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UAB Test

Accounting Units 5-8

QuestionAnswer
What are sunk costs? Sunk costs have been incurred in past transactions, they cannot be changed and are not relevant for making current decisions.
What are opportunity costs? The sacrifice that is incurred in order to obtain an alternate opportunity.
True or False: Opportunity costs are cumulative. False
True or False: relevant costs are an independent concept. True
True or False: Relevant costs are the same in every situation. False
The two Q's of decision making are... Quantitative and Qualitative
Another word for relevant revenue is... Differential revenue
What are the four types of costs? 1. Unit Level 2. Batch Level 3. Product Level 4. Facility Level
How many types of special decisions are there? 5
What are the three steps to making a decision with special orders? 1. Determine the amount of relevant revenue that could be 2. Determine the amount or relevant cost that could be 3. Accept the order if revenue exceeds cost
What is it called when a company buys a good or service to sell instead of making it. Outsourcing
Successful decision making comes from? Identifying relevant information
Another word for relevant costs is... Avoidable Costs
True or False: Opportunity costs are relevant. True
What does TOC stand for? Theory Of Constraints
True or False: The same amount of labor always produces the same amount or results. False
Using activity measures to allocate overhead costs is called? Activity-Based Costing
What does ABC need to be successful? Employee Cooperation
Created by: SchoolHelp
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