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Chap 1 Gloss Terms - Flashcards

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Class:ACTG 212 - Fundamentals of Managerial Accounting
Subject:Accounting
University:Radford University
Term:Fall 2009
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Budget A detailed plan for the future, usually expressed in formal quantitative terms.
Admin. Costs All exec, organizational, and clerical costs associated with the general management of an organization rather than with manufacturing or selling.
Common Cost A cost incurred to support a number of cost objectives but cannot be traced to them individually.
Conversion Cost Direct Labor (DL) cost plus manufacturing overhead (MOH) cost.
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Cost Behavior The way a cost reacts to changes in levels of activity.
Cost Objects Anything for which cost data are desired. Ex. products, costumers, jobs, & parts of organizations like depts. and divisions.
Cost of Goods Manufactured The Manufacturing costs associated with the goods that were finished during the period.
Differential Cost A difference in cost between two alternatives.
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Direct Cost Cost that can be easily and conveniently traced to a specific cost object.
Direct Labor (DL) Labor costs that can be easily traced to individual units of production (UoP). Also called "touch labor".
Direct Materials (DM) Materials that become and integral part of a finished product and whose costs can be easily traced to it.
Financial ACCT Phase of accounting concerned with providing info to stock holders, creditors etc.
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Finished Goods Finished products not yet sold to customers.
Fixed Cost Cost that remains constant in total, regardless of changes in level of activity within relevant range. If expressed on per unit base, it varies inversely with the level of activity.
Indirect Cost COst that cannot be easily traced to specific cost object.
Indirect Labor COsts of janitors, supervisors, material handlers, and other factory workers that cannot be easily traced to particular products.
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Indirect Materials Small items such as nails and glue that may be an integral part of a product but whose costs cannot be easily traced to particular products.
Managerial ACCT Phase of accounting concerned with providing info to managers for use in planning, controlling, and decision making.
Manufacturing Overhead (MOH) All manufacturing costs except DM & DL.
Period Costs Costs that are taken directly to the income statement as expenses in the period which they were incurred in.
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Prime Cost DM plus DL costs.
Product Costs All costs involved in the making of a product. For manufactured goods, this is DM, DL, & MOH.
Schedule of cost of goods manufactured A schedule showing the direct materials, direct labor, and manufacturing overhead costs incurred during a period and the portion of these costs that are assigned to work in process (WIP) and finished goods.
Sunk Costs Cost that has already been incurred and cannot be changed by any decision made now or in the future.
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Variable Cost A cost that varies, in total, in direct proportion to changes in activity levels.
Work in process (WIP) Units of product that are only partially complete and require further work before they are complete.
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 BudgetA detailed plan for the future, usually expressed in formal quantitative terms.
 Admin. CostsAll exec, organizational, and clerical costs associated with the general management of an organization rather than with manufacturing or selling.
 Common CostA cost incurred to support a number of cost objectives but cannot be traced to them individually.
 Conversion CostDirect Labor (DL) cost plus manufacturing overhead (MOH) cost.
 Cost BehaviorThe way a cost reacts to changes in levels of activity.
 Cost ObjectsAnything for which cost data are desired. Ex. products, costumers, jobs, & parts of organizations like depts. and divisions.
 Cost of Goods ManufacturedThe Manufacturing costs associated with the goods that were finished during the period.
 Differential CostA difference in cost between two alternatives.
 Direct CostCost that can be easily and conveniently traced to a specific cost object.
 Direct Labor (DL)Labor costs that can be easily traced to individual units of production (UoP). Also called "touch labor".
 Direct Materials (DM)Materials that become and integral part of a finished product and whose costs can be easily traced to it.
 Financial ACCTPhase of accounting concerned with providing info to stock holders, creditors etc.
 Finished GoodsFinished products not yet sold to customers.
 Fixed CostCost that remains constant in total, regardless of changes in level of activity within relevant range. If expressed on per unit base, it varies inversely with the level of activity.
 Indirect CostCOst that cannot be easily traced to specific cost object.
 Indirect LaborCOsts of janitors, supervisors, material handlers, and other factory workers that cannot be easily traced to particular products.
 Indirect MaterialsSmall items such as nails and glue that may be an integral part of a product but whose costs cannot be easily traced to particular products.
 Managerial ACCTPhase of accounting concerned with providing info to managers for use in planning, controlling, and decision making.
 Manufacturing Overhead (MOH)All manufacturing costs except DM & DL.
 Period CostsCosts that are taken directly to the income statement as expenses in the period which they were incurred in.
 Prime CostDM plus DL costs.
 Product CostsAll costs involved in the making of a product. For manufactured goods, this is DM, DL, & MOH.
 Schedule of cost of goods manufacturedA schedule showing the direct materials, direct labor, and manufacturing overhead costs incurred during a period and the portion of these costs that are assigned to work in process (WIP) and finished goods.
 Sunk CostsCost that has already been incurred and cannot be changed by any decision made now or in the future.
 Variable CostA cost that varies, in total, in direct proportion to changes in activity levels.
 Work in process (WIP)Units of product that are only partially complete and require further work before they are complete.
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