Exam (elaborations)

Cost Exam 1 Ch 1-7 Questions & Answers 2024/2025

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cost exam 1 ch 1 7 questions answers

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Cost Exam 1 Ch 1-7 Questions &
Answers 2024/2025

Value Chain - ANSWERSA set of activities that transforms raw resources into the goods and services that
end users purchase and consume

Value-Added Activities - ANSWERSThose activities that customers perceive as adding utility to the goods
or services they purchase. These are comprised of activities from research and development through the
production process to customer service.

Nonvalue-Added Activities - ANSWERSThese are activities that do not add value to the good or service
from the customer's perspective. These are normally the current product or process design.

Supply Chain - ANSWERSSet of firms and individuals that sells goods and services to the firm

Distribution Chain - ANSWERSSet of firms and individuals that buys and distributes goods and services
from the firm

Financial Accounting - ANSWERSField of accounting that reports financial position and income according
to accounting rules. This information is designed for decision makers who are not directly involved in the
daily management of the firm.

Cost Accounting - ANSWERSField of accounting that measures, records, and reports information about
costs. This information is designed for managers.

Cost-Benefit Analaysis - ANSWERSProcess of comparing benefits (often measured in savings or increased
profits) with costs associated with a proposed change within an organization. Managers should perform
cost-benefit analyses to assess whether proposed changes in an organization are worthwhile.

Cost driver - ANSWERSFactor that causes, or "drives," costs.

,Differential costs - ANSWERSCosts that change in response to a particular course of action.

Differential revenues - ANSWERSRevenues that change in response to a particular course of action

Responsibility Center - ANSWERSSpecific unit of an organization assigned to a manager who is held
accountable for its operations and resources

Activity Based Costing (ABC) - ANSWERSCosting method that first assigns costs to activities and then
assigns them to products based on the products' consumption of activities. This considers the activities
or processes that will be required to bring a product to market.

Performance measure - ANSWERSMetric that indicates how well an individual, business unit, product, or
firm is working

Benchmarking - ANSWERSContinual process of measuring a company's own products, services, and
activities against competitors' performance

Just-In-Time (JIT) method - ANSWERSIn production or purchasing, each unit is produced or purchased
just in time for its use

Lean accounting - ANSWERSA cost accounting system that provides measures at the work cell or process
level and minimizes wasteful or unnecessary transaction processes

Customer relationship managment (CRM) - ANSWERSSystem that allows firms to target profitable
customers by assessing customer revenues and costs

Outsourcing - ANSWERSHaving one or more of the firm's activities performed by another firm or
individual in the supply or distribution chain

Total Quality Management (TQM) - ANSWERSManagement method by which the organization seeks to
excel on all dimensions, with the customer ultimately defining quality

, Cost of quality (COQ) - ANSWERSSystem that identifies the costs of producing low-quality items,
including rework, returns, and lost sales

Enterprise resource planning (ERP) - ANSWERSInformation technology that links the various processes of
the enterprise into a single comprehensive information system

Cost - ANSWERSsacrifice of resources

Expense - ANSWERSCost that is charged against revenue in an accounting period

Outlay cost - ANSWERSPast, present, or future cash outflow

Opportunity cost - ANSWERSForgone benefit from the best (forgone) alternative course of action

Operating profit - ANSWERSExcess of operating revenues over the operating costs necessary to generate
those revenues

Cost of Goods Sold - ANSWERSExpense assigned to products sold during a period

Product costs - ANSWERSCosts assigned to the manufacture of products and recognized for financial
reporting when sold. Cost that is part of inventory.

Period costs - ANSWERS(nonmanufacturing costs) Costs recognized for financial reporting when
incurred. Cost that can more easily be attributed to time intervals

Direct manufacturing costs - ANSWERSProduct costs that can be feasibly identified with units of
production

Indirect manufacturing costs - ANSWERSAll product costs except direct costs

Direct materials - ANSWERSMaterials that can be identified directly with the product at reasonable cost

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Exam (elaborations)

Cost Exam 1 Ch 1-7 Questions & Answers 2024/2025

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