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5 Written questions

5 Matching questions

  1. Operation
  2. Direct costs are classified further into
  3. Dumping
  4. How to make cost information more useful for managers
  5. Project
  1. a exporting a product to another country at a price below domestic cost
  2. b direct materials cost and direct labor costs:
  3. c complex job that often takes months or years to complete and requires the work of many different departments, divisions or subcontractors
  4. d standardized method or technique that is repetitively performed
  5. e full absorption costing, variable costing, and managerial costing

5 Multiple choice questions

  1. expected monthly costs at different output levels.
  2. cost of job determined by actual direct material and labor cost plus overhead applied using an actual overhead rate and an actual allocation base
  3. only variable manufacturing costs are product costs, others are period costs
  4. all product costs except direct costs.
  5. inventory method that for product costing purposes combines costs and equivalent units of a period with the costs and the equivalent units in the beginning inventory.

5 True/False questions

  1. Predetermined Overhead Rateextent to which an organization's cost structure is made of fixed costs


  2. operation costinghybrid costing system used in manufacturing goods that have some common characteristics and some individual characteristics


  3. sales activity variancedifference between the actual revenue and actual units sold multiplied by budgeted selling price.


  4. Inventoriable costscosts that change in direct proportion with a change in volume within the relevant range of activity


  5. Finished goodscosts recognized for financial reporting when incurred.


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