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106434
Accounting revision
Descrição
Bachelors Degree Accounting Quiz sobre Accounting revision, criado por Amy_B em 24-05-2013.
Sem etiquetas
accounting
accounting
bachelors degree
Quiz por
Amy_B
, atualizado more than 1 year ago
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Criado por
Amy_B
mais de 11 anos atrás
97
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Resumo de Recurso
Questão 1
Questão
Define direct materials
Responda
Integral part of product that can be traced directly to it.
Anything that is not an indirect material
Questão 2
Questão
Define direct labour
Responda
Easily traced to individual units of product.
Anything that does not include indirect labour
Questão 3
Questão
Define manufacturing costs
Responda
Cannot be traced to individual product, includes indirect materials and indirect labour.
Includes manufacturing costs
Questão 4
Questão
Define non-manufactuing costs
Responda
Includes marketing and selling costs to receive the order and the delivery and also administrative costs
Not manufacturing costs
Questão 5
Questão
Product costs
Responda
They are expenses in the period in which the product is sold.
cost of products
Questão 6
Questão
Period costs
Responda
They are treated as expenses in the period they are incurred.
costs of the period
Questão 7
Questão
Define cost behaviour
Responda
How cost will react to changes in level of business activity
variable and fixed costs
Questão 8
Questão
Cost behaviour of variable costs
Responda
Varies in direct proportion to changes in level of activity
variable
Questão 9
Questão
Cost behaviour of fixed costs
Responda
Costs remain constant regardless of changes in level of activity
fixed
Questão 10
Questão
What are direct costs?
Responda
Costs that can be easily traced to unit of product
directly
Questão 11
Questão
What are indirect costs?
Responda
Costs that cannot be traced to product, common costs have a number of objective so cannot be traced to an individual.
not direct costs
Questão 12
Questão
What is differential costs/revenue?
Responda
Difference between cost/revenue between alternatives. Increase in amount is incremental, decrease in amount is decremental.
difference between cost products
Questão 13
Questão
What is marginal revenue or marginal cost?
Responda
Amount attained by one more unit of product
marginal amount
Questão 14
Questão
What are opportunity costs?
Responda
Potential benefit that is given up when one alternative is selected over another
costs made from opportunities
Questão 15
Questão
What are sunk costs?
Responda
Cannot be changed by any decision as they are not seen as differential costs.
costs that have decreased
Questão 16
Questão
Contribution Margin
Responda
Is the amount remaining from sales revenue- variable expenses
The margin that is contributed
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