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22 Cards in this Set
- Front
- Back
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Implementing plans and evaluating the results of business operations by comparing the actual results to the budget.
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Controlling
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Weighing costs against benefits to help make decisions.
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Cost/Benefit Analysis
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Anything for which managers want a separate measurement of cost.
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Cost Object
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Manufacturing or plant-related costs of the goods that finished the production process this period.
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COGM
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A cost that can be traced to a cost object.
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Direct Cost
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Compensations of employees who physically convert materials into finished products.
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Direct Labor
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Materials that become a physical part of a finished product and whose costs are traceable to the finished product.
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Direct Material
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All manufacturing costs other than direct materials and direct labor.
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Indirect Manufacturing Costs
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Completed goods that haven't been sold.
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Finished Goods Inventory
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A cost that cannot be traced to a cost object.
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Indirect Cost
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Labor costs that are difficult to trace to specific products.
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Indirect Labor
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Materials whose costs cannot conveniently be directly trade to particular finished products.
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Indirect Materials
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All costs of a product that GAAP requires companies to treat as an asset for external financial reporting.
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Inventoriable Product Costs
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A company that sells intangible services, rather than tangible products.
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Service Company
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A manager's fiduciary responsibility to manage the resources of an organization.
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Management Accountability
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A company that uses labor, plant, and equipment to convert raw materials into new finished products.
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Manufacturing Company
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Raw materials for use in manufacturing.
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Materials Inventory
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A company that resells products previously bought from suppliers.
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Merchandising Company
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Operating costs that are expensed in the period in which they are incurred.
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Period Costs
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Choosing goals and deciding how to achieve them.
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Planning
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Costs that include direct materials, direct labor, and manufacturing overhead.
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Total Manufacturing Costs
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Goods that are partway through the manufacturing process but not yet complete.
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Work in process Inventory
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