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5 Written questions

4 Matching questions

  1. Full cost
  2. Job cost sheet
  3. Unit contribution margin
  4. Cost allocation rule
  1. a method used to assign costs in the cost pool to the cost objects
  2. b sum of all costs of manufacturing and selling a unit of product (includes both fixed and variable costs)
  3. c record of the cost of the job kept in the accounting system
  4. d difference between revenues per unit (price) and variable cost per unit

5 Multiple choice questions

  1. 1)identify the activities 2)identify the cost drivers associated with each activity 3)compute a cost rate per driver unit or transaction 4)assign costs to products by multiplying the cost driver rate by the volume of cost driver units consumed by the product.
  2. accounting system used when identical units are produced through a series of uniform production steps
  3. any end to which a cost is assigned
  4. graph that plots costs against activity levels
  5. labor that can be identified directly with the product at reasonable cost

5 True/False questions

  1. Determining Which is Better: FIFO or Weighted AverageEither methods are acceptable for assigning costs to inventories and cost of goods sold. Weighted average has been criticized for masking current period costs. If computational and record keeping costs are about the same under both FIFO and weighted average, FIFO costing generally offers greater decision making benefits


  2. Cost flow diagramany end to which a cost is assigned


  3. Coefficient of determinationsquare of the correlation coefficient, interpreted as the proportion of the variation in the dependent variable explained by the independent variables


  4. flexible budgetbudget that indicates revenues, costs, and profits for different levels of activity, including the ex post actual activity level


  5. Jobfirm that produces jobs


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