Administrative costs | All executive, organizational, and clerical costs associated with the general management of an organization rather than with manufacturing, marketing, or selling |
Common costs | a common cost is a cost that is common to a number of costing objects but cannot be traced to them individually |
conversion cost | direct labor cost plus manufacturing overhead cost |
diffferential cost | a difference in cost between any two alternatives |
differential revenue | the difference in revenue between any two alternatives |
direct cost | a cost that can be easily and conveniently traced to the particular cost object under consideration |
direct labor | those factory labor costs that can be easily traced to individual units of product (also called touch labor) |
direct materials | those materials that become an integral part of a finished product and can be conveniently traced into it. |
fixed cost | a cost that remains constant, in total regardless of changes in the level of activity within the relevant range. If a fixed cost is expressed on a per unti basis, it varies inversely with the level of activity |
incremental cost | an increase in cost between two alternatives |
indirect cost | a cost that cannot be easily and conveniently traced to the particular cost object under consideration |
indirect labor | the labor costs of janitors, supervisors, materials handlers, and other factory workers that cannot be conveniently traced directly to particular products |
indirect materials | small items of material such as glue and nails. These items may become an integral part of a finsihed product but are traceable to the product only at great cost of inconvenience |
inventoriable costs | synonym for product costs |
manufacturing overhead | all costs associated with manufacturing except direct materials and direct labor |
marketing or selling costs | al costs necessary to secure customer orders and get the finished product or service into the hands of the customer |
period costs | those costs that are taken directly to the income statement as expenses in the period in which they are incurred or accruied; such costs consist of selling )marketing) and administrative expenses |
prime cost | direct materials cost plus direct labor cost |
product costs | all costs that are involved in the purchase or manufacture of goods. In the case of manufactured goods, these costs consist of direct materiasl, direct labor, and manufacturing overhead. |
raw materials | any materials that go into the final product |
schedule of cost of goods manufactured | a schedule showing the direct materials, direct labor, and manufacturing overhead costs incurred for a period and assigned to work in process and completed goods |
variable cost | a cost that varies, in total, in direct proportion to changes in the level of activity. it is constant per unit. |
Level 1 Level 3
25 words 0 ignored
Ignore words
Check the boxes below to ignore/unignore words, then click save at the bottom. Ignored words will never appear in any learning session.
All None
Ignore?
Those materials that become an integral part of a finished product and can be conveniently traced to it.
Small items of material such as glue and nails that may become an integral part of a finished product but the costs of tracing them exceed the benefits.
Those factory labour costs that can be traced easily to individual units of product. Also called touch labour.
The labour costs of janitors, supervisors, materials handlers, and other factory workers that cannot be conveniently traced directly to particular products.
All costs associated with manufacturing except direct materials and direct labour.
Direct labour cost plus manufacturing overhead cost.
Direct materials cost plus direct labour cost.
All costs that are involved in the purchase or manufacture of goods. In the case of manufactured goods, these costs consist of direct materials, direct labour, and manufacturing overhead. Also called
Those costs that are taken directly to the income statement as expenses in the period in which they are incurred or accrued; such costs consist of selling (marketing) and administrative expenses.
Costs of Goods Manufactured
Costs that include the direct materials, direct labour, and manufacturing overhead used for the products finished during the period.
Total Manufacturing Costs
Costs that represent the direct materials, direct labour, and manufacturing overhead used to perform the production work for finished or unfinished products for the period.
The way in which a cost reacts or responds to changes in the level of business activity.
A cost that varies, in total, in direct proportion to changes in the level of activity. A variable cost is constant per unit.
A cost that remains constant, in total, regardless of changes in the level of activity within the relevant range. If a fixed cost is expressed on a per unit basis, it varies inversely with the level o
The range of activity within which assumptions about variable and fixed cost behaviour are valid.
A cost that contains both variable and fixed cost elements.
Anything for which cost data are desired.
A cost that can be easily and conveniently traced to the particular cost object under consideration.
A common cost is a cost that is incurred to support a number of cost objects but cannot be traced to them individually.
A cost that cannot be easily and conveniently traced to the particular cost object under consideration.
A difference in cost between any two alternatives.
The difference in revenue between any two alternatives.
An increase in cost between two alternatives.
The potential benefit that is given up when one alternative is selected over another.
Any cost that has already been incurred and that cannot be changed by any decision made now or in the future.