Cost and Managerial Accounting (Q&A)

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1. What is the cost of goods manufactured?
2. What is contribution margin?
3. What is prime cost?
4. What is scrap value?
5. What is a standard cost?
6. What is the difference between prime costs and conversion costs?
7. What is an incremental cost?
8. What is the contribution margin ratio?
9. What is managerial accounting?
10. What are indirect manufacturing costs?
11. What is relevant range?
12. What is hurdle rate?
13. What do negative variances indicate?
14. What is a plant-wide overhead rate?
15. What is a fixed budget?
16. What is sales mix?
17. What is a cost variance?
18. What are production costs?
19. Is rent expense a period cost or a product cost?
20. What is the coefficient of correlation?
21. What is work-in-process inventory (WIP)?
22. What are the methods for separating mixed costs into fixed and variable?
23. What are direct materials?
24. What is a variable cost?
25. What is safety stock?
26. What is a flexible budget variance?
27. What is a fixed cost?
28. How is the material usage variance account reported on the financial statements?
29. What are nonmanufacturing overhead costs?
30. What is simple linear regression analysis?
31. What are departmental overhead rates?
32. What are semivariable costs?
33. What does stepped cost mean?
34. What is practical capacity?
35. What is the production volume variance?
36. What are net incremental cash flows?
37. What is a BOM?
38. What is a product cost?
39. What is theoretical capacity?
40. What is a predetermined overhead rate?
41. What is the coefficient of determination?
42. What is opportunity cost?
43. What is a favorable variance?
44. What is a dependent variable?
45. How can a manufacturer determine the precise cost of its products?
46. What is an independent variable?
47. What is an outlier?
48. Should a manufacturer's selling prices be based on costs?
49. What is an unfavorable variance?
50. What is boilerplate?