5 Written questions
5 Matching questions
- Direct costs are classified further into
- How to make cost information more useful for managers
- a exporting a product to another country at a price below domestic cost
- b direct materials cost and direct labor costs:
- c complex job that often takes months or years to complete and requires the work of many different departments, divisions or subcontractors
- d standardized method or technique that is repetitively performed
- e full absorption costing, variable costing, and managerial costing
5 Multiple choice questions
- expected monthly costs at different output levels.
- cost of job determined by actual direct material and labor cost plus overhead applied using an actual overhead rate and an actual allocation base
- only variable manufacturing costs are product costs, others are period costs
- all product costs except direct costs.
- 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
Predetermined Overhead Rate → extent to which an organization's cost structure is made of fixed costs
operation costing → hybrid costing system used in manufacturing goods that have some common characteristics and some individual characteristics
sales activity variance → difference between the actual revenue and actual units sold multiplied by budgeted selling price.
Inventoriable costs → costs that change in direct proportion with a change in volume within the relevant range of activity
Finished goods → costs recognized for financial reporting when incurred.