Exam (elaborations)
3100 Final Exam (1).
- Module
- BUSMHR 3100
- Institution
- BUSMHR 3100
3100 Final Exam (1).
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3100 Final Examdirect cost - ANS-Can be easily and conveniently traced to a specified cost object
indirect cost - ANS-cost that cannot be easily and conveniently traced to a specified
cost object
common cost - ANS-cost that is incurred to support a number of cost objects but cannot
be traced to them individually
direct materials
direct labor - ANS-work in process account
indirect materials
indirect labor - ANS-manufacturing overhead account
product cost (inventoriable cost) - ANS-direct materials, direct labor, manufacturing
overhead
period cost - ANS-selling and administrative cost
Prime cost - ANS-direct materials and direct labor
conversion cost - ANS-direct labor and manufacturing overhead
Cost behavior - ANS-refers to how a cost reacts to changes in level of activity
Relevant range - ANS-range of activity within which the assumption that cost behvior is
strictly linear is reasonably valid
high low method - ANS-High cost - low cost / high activity - low activity
opportunity cost - ANS-potential benefit that is given up when one alternative is selected
over another
sunk cost - ANS-cost that has already been incurred and cannot be changed by any
decision made now or in future
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