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chapter2 assignment - Miller 1 Michelle Miller Dr Riley...

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Miller 1 Michelle Miller Dr. Riley BUS302 Cost Accounting 21:01:45 Chapter 2 1) Cost Object: anything that for which a measurement of cost desired. A) labor B) raw material C) building 2) Direct Cost: cost that can be traced directly to a particular cost object in an economically feasible way. Indirect Cost: cost related to a particular cost object that cannot be traced to that object in an economically feasible way 3) Managers want to assign cost accurately to cost objects and direct costs can be traced directly to each cost object where as indirect cannot be traced therefore giving room for errors in the cost. 6) Cost Driver: a variable such as the level of activity or volume that causally affects costs over a given time span. (inspection costs) 7) Relevant range: band of normal activity level or volume in which there is specific relationship between the level of activity or volume and the cost in question. Relevant range plays a role in explaining how cost behave by???
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