Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
What is managerial accounting?
|
provides financial and non financial information for managers of an organization and other decision makers
|
|
|
What is financial accounting?
|
provides general purpose financial information to those who are outside the organizaiton
|
|
|
What does cost behavior mean?
|
how a cost will react to changes in the level of business activity
|
|
|
fixed cost?
|
does not change with changes in the volume of the activity
|
|
|
variable cost?
|
changes in proportion to changes in the volume of activity
|
|
|
mixed cost?
|
refers to a combination of fixed and variable costs
|
|
|
direct costs?
|
costs traceable to a single cost object (material and labor cost for a product)
|
|
|
indirect costs?
|
costs that cannot be traced to a single cost object (maintenace charges for two or more departments)
|
|
|
sunk costs?
|
costs incurred in the past that cannot be avoided or changed
|
|
|
out-of-pocket costs?
|
cost that requires a future outlay of cash
|
