Cost Terms & Classifications(Quick Test)

1. Management accounting is usually associated with __________ reporting.

2. Fixed, mixed, and variable are terms used to describe how __________ behave within a reasonable or relevant range of volume or activities.

3. Which professional organization has its primary focus on management accounting?

4. Present and future costs that will differ among alternatives are considered to be __________ costs for making decisions.

5. Generally, managerial accounting is focused on __________, control, and internal decision making.

6. Costs that are traceable to a product without allocation are described as __________ product costs.

7. The salary of the manager of the factory maintenance department will be a direct cost to that department, and will be __________ __________ product cost.

8. Burden is used when referring to which of the following costs?

9. Manufacturing overhead is which type of cost?

10. A cost that exists, but is not explicitly stated is best described as __________ __________ cost.

11. The head of the accounting department in a very large manufacturing firm usually has which of the following titles?

12. The budget that changes for increases or decreases in volume or activity is a __________ budget.

13. The relevant costs for a business decision are the __________ costs.

14. The cost to manufacture one unit of a product is likely to be __________.

15. Freight-out is best classified as a __________ __________.

16. A relevant cost could include some fixed costs.

17. The lubricants used to operate a factory’s production equipment is __________ __________ __________ cost.

18. The annual depreciation of the factory building is a __________ cost for the plant manager.

19. The accountants’ term incremental cost is related to the economists’ term __________ cost.

20. The theory of constraints focuses on __________.

21. Interest on a loan for operations is classified as a __________ cost.

22. Selling and delivery expenses are examples of __________ costs.

23. The Japanese term for continuous improvement is __________.

24. For decision making, __________ costs are likely to be more useful.

25. A variable cost is likely to remain the same __________ __________ as volume changes.

26. The __________ __________ is defined as revenues minus variable costs.

27. The term which refers to the combination of direct materials and direct labor costs.

28. This term refers to the combination of direct labor costs and manufacturing overhead costs.

29. The cost defined as a benefit foregone by having selected and taken an alternative action.

30. The term for a past, irrelevant cost.

31. These costs consist of direct materials, direct labor, and manufacturing overhead.

32. A cost term used instead of semivariable.

33. These costs do not change in total within a relevant range of volume or activity.

34. The total of these costs will change in proportion to the change in activity or volume.

35. A manufacturer’s indirect product costs are also referred to as manufacturing __________ costs.

36. A cost that is not a product cost is likely to be a __________ cost.

37. Realistic, predetermined costs for direct materials, direct labor, and factory overhead describes __________ costs.

38. A product, department, service, customer, etc. to which a cost is assigned is a cost __________.

39. Raw materials, work-in-process, and finished goods are the three __________ accounts usually used by manufacturers.

40. Activity-based costing utilizes more than one of these in the assigning of costs.