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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.
  • 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.






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






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






4. Amount by which budgeted (or actual) revenues exceed breakeven revenues






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






6. Goods completed - but not yet sold






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.






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






9. Gross margin divided by 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.






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






12. Describes the likelihood (or the probability) that each of the mutually exclusive and collectively exhaustive set of events will occur






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






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






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






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






17. Restates all overhead entries in the general ledger and subsidiary ledgers using actual cost rates rather than budgeted cost rates






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






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






20. Assignment of indirect costs to a particular cost object






21. Companies that provide services or intangible products to their customers






22. Resource sacrificed or forgone to achieve a specific objective






23. The spreading of underallocated manufacturing overhead or overallocated manufacturing overhead amound ending work in process - finished goods - and cost of goods sold






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






25. Cost that remains unchanged in total for a given time period - despite wide changes in the related level of total activity or volume






26. Actual total indirect costs in a cost pool divided by the actual total quantity of the cost-allocation base for that cost pool






27. A grouping of individual cost items






28. The costs of activities undertaken to support individual services






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






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






31. All direct manufacturing costs






32. A unit or multiple units of a distinct product or service






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






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






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.






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






37. Goods partially worked on but not yet completed






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






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






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






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






42. Cost that changes in total in proportion to changes in the related level of total activity or volume






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






44. Costing outcome where one undercosted (overcosted) product results in at least one other product being overcosted (undercosted)






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






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






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






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






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






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







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