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Managerial Accounting And Cost Concepts
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Managerial Accounting And Cost Concepts
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1. A charting technique used to monitor the quality of work being done in a workstation for the purpose of immediately correcting any problems.

2. Consists of labor costs that can be easily (i.e. physically and conveniently) traced to individual units of product.

3. A cost that cannot be easily and conveniently traced to a specified cost object.

4. Small groups of employees that meet on a regular basis to discuss ways of improving quality.

5. Include all costs that are incurred to secure customer orders and get the finished product to the customer.

6. The range of activity within which the assumption that cost behavior is strictly linear is reasonably valid.

7. Whenever a straight line is a reasonable approximation for the relation between cost and activity.

8. The materials that go into the final product.

9. The degree to which a product or service meets or exceeds its design specifications and is free of defects or other problems that mar its appearance or degrade its performance.

10. A cost which varies - in total - in direct proportion to changes in level of activity.

11. All costs involved in acquiring or making a product.

12. A cost that can be easily and conveniently traced to a specified cost object.

13. The amount remaining from sales revenues after variable expenses have been deducted. (This amount contributes toward covering fixed expenses and then towards profits for the period.)

14. Provides managers with an income statement that clearly distinguishes between fixed and variable costs and therefore aids in planning - controlling - and decision making.

15. A method that uses all of the date to separate a mixed cost into its fixed and variable cost components.

16. A difference in revenues between any two alternatives.

17. The relative proportion of each type of cost in an organization.

18. Contains both variable and fixed cost elements. (Also known as semi-variable costs)

19. Labor costs that cannot be physically traced to particular products or that can be traced only at great cost and inconvenience.

20. Method based on the rise-over-run formula for the slope of a straight line.

21. Product costs that were initially assigned to inventories.

22. The potential benefit that is given up when one alternative is selected over another.

23. Costs that are incurred to prevent defective products from falling into the hands of customers or that are incurred as a result of defective units.

24. A difference in costs between any two alternatives.

25. Materials that are included as part of manufacturing overhead.

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