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37 Cards in this Set

  • Front
  • Back
All executive, organizational, and clerical cost associated with the general management of an organization rather than with manufacturing, marketing, or selling
Adminstrative Cost
A detailed plan for the future, usually expressed in formal quantitative terms
A cost that is incurred to support a number of cost objects but cannot be traced to them individually.
Common Cost
The process of instituting proecedures an dthen obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals.
Ensuring that the plan is actually carried out and is appropriately modified as circumstances change.
Direct labor cost plus manufacturing overhead cost.
Conversion Cost
The way in which a cost reacts or responds to chnages int he level of activity.
Cost Behavior
Anything for which cost data are desired.
Cost Object
The manufacturing costs associated with the good that were finished during the period.
Cost of goods manufactured.
A difference in ocst between any two alternatives.
Differentail Cost
Those factory labor costs that can be easily traced to individual units of production.
Direct Materials
Mobilizing people to carry out plans and run routine operations.
Direct and Motivating
Accounting and other reports that helpmanagers monitor performance and focus on problems and/or opportunities that might otherwise go unnoticed.
The phase of accounting concerned with providing information to stockholders, creditors, and other outside the organization.
Financial Accounting
Units of product that have been completed but have not yet been sold to coustomers.
Finished Goods
A cost tha tremains constant, in total, regaredless of changes in the level of activity withing the relevant range.
Fixed Cost
An increses in cost between two alternatives.
Incremental Cost
A cost that cannot be easily and conveniently traced to a specifice cost object
Indirect Cost
The labor cost of janitors, supervisors, materials handlers, and other factory workds that cannot be conveniently traced directly to particular products.
Indirect Labor
Small items of material such as glue and nails.
Indirect Materials
The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making
Managerial Accounting
All costs associated with manufacturing except direct material and direct labor.
Manuracturing Overhead
All costs necessary to secure customer execept direct material and direct labor.
Marketing or Selling Costs
The potential benefit that is given up when one alternative is selected over another.
Opportunity Cost
A detailed report comparing budgeted data to actual data.
Performance Report
Costs that are taken directly to the income staement as ecpenses in the period in which they are incurred or accured.
Period Costs.
Selecting a course of action and specifying how the action will be implemented.
The flow of management activities through planning, directing and motivating, and controlling, an then back to planning again.
Planning and Control Cycle
Direct materials cost plus direct labor cost.
Prime Cost
All costs that are involded int e purchase or manufacture of goods. In the case of manufactured goods, thes costs consist of direct materials, direct labor, and manufacturing overhead.
Product Costs
Materials that are used to make a product.
Raw Materials
The range of activity within which assumption about variable and fixed cost behavior are valid.
Revelant Range
a schedule showing the direc material, direct labor,and manufacturing overhead costs incurred for a period and assigned to Work in Process and completed goods.
Schedule of Cost of Goods Manufactured
Any part of an organizations that can be evaluated independently of other parts and about which the manager seeks financial data.
Any cost that has already been incurred and that cannot be changed by any decision make now or in the future.
Sunk Cost
A cost that varies, in total, in direct proportion to changes in the level of activity.
Variable Cost
Units of product that are only partially complete and will require further work before they are ready for sale to a customer.
Work In Process