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C253 - Managerial Accounting Industrial Refrigeration Ammonia exam questions and answers 2025
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C253 - Managerial Accounting Industrial Refrigeration Ammonia exam questions and answers 2025
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C253 - Managerial AccountingIndustrial Refrigeration Ammonia
exam questions and answers
2025(graded A+)
Cost object - answer Anything for which cost data are desired.
Examples include products, customers, geographic regions, and
parts of the organization such as departments or divisions
Direct cost - answer a cost that can be easily and conveniently
traced to a specified cost object
Indirect cost - answer a cost that cannot be easily and
conveniently traced to a specified cost object
Common cost - answer a cost that is incurred to support a number
of cost objects but that cannot be traced to them individually
Raw materials - answer any materials that go into the final product
Direct materials - answer Materials that become an integral part of
a finished product and whose costs can be conveniently traced to it
Direct labor - answer factory labor costs that can be easily traced
to individual units of product
Prime cost - answer Direct Materials + Direct Labor
, Manufacturing overhead - answer all manufacturing costs except
direct materials and direct labor
Indirect materials - answer Small items of material such as glue
and nails that may be an integral part of a finished product, but
whose costs cannot be easily or conveniently traced to it.
Indirect labor - answer The labor costs of janitors, supervisors,
materials handlers, and other factory workers that cannot be
conveniently traced to particular products
Conversion cost - answer Direct Labor + Manufacturing Overhead
Selling costs - answer all costs that are incurred to secure
customer orders and get the finished product or service into the
hands of the customer
Admin costs - answer all executive, organizational, and clerical
costs associated with the general management of an organization
rather than the manufacturing or selling
Product costs - answer All costs that are involved in acquiring or
making a product. In the case of manufactured goods, these costs
consist of direct materials, direct labor, and manufacturing
overhead. Also called inventoriable costs
Work in process - answer Units of product that are only partially
complete and will require further work before they are ready for
sale to the customer
Finished goods - answer units of product that have been completed
but not yet sold to customers
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