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Chapter+2+Review - Chapter 2 Review Definitions Cost amount...

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Chapter 2 Review Definitions Cost – amount sacrificed for goods and services expected to bring a future benefit – dollar measure of resources Expense – expired or used cost Price – revenue per unit Accumulating Cost – how cost are measured & tracked Assigning Cost – how cost are linked to a cost object Costs Objects – anything that can be measured & tracked Direct Cost - Costs that can be easily and accurately traced Indirect Cost - Costs that cannot be easily traced Variable Cost – cost that increase as output increases & decreases as output decreases Fixed Cost – cost that doesn’t change based on output Opportunity Cost – benefit given up when one alternative is chosen over another Tangible Products - Goods produced by converting raw materials through the use of labor and capital inputs Has value and can be inventoried. Services - Tasks or activities performed for a customer or an activity performed by a customer using an organization’s products or facilities.
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