5 Written questions
5 Matching questions
- plantwide allocation method
- financial budgets
- Outlay costs
- production cost report
- a unit of a product that is easily distinguishable from other units
- b a past, present, or future cash flow.
- c report that summarizes production and cost results for a period; generally used by managers to monitor production and cost flows.
- d budgets of financial resources, such as the cash budget and the budgeted balance sheet.
- e 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
5 Multiple choice questions
- difference between actual costs and budgeted costs arising from changes in the cost of inputs to a production process or other activity
- process of estimating revenues and costs of alternative actions available to decision makers and of comparing these estimates to the status quo
- sales price minus variable costs per unit
- operating and financial budgets
- with two or more alternatives, costs that differ among or between alternatives
5 True/False questions
Overapplied overhead → extent to which an organization's cost structure is made of fixed costs
Indirect manufacturing costs → all product costs except direct costs.
Margin of safety percentage → system that mass produces a single, homogeneous output in a continuing process
Product costs → costs assigned to the manufacture of products and recognized for financial reporting when sold.
Master budget is typically set up before → report that summarizes production and cost results for a period; generally used by managers to monitor production and cost flows.