Week 1 Review - items A: Process Costing System 9. A cost...

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Week 1 Review Chapter 1 and 2 1. The cost of all parts that are directly traced to the finish product. A: Direct Material 2. A cost identified with a specific timeframe rather than the product A: Period Cost 3. The cost of labor that are directly traced to the finished product A: Direct Labor 4. The cost that varies in total in direct proportion with changes in the activity level, but remains the same per unit A: Variable Cost 5. A cost that remains the same in total, but per unit varies inversely with changes in the activity level A: Fixed Cost 6. A cost that can be directly traced to a cost objective A: Direct Cost
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7. A value of the benefit that is given up when one alternative is chosen over another A: Opportunity Cost 8. Costing system used by companies that produce large numbers of identical
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Unformatted text preview: items A: Process Costing System 9. A cost that a manager cannot influence A: Noncontrollable Cost 10. Costing system used by companies that produce individual products that are unique A: Job order-costing system 11. A cost that cannot be directly traced to a cost objective A: Indirect Cost 12. The total cost of producing a product; includes direct material, direct labor, and manufacturing overhead A: Product Cost 13. A cost that a Manager can influence A: Controllable Cost 14. The cost of all manufacturing activities other than direct materials and direct labor A: Manufacturing Overhead 15. A cost that was incurred in the past A: Sunk Cost...
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Week 1 Review - items A: Process Costing System 9. A cost...

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