5 Written Questions
5 Matching Questions
- Job cost sheet
- Coefficient of determination
- Relevant range
- Cost structure
- cost variance analysis
- a activity levels within which a given total fixed cost or unit variable cost will be unchanged
- b square of the correlation coefficient, interpreted as the proportion of the variation in the dependent variable explained by the independent variables
- c proportion of an organization's fixed and variable costs to its total costs
- d record of the cost of the job kept in the accounting system
- e comparison of actual input amounts and prices with standard input amounts and prices
5 Multiple Choice Questions
- an accounting method that assigns costs to cost objects at predetermined amounts
- difference between actual costs and budgeted costs arising from changes in the cost of inputs to a production process or other activity
- sum of all costs of manufacturing and selling a unit of product (includes both fixed and variable costs)
- process of assigning indirect costs to products, services, people, business units, etc
- cost that has both fixed and variable components; also called mixed costs.
5 True/False Questions
Contribution margin per unit of scarce resource → contribution margin per unit of a particular input with limited availability
Marketing and Administrative costs are treated like → the basic approach in product costing is to allocate costs in the cost pool to the individual cost objects, which are the products or services of interest. we assign, or allocate, these costs to the individual cost objects by using appropriate cost allocation bases or cost drivers.
Three types of income statements where the organization sell (what we focus on) → is that for each work order or batch passing through a particular operation, direct materials are different but conversion costs (direct labor and manufacturing overhead) are the same.
Margin of safety percentage → system that mass produces a single, homogeneous output in a continuing process
Full absorption cost → sum of all fixed and variable costs of manufacturing and selling an unit