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8 Cards in this Set
- Front
- Back
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Opportunity Cost |
The potential benefit that is given up when one alternative is selected over another |
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Direct Materials |
Materials that become an integral part of the finished product and whose costs can be easily traced to the finished product |
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Variable Cost |
varies in direct proportion to changes in the level of activity |
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Fixed Cost |
A cost that remains constant, in total, regardless of changes in the level of activity |
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Period Cost |
all costs that are not product costs (All selling and administrative expenses) |
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Manufacturing Overhead |
All manufacturing costs except direct materials and direct labor |
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Direct Cost |
A cost that can be |
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Sunk Cost |
A cost that has already been incurred and that cannot be changed by any decision made now or in the future |
