Used by managers, this type of accounting does not necessarily adhere to GAAP.
What is managerial accounting? or
What is cost accounting?
100
These costs are identified with and can be traced to a cost object.
What are direct costs?
100
These costs can be the cost of any material that is both an integral part of the finished product and a significant portion of the total product cost.
What is direct materials cost?
100
This non manufacturing cost group includes selling expenses and administrative expenses.
What are period costs?
100
This basic phase is used to develop the company's goals and translate them into courses of action.
What is planning?
200
This type of chart can show the operating structure of the company
What is the organization chart?
200
These costs cannot be identified with or traced to a cost object.
What are indirect costs?
200
These costs can be the cost of any labor that is both an integral part of the finished product and a significant portion of the total product cost.
What is direct labor cost?
200
These systems measure, record, and report product costs.
What are cost accounting systems?
200
This label refers to the total cost of making products that are available for sale during the period.
What is cost of goods manufactured?
300
This activity is the beginning of the manufacturing process.
What is accepting an order?
300
The cost of a manufactured product includes these three costs.
What are direct materials, direct labor and factory overhead (or factory burden)?
300
This group of costs includes direct materials and direct labor.
What are prime costs?
300
This cost accounting system provides product costs for each quantity of product that is manufactured.
What is a job order cost system?
300
This calculated item is determined by adding the beginning finished goods inventory to the cost of goods manufactured during the period.
What is cost of finished goods available for sale?
400
It is a payment of cash or the commitment to pay cash in the future for the purpose of generating revenues.
What is a cost?
400
These costs do not enter directly into the finished product and are often referred to as factory burden.
What is factory overhead? or
What is manufacturing overhead?
400
This grouping of costs includes direct labor and factory overhead costs.
What are conversion costs?
400
This cost accounting system is used when manufacturing units of a product that are indistinguishable from each other and are manufactured using a continuous production process.
What is a process cost system?
400
This calculated item is determined subtracting ending finished goods inventory from cost of finished goods available for sale?
What is cost of goods sold?
500
This may be a product, a sales territory, a department, or an activity, such as research and development?
What is a cost object?
500
Examples of this component of factory overhead are salaries of production supervisors and wages of janitors.
What is indirect labor?
500
This basic phase has an objective to eliminate the source of problems in a process so that the right products are delivered in the right quantities at the right time.
What is improving? or
What is continuous process improvement?
500
This four-word term is the name of the rate used to apply factory overhead to jobs.
What is the predetermined factory overhead rate?
500
This basic phase, involving evaluating alternative actions, is inherent in each of the four other basic phases of the management process.