cost test 1 0 - Cost Accounting 1 Review Multiple Choice(30...

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Cost Accounting 1 Review Multiple Choice (30 points) Terms 1. Value chain- Research and development (ideas abut new products, services, or processes) Design of products, services or processes (turning step one into reality) Production (acquiring and assembling the needed resources to make the product or deliver the service) Marketing (promoting and selling) Distribution (delivering to customers) Customer service (after sale support) 2. Supply chain Suppliers of raw materials Manufacturer Distributer to wholesaler Wholesaler to retailer Retailer to customer 3. Middle man- slang term for an intermediary in a transaction or process chain. A middleman will facilitate interaction between parties, typically for a commission or fee. 4. Product cost- cost identified with making or buying a product- not expenses until sold- is an asset until sold-also called unexpired cost 5. Period cost- expensed in period incurred 6.
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