In the beginning
Financial accounting provides a historical perspective, whereas management accounting emphasizes this time period.
What is the future?
A mathematical description of how a cost changes with changes in the level of an activity relating to that cost.
What is a cost function?
The fundamental cost objects of ABC are ________.
What are activities?
This cost _______ is anything for which a measurement of costs is desired.
What is object?
As product diversity and indirect costs increase, it is usually best to switch away from a broad averaging system to an______.
Rules for measurement and reporting for management accounting must meet the cost-benefit test but does not need to follow this governing body.
What is GAAP?
The selling price less the variable costs is known as this.
What is contribution margin?
A production budget is a type of this budget.
What is operating?
Assigning direct costs to a cost object is called ________.
What is cost tracing?
Activity based costing system differs from traditional costing systems in the treatment of ________.
What is indirect costs?
A company's this specifies how an organization matches its capabilities with the opportunities in the marketplace.
What is a strategy?
If you take fixed costs divided by the contribution margin percentage, you will have this in dollars.
What is the breakeven point?
This occurs when a company undercosts one of its products and in turn overcosts at least one of its other products. Essentially crossing product costs.
What is product-cost cross-subsidization?
This includes both traced direct costs and allocated indirect costs.
What is cost assignment?
A budgeted balance sheet is a type of this budget.
What is financial?
This type of cost can be traced to a particular cost object in an economically feasible way.
What is direct cost?
If a cost is irrelevant for decision making purposes, it is known as this.
What is a sunk cost?
This is the practice of concentrating on areas not operating as anticipated and placing less attention on areas operating as anticipated.
What is management by exception?
This type of costing allocates all product costs, including materials and labor.
What is process?
The difference between an actual result and a budgeted performance is called a ___________.
What is allocation?
In decision making, these future costs and revenues are the only ones considered.
What are relevant?
This type of budget contains budgeted amounts for actual output.
What is flexible?
This type of costing is used by businesses to price unique products for different jobs.
What is job costing?
This is type of variance that cannot be calculated regarding fixed manufacturing overhead.
What is efficiency variance?