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Cost Accounting

Test 1 - Chapter 1, 2, 3

QuestionAnswer
Field of accounting that measures, records, and reports information about costs. Cost Accounting
Costs that change in response to a particular course of action. Differential Costs
Cost is the monetary value needed to manufacture a product or to render a service. Cost
Cost that is charged against revenue in an accounting period. Expense
Past, present, or future cash outflow. Outlay Cost
Forgone benefit from the best (forgone) alternative course of action. Opportunity Cost
Excess of operating revenues over the operating costs necessary to generate those revenues. Operating Profit
Expense assigned to products sold during a period. Cost of Goods Sold
Costs assigned to the manufacture of products and recognized for financial reporting when sold. Product Costs
Costs recognized for financial reporting when incurred. Period Costs
Product costs that can be feasibly identified with units of production. Direct Manufacturing Costs
All product costs except direct costs. Indirect Manufacturing Costs
Materials that can be identified directly with the product at reasonable cost. Direct Materials
Labor that can be identified directly with the product at reasonable cost. Direct Labor
All production costs except those for direct labor and direct materials. Manufacturing Overhead
Sum of direct materials and direct labor. Prime Costs
Sum of direct labor and manufacturing overhead. Conversion Costs
Costs required to obtain customer orders and provide customers with finished products, including advertising, sales commissions, and shipping costs. Marketing Costs
Costs required to manage the organization and provide staff support, including executive salaries; costs of data processing, and legal costs. Administrative Costs
Process of assigning indirect costs to products, services, people, business units, etc. Cost Allocation
Any end to which a cost is assigned. Cost Object
Collection of costs to be assigned to the cost objects. Cost Pool
Method used to assign costs in the cost pool to the cost objects. Cost Allocation Rule
Diagram or flowchart illustrating the cost allocation process. Cost Flow Diagram
Any cost that can be directly (unambiguously) related to a cost object at reasonable cost. Direct Cost
Any cost that cannot be directly related to a cost object. Indirect Cost
Product in the production process but not yet complete. Work in Process
Product fully completed but not yet sold. Finished Goods
Costs added to inventory accounts. Inventoriable Costs
Costs that are unchanged as volume changes within the relevant range of activity. Fixed Costs
Costs that change in direct proportion with a change in volume within the relevant range of activity. Variable Costs
Sum of all costs of manufacturing and selling a unit of product (includes both fixed and variable costs). Full Cost
Revenue - Cost of goods sold on income statements. Per unit, the gross margin equals Sales price - Full absorption cost per unit. Gross Margin
Created by: AbbyP
 

 



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