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28 Cards in this Set
- Front
- Back
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Costs that can be easily and conveniently traced to a unit of product or other cost object. |
Direct Cost |
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Costs that cannot be easily and conveniently traced to a unit of product or other cost object. |
Indirect Cost |
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Manufacturing Overhead is an example of what? |
Indirect Cost |
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Direct Material and Direct Labor is an example of what? |
Direct Cost |
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This type of Indirect costs are incurred to support a number of cost objects. These costs cannot be traced to any individual cost object. |
Common Cost |
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What are classifications of manufacturing costs? |
Direct Labor, Direct Materials, and Manufacturing Overhead |
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Raw materials that become an integral part of the product and that can be conveniently traced directly to it. |
Direct Materials |
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Those labor costs that can be easily traced to individual units of product. |
Direct Labor |
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Selling Costs and Administrative Costs are what? |
Non-manufacturing Costs / Period Costs
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Costs necessary to secure the order and delivery of the product. These costs can be either direct or indirect costs. |
Selling Cost |
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All executive, organizational, and clerical costs are what type of costs? |
Administrative Cost |
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This cost includes direct materials, direct labor,and manufacturing overhead. |
Product Cost / Manufacturing Costs |
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This cost includes all selling costs and administrative costs. |
Period Cost / Non-Manufacturing Cost |
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A cost that varies, in total, in direct proportion to changes in the level of activity. |
Variable Costs |
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A measure of what causes the incurrence of a variable cost |
Cost Driver |
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A cost that remains constant, in total, regardless of changes in the level of the activity. |
Fixed Cost |
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Two types of fixed costs? |
Commited and Discretionary |
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Manufacturing Costs are from what? |
DM+DL+MOH |
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Prime Costs = |
DM + DL |
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Conversion Costs = |
DL + MOH |
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What are the 3 pillars of managerial accounting? |
Planning, Control, and Decision Making |
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Accounting that focuses on internal users, future/forward focus, segment oriented, and not mandatory is called what? |
Managerial Accounting |
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"JIT" or "Just in time" is lean production meaning what? |
Units produced = Units Sold, No Inventory, and Efficient |
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Anything that prevents me from getting more of what I want is called what? |
Theory of Constraints |
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The potential benefit that is given up when one alternative is selected over another |
Opportunity Costs |
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Costs that have been incurred and can never be changed. |
Sunk Costs |
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Est. Moh / Est Allocation = |
POHR |
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POHR (Actual Activity) = |
Overhead Applied |
