
budgeted indirect-cost rate
probability
service-sector companies
actual costing
22. Resource sacrificed or forgone to achieve a specific objective
direct materials inventory
actual indirect-cost rate
cost
direct manufacturing labor costs
23. The spreading of underallocated manufacturing overhead or overallocated manufacturing overhead amound ending work in process - finished goods - and cost of goods sold
proration
product costs
probability distribution
facility-sustaining costs
24. A product consumes a high level of resources but is reported to have a low cost per unit
contribution margin
product undercosting
product-cost cross-subsidization
net income
25. Cost that remains unchanged in total for a given time period - despite wide changes in the related level of total activity or volume
sales mix
underallocated indirect costs
operating leverage
fixed cost
26. Actual total indirect costs in a cost pool divided by the actual total quantity of the cost-allocation base for that cost pool
product undercosting
actual indirect-cost rate
outcomes
underapplied indirect costs
27. A grouping of individual cost items
cost pool
inventoriable costs
average cost
overallocated indirect costs
28. The costs of activities undertaken to support individual services
overallocated indirect costs
contribution income statement
service-sustaining costs
actual indirect-cost rate
29. Describes the assignment of direct costs to a particular cost object
actual indirect-cost rate
indirect manufacturing costs
finished goods inventory
cost tracing
30. 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
refined costing system
cost assignment
product undercosting
cost-volume-profit (CVP) analysis
31. All direct manufacturing costs
expected monetary value
prime costs
period costs
job
32. A unit or multiple units of a distinct product or service
sensitivty analysis
cost driver
actual cost
job
33. Cost incurred (a historical or past cost) - as distinguished from a budgeted or forecaster cost
contribution margin per unit
operating income
period costs
actual cost
34. Summary of alternative actions - events - outcomes - probabilities of events in a decision model
job-cost sheet
product overcosting
cost driver
decision table
35. 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.
underabsorbed indirect costs
cost tracing
product costs
factory overhead costs
36. All costs in the income statement other than cost of goods sold
actual costing
period costs
contribution margin
variable cost
37. Goods partially worked on but not yet completed
product undercosting
work-in-process inventory
sensitivty analysis
direct material costs
38. Cost-allocation base when the cost object is a job - product - or customer
underabsorbed indirect costs
materials-requisition record
cost-application base
job
39. Source document that contains information about the amount of labor time used for a specific job in a specific department
cost hierarchy
outcomes
labor-time record
overtime premium
40. 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
actual costing
outcomes
period costs
cost-application base
41. Companies that purchase and then sell tangible products without changing their basic form
expected value
merchandising-sector companies
operating income
manufacturing overhead costs
42. Cost that changes in total in proportion to changes in the related level of total activity or volume
contribution margin percentage
decision table
prime costs
variable cost
43. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.
manufacturing overhead costs
work in progress
underabsorbed indirect costs
cost tracing
44. Costing outcome where one undercosted (overcosted) product results in at least one other product being overcosted (undercosted)
product-cost cross-subsidization
indirect manufacturing costs
outcomes
underabsorbed indirect costs
45. 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 that allocates indirect costs based on the budgeted indirect-cost rates times the actual quanti
indirect costs of a cost object
variable cost
normal costing
decision table
46. 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
overapplied indirect costs
unit cost
direct manufacturing labor costs
47. Source documents that contains information about the cost of direct materials used on a specific job and in a specific department
underallocated indirect costs
choice criterion
job-cost sheet
materials-requisition record
48. All costs of a product that are considered assets in the balance sheet when they are incurred and that become cost of goods sold only when the product is sold
product undercosting
cost allocation
inventoriable costs
adjusted allocation-rate approach
49. An event - task - or unit of work with a specified purpose
prime costs
operating income
contribution margin percentage
activity
50. Sum of the costs assigned to a product for a specific purpose
activity-based costing (ABC)
product costs
actual cost
overapplied indirect costs
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