5 Written questions
5 Matching questions
- Job cost sheet
- Administrative costs
- Cost structure
- Margin of safety
- Job shop
- a the excess of projected or actual sales over the break even volume
- b proportion of an organization's fixed and variable costs to its total costs
- c record of the cost of the job kept in the accounting system
- d firm that produces jobs
- e costs required to manage the organization and provide staff support, including executive salaries, costs of data processing and legal costs
5 Multiple choice questions
- unit of a product that is easily distinguishable from another units
- budgets of financial resources, such as the cash budget and the budgeted balance sheet.
- a sacrifice of resources. The price of each item measures the sacrifice we must make to acquire it.
- with two or more alternatives, costs that differ among or between alternatives
- cost that has both fixed and variable components; also called mixed costs.
5 True/False questions
equivalent units → number of complete physical units to which units in inventories are equal in terms of work done to date. A number of physical units multiplied by the estimated percentage that an "average" unit in inventory is "complete" with respect to the individual resource.
Indirect manufacturing costs → all product costs except direct costs.
Dependent variable → y term, or the left handed side of a regression equation
Nonmanufacturing costs are expensed → periodically
Assigning Costs Using First-in, First-Out (FIFO) Process Costing → A disadvantage of weighted average costing is that it mixes current period costs with the costs of product in beginning inventory, making it impossible for managers to know how much it cost to make a product THIS PERIOD.