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Cost Accounting Vocab
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Cost Accounting Vocab
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25 Questions

1. Include the compensation of all manufacturing labor that can be traced to the cost object (work in process and then finished goods) in a economically feasible way

2. Sum of the costs assigned to a product for a specific purpose

3. Goods partially worked on but not yet completed

4. Amount by which budgeted (or actual) revenues exceed breakeven revenues

5. The spreading of underallocated manufacturing overhead or overallocated manufacturing overhead amound ending work in process - finished goods - and cost of goods sold

6. A variable - such as volume - that casually affects revenues

7. Allocated amount of indirect costs in an accounting period is greater than the actual (incurred) amount in that period.

8. The costs of activities related to a group of units of products or services rather than to each individual unit of product or service

9. Acquisition costs of all materials that eventually become part of the cost object (work in process and then finished goods) - and that can be traced to the costt object in an economically feasible way

10. Amount of manufacturing overhead costs allocated to individual jobs - products - or services based on the budgeted rate multiplied by the actual quantity used of the cost-allocation base

11. The possibility that an actual amount will deviate from an expected amount

12. Resource sacrificed or forgone to achieve a specific objective

13. The costs of activities performed on each individual unit of a product or service

14. Costs related to the particular cost object that can be traced to that object in an economicqally feasible (cost-effective) way

15. Anything for which a measurement of costs is desired

16. The costs of activities undertaken to support individual products regardless of the number of units or batches in which the units are produced

17. Goods completed - but not yet sold

18. Actual total indirect costs in a cost pool divided by the actual total quantity of the cost-allocation base for that cost pool

19. All manufacturing costs that are related to the cost object (work in process and then finished goods) but that cannot be traced to that cost object in an economically feasible way.

20. Allocated amount of indirect costs in an accounting period is less than the actual (incurred) amount in that period.

21. Costing system in which the cost object is masses of identical or similar units of a product or service

22. Predicted economic results of the various possible combinations of actions and events in a decision model

23. Companies that purchase materials and components and convert them into various finished goods

24. Collection of cost data in some organized way by means of an accounting system

25. Total revenues minus total variable costs

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