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25 Cards in this Set
- Front
- Back
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Administrative Costs
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All executive, organizational and clerical costs.
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Budget
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A detailed plan for the future, quantitative.
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Common Cost
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A Cost that is incurred to support a number of cost objects but that cannot be traced to them individually.
Example: Pilot=common cost of passengers wage but is not associated with any one passenger. |
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Controlling
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Actions taken to help ensure that the plan is being followed and is appropriately modified as a circumstances change.
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Conversion Cost
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Direct labor cost plus manufacturing overhead cost.
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Cost Behavior
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The way in which a cost reacts to changes in the level of activity.
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Cost Object
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Anything for which cost data are desired. Ex. Products, customers, jobs, departments or divisions.
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Cost of Goods Manufactured
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Manufacturing costs associated with the goods that ere finished during the period.
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Differential Cost
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A difference in cost between two alternatives.
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Direct Cost
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A cost that can be easily and conveniently traced to a specified object
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Directing and motivating
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Mobilizing people to carry out plans and run routine operations.
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Direct labor
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Factory labor costs that can be easily traced to individual units of product also called TOUCH LABOR.
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Direct Materials
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Materials that become an integral part of a finished product and whose costs can be conveniently traced to it.
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Financial Accounting
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Providing information to stockholders, creditors, and others outside the organization.
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Incremental Cost
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Increase in cost between two alternatives
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Indirect materials
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small items such as glue or nails, may be integral to finished product but cannot be easily traced to it
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Inventoriable costs
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synonym for product costs
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Performance Report
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A detailed report comparing budgeted data to actual basis.
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Period Cost
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Costs that are taken directly to the income statement as expenses in the period in which they are incurred or accepted.
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Planning and Control Cycle
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The flow of management activities through planning, directing and motivating and controlling and then back to planning again.
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prime cost
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Direct materials cost plus direct labor cost
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product cost
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all costs that are involved in acquiring or making a product.
In manufacturing goods these consist of direct materials, direct labor, and manufacturing overhead |
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relevant range
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Range of activity within which assumptions about variable and fixed cost behavior are valid.
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schedule of cost of goods manufactured
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Schedule showing the direct materials, direct labor, and manufacturing overhead costs incurred during a period and the portion of those costs that are assigned to work in process and finished goods.
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segment
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Any part of an organization that can be evaluated independently. Examples: Sales territory, Division, Department
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