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Creado por Ms. Cassie Weitzenkamp, CPA, MPA
hace alrededor de 9 años
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Pregunta | Respuesta |
Product Costs/Inventoriable Costs | Related to making or acquiring the products or providing the services that directly generate the revenues of an entity |
Period Costs | Related to business functions other than production, such as selling and administrative |
Direct Material | Any material that can be easily and economically traced to a product |
Actual Cost System | Actual direct material and actual direct labor costs are accumulated in Work in Process Inventory as costs are incurred |
Cost | Reflects the monetary measure of resources consumed to attain an objective such as making a good or performing a service |
Unexpired Cost | The balance sheet value of an asset |
Expired Cost | The portion of an asset's value consumed or sacrificed during a period |
Cost Management System | A set of formal methods developed for planning and controlling an organization's cost-generating activities relative to its strategy, goals, and objectives |
Cost Object | Anything for which management wants to collect or accumulate costs |
Direct Costs | Conveniently and economically traceable to the cost object |
Relevant Range | The assumed range of activity that reflects the company's normal operating range |
Variable Cost | A cost that varies in total proportionately with activity |
Fixed Cost | A cost that remains constant in total within the relevant range of activity |
Mixed Cost | Cost that has both a variable and fixed component |
Step Cost | A cost that shifts upward or downward when activity changes by a certain interval or "step". |
Predictor | An activity that, when changed, is accompanied by a consistent, observable change in a cost item |
Cost Driver | A predictor that has an absolute cause-and-effect relationship to a cost |
Overhead Costs | Indirect Costs |
Direct Labor | The time spent by individuals who work specifically on manufacturing a product or performing a service |
Conversion Costs | Sum of direct labor and overhead costs |
Prime Cost | Sum of direct material and direct labor cost |
Distribution Cost | Any cost incurred to warehouse, transport, or deliver a product or service |
Manufacturer | Any company engaged in a high degree of conversion of raw material input into a tangible output |
Service Company | A firm that uses a significant amount of labor to engage in a high or moderate degree of conversion |
Raw Material | Work not started |
Work in Process | Work started but not completed |
Finished Goods | Work Completed |
Prevention Costs | Costs incurred to improve quality by precluding product defects and improper processing from occurring |
Appraisal Costs | Amounts incurred for monitoring or inspecting |
Failure Costs | The inability to control quality results |
Cost Allocation | The assignment of an indirect cost to one or more cost objects using some reasonable allocation base or driver |
Normal Cost System | Combines actual direct material and direct labor costs with overhead that is assigned using a predetermined rate or rates |
Predetermined Overhead Rate/ Overhead Application Rate | A charge per unit of activity that is used to allocate (or apply) overhead cost from the Overhead Control account to Work in Process Inventory for the period's production or services. |
Cost of Goods Manufactured (CGM) | The total production cost of the goods that were completed and transferred to Finished Goods inventory during the period |
Total Costs to Account for | Beginning Work in Process inventory cost is added to total current manufacturing costs to obtain a subtotal amount |
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