Chapter 1
Chapter 2
Chapter 3
Chapter 4
Miscellaneous
5

The primary users of managerial accounting reports

Internal Management

5

Selling and Administrative Costs are classified as 

Period Costs

5

Allocation Base is also known as

Cost Driver

5

The method to allocate overhead using activity costs pools is called

Activity Based Costing

5

Separate manufacturing overhead rates for each department are called

Departmental Overhead Rates

10

Management runs the company operations on a day-to-day basis is called 

Directing

10

What 3 cost classifications make up product costs?

DM + DL + MOH

10

The formula for calculating the predetermined overhead rate (POHR)

Estimated MOH / Estimated Cost Driver

10

A statistical measure that indicates the strength and relationship between two variables

Correlation

10

When overhead is allocated to every product using the same overhead rate

Plantwide Overhead Rate

15

Setting goals and objectives for the company is called

Planning

15

The payroll cost of employees who physically convert the raw materials into the product

Direct Labor Cost

15

Widdig Corp allocates overhead based on DL Hours. The POHR is $10. Job 700 has $200 of Direct Materials, $200 of direct labor cost and direct labor workers make $50 per hour.   What is the total cost of Job 700?

$440= DM $200+DL $200+ MOH $40


15

Overcosting some products while undercosting other products

Cost Distortion

15

Which Cost of Quality catagories would represent lost profits from lost customers

External Failure Costs

20

The ethical standard to abstain from engaging in activities that would discredit the accounting profession

Integrity

20

Completed goods that have not been sold yet.

Finished Goods Inventory

20

How is product cost affected if allocated overhead was more than the actual overhead incurred?

The product was overcosted

20

Another term for lean operations

Just in Time Manufacturing

20

A machine set-up would be which type of cost?

Unit, Batch, Product, Facility

Batch Level Cost

25

The professional standard that states the accountant should be able to preform duties in accordance with relevant laws, regulations and technical standards

Competence

25

Costs that stay constant in total dispite changes in volume

Fixed Costs

25

A manufacturing company would have 3 inventory accounts, what are they?

Raw Materials

WIP (Work in process)

Finished Goods

25

Name the four costs of quality classifications we discussed in class

Prevention Costs

Appraisal Costs

Internal Failure Costs

External Failure Costs

25

Reworking defective units before they are sold to the customer would be classified as what type of quality cost?

Internal Failure Costs