5 Written Questions
5 Matching Questions
- Prior Department costs
- Coefficient of determination
- Two Major categories of costs
- Margin of safety
- Standard cost
- a square of the correlation coefficient, interpreted as the proportion of the variation in the dependent variable explained by the independent variables
- b outlay costs and opportunity costs
- c the excess of projected or actual sales over the break even volume
- d cost of job determined by standard (budgeted) direct material and labor cost plus overhead applied using a predetermined overhead rate and a standard (budgeted) allocation base.
- e manufacturing costs incurred in one department and transferred to a subsequent department in the manufacturing process
5 Multiple Choice Questions
- product in the production process but not yet complete
- unit of a product that is easily distinguishable from other units
- complex job that often takes months or years to complete and requires the work of many different departments, divisions or subcontractors
- allocation method that uses one cost pool for the entire plant by using one overhead allocation rate, or one set of rates, for all of a plant's departments
- process of assigning indirect costs to products, services, people, business units, etc
5 True/False Questions
sales price variance → difference between the actual revenue and actual units sold multiplied by budgeted selling price.
Profit volume analysis → comparison of actual input amounts and prices with standard input amounts and prices
Operating leverage → budgeted income statement, production budget, budgeted cost of goods sold, and supporting budgets.
Direct costs are classified further into → direct materials cost and direct labor costs:
operating budgets → hybrid costing system used in manufacturing goods that have some common characteristics and some individual characteristics