+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
The benefits foregone when one alternative is selected over another
|
Opportunity Cost
|
|
A cost that was incurred in the past
|
Sunk Cost
|
|
A cost that cannot be easily traced to a particular cost object
|
Indirect Cost
|
|
A cost that doesnt change on a per unit basis with changes in the level of business activity
|
Variable Cost
|
|
A cost that a manager can't influence
|
Non-controllable cost
|
|
The costs associated with securing and filling customer's orders
|
Selling costs
|
|
Required under GAAP for valuing inventory on the balance sheet
|
Full cost
|
|
Actual overhead costs that are less than applied overhead
|
Overapplied overhead
|
|
A form used to accumulate the product costs of each job
|
Job cost sheet
|
|
The activity used as the basis for developing an overhead rate
|
Allocation base
|
|
Consists of direct material, direct labor, and overhead.
|
Product cost
|
|
Represents cost of workers directly involved in the production of a job
|
Direct labor
|
|
Where sales and total costs are equal
|
Break-even point
|
|
When the cost per unit varies inversely to changes in activity it is a:
|
Fixed cost
|
|
Fixed costs that management can easily change in the short run
|
Discretionary fixed costs
|
