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Pricing Strategy

Midterm

QuestionAnswer
A cost is incurred when a resource is used for some purpose. Cost
Costs are assembled into meaningful groups called cost pools. Cost Pool
Any factor that has the effect of changing the level of total cost is called a cost driver. Cost Driver
Any product, service, customer, activity, or organizational unit to which costs are assigned. Cost Object
The process of assigning costs to cost pools or from cost pools to cost objects. Cost Assignment
Costs that can be conveniently and economically traced to a cost pool or cost object. Direct Costs
Costs that cannot be traced conveniently or economically to a cost pool or cost object. Indirect Costs
The assignment of indirect costs to cost pools and cost objects through the use of cost drivers. Cost Allocation
Cost of materials that can be readily traced to outputs. Direct Material Costs
Cost of materials that cannot be readily or economically traced to outputs. Indirect Material Costs
Labor that can be readily traced to outputs. Direct Labor Costs
Labor costs that cannot be readily or economically traced to outputs. Indirect Labor Costs
Indirect costs including indirect materials, indirect labor, and other indirect items. Overhead
Direct materials + Direct labor. Prime Costs
Direct labor + Overhead. Conversion Costs
Cost drivers developed at a detailed level of operations using activity analysis. Activity-Based Cost Drivers
Cost drivers developed at an aggregate level and relate to the amount produced or quantity of service provided. Volume-Based Cost Drivers
The change in total cost associated with each change in quantity of a selected cost driver. Variable Cost
The portion of total cost that does not change with changes in quantity of the selected cost driver. Fixed Cost
A total cost figure that includes both a fixed and variable component. Mixed Cost
Costs that vary with the change in cost driver volume but do so in steps. Step Cost
Cost drivers involving plans and decisions with long-term effects. Structural Cost Drivers
Cost drivers focusing on short-term operational decisions. Executional Cost Drivers
Costs necessary to complete the product. Product Costs
Costs incurred in managing or selling the product. Period Costs
A business that makes products. Manufacturing Company
A business that purchases and sells products. Merchandising Company
Quality of cost information affected by internal accounting controls. Accuracy
Information being available when needed, even if some accuracy or detail is sacrificed. Timeliness
The cost of obtaining information should not outweigh its benefits. Cost and Value of Information
Total cost divided by units of output. Unit Cost
Created by: lykieee
 

 



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