Term
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Definition
| resource sacrificed or forgone to achieve a specific objective |
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Term
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Definition
| historical cost, cost incurred |
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Term
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Definition
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Term
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Definition
| anything for which a measurement of cost is desired (product, assembly line, dept) |
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Term
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Definition
| the collection of cost data in some organized manner |
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Term
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Definition
| tracing and allocating costs |
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Term
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Definition
| costs that are related and traceable to a cost object |
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Term
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Definition
| assigning of direct costs |
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Term
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Definition
| tracing of direct costs and assigning of indirect costs |
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Term
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Definition
| the smaller the amount of the cost, the less likely that it is economically feasible to trace the cost to a particular object |
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Term
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Definition
| a variable that causually affects costs over a given span of time |
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Term
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Definition
| all costs of a product that are considered assets. include dm dl and factory oh, called product costs |
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Term
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Definition
| all costs on the income statement other than cost of goods sold |
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Term
| direct materials inventory |
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Definition
| materials being held by the company ready to be used in the manufacturing process |
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Term
| work in process inventory |
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Definition
| partially worked on but not yet completed product. three types: dm, dl, moh |
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Term
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Definition
| wage paid for unproductive time caused by lack of orders, breakdowns etc |
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Term
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Definition
| the wage rate paid to workers in excess of their regular straight time wage rate |
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Term
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Definition
| cost plus a pre specified margin of profit |
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Term
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Definition
| costs of activities performed on each individual unit |
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Term
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Definition
| costs of activities related to a group of units of products (set up costs) |
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Term
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Definition
| costs of activities undertaken to support individual products or services regardless of the number of batches or units (design costs) |
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Term
| facility sustaining costs |
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Definition
| costs of activities that cannot be traced to individual products or services but support the organization as a whole (rend and admin costs) no cause and effect with allocation base |
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