Term
| Term: Cost of what you are looking for |
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Definition
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| Term: Variable that causally affects costs over time |
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| Term: Normal activity level w/ a specific relationship between volume and cost in question |
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| Term: All direct manufacturing costs (Materials + Labor) |
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Definition
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| Term: All manufacturing costs - direct materials (Overhead + labor) |
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Term
| Overtime premium is considered a __ cost. |
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Definition
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Term
| Term: Value of next best alternative |
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| Term: Actual money owed/paid |
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Definition
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Term
| Term: More money paid doing this than that |
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| What are the three ways we can categorize costs by? |
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Definition
-Traceability
-Behavior
-Product vs. Period |
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Term
| What are the different types of costs according to traceability? |
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Definition
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Term
| What are the different types of costs according to behavior? |
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Definition
-Fixed
-Variable
-Mixed
-Hybrid |
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Term
| Term: Collection of cost data into categories |
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Definition
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Term
| Term: Allocating costs to specific objects |
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Definition
| Cost assignment/allocation |
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Term
| What factors affect the classification of costs? |
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Definition
-Materiality
-Info gathering technology
-Design of operations |
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Term
| The broader the category of a cost object, the __ proportion and accuracy of direct costs to total costs. |
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Definition
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Term
| How do you calculate unit, or average, cost? |
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Definition
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Term
| What are the different types of inventories? |
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Definition
-Direct Materials
-Work in Process
-Finished Goods |
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Term
| What numbers does Work in Process Inventory include? |
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Definition
-Direct Materials
-Direct Labor
-Overhead |
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Term
| Term: Cost of a product is considered asset and only becomes CGS when sold |
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Definition
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