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CA Test 2

Cost Accounting Test 2 - Chapter 4, 5

Process of estimating revenues and costs of alternative actions available to decision makers and of comparing these estimates to the status quo. Differential Analysis
Period of time over which capacity will be unchanged, usually one year. Short Run
With two or more alternatives, costs that differ among or between alternatives. Differential Costs
Costs incurred in the past that cannot be changed by present or future decisions. Sunk Costs
Sum of all fixed and variable costs of manufacturing and selling a unit. Full Cost
Order that will not affect other sales and is usually a short-run occurrence. Special Order
Time from initial research and development to the time that support to the customer ends. Product Life Cycle
Price based on customers' perceived value for the product and the price that competitors charge. Target Price
Equals the target price minus the desired profit margin. Target Margin
Practice of setting price below cost with the intent to drive competitors out of business. Predatory Pricing
Exporting a product to another country at a price below domestic cost. Dumping
Practice of selling identical goods to different customers at different prices. Price Discrimination
Practice of setting prices highest when the quantity demanded for the product approaches capacity. Peak-load Pricing
Agreement among business competitors to set prices at a particular level. Price Fixing
Decision concerning whether to make needed goods internally or purchase them from outside sources. Make-or-buy Decision
Activity, resource, or policy that limits or bounds the attainment of an objective. Constraint
Contribution margin per unit of a particular input with limited availability. Contribution Margin Per Unit of Scarce Resource
Focuses on revenue and cost management when faced with bottlenecks. Theory of Constraints (TOC)
Operation where the work required limits production. Bottleneck
Sales dollars minus direct materials costs and variables such as energy and piecework labor. Throughput Contribution
Cost estimate based on measurement and pricing of the work involved in a task. Engineering Estimate
Cost estimation method that calls for a review of each account making up the total cost being analyzed. Account Analysis
Limits within which a cost estimate may be valid. Relevant Range
Graph that plots costs against activity levels. Scattergraph
Method to estimate costs based on two cost observations, usually at the highest and lowest activity levels. High-low Cost Estimation
Statistical procedure to determine the relation between variables. Regression
X term, or predictor, on the right-hand side of a regression equation. Independent Variable
Y term or the left-hand side of a regression equation. Dependent Variable
Measure of the linear relation between two or more variables, such as cost and some measure of activity. Correlation Coefficient
Square of the correlation coefficient, interpreted as the proportion of the variation in the dependent variable explained by the independent variable(s). Coefficient of Determination
t is the value of the estimated coefficient, b, divided by its standard error. t-statistic
Correlation coefficient squared and adjusted for the number of independent variables used to make the estimate. Adjusted R-squared (R2)
The systematic relationship between the amount of experience in performing a task and the time required to perform it. Learning Phenomenon
Created by: AbbyP
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