Management Accounting Analytics Flashcard Chapter 2

Front

The salary of a factory supervisor is considered to be a(n) ______ cost that requires ______ of costs to the cost object.

Back

indirect; allocation

Front

Whereas a ______ cost of a cost object changes in proportion to the changes in its volume, a ______ cost of a cost object does not change regardless of the volume produced.

Back

variable; fixed

Front

What is the monetary value of the resources used or sacrificed to achieve a certain objective, such as the production of a product or the delivery of a service?

Back

Cost

Front

Suppose that manufacturing overhead is allocated to a cost object. It is implied that overhead is a(n) ______ cost.

Back

product

Front

What is the correct order for cost tracing? Options: a. Cost Incurred → Cost Accumulation → Cost Assignment → Cost Object, b. Cost Incurred → Cost Tracing → Cost Accumulation → Cost Object, c. Cost Incurred → Cost Assignment → Cost Accumulation → Cost Object, d. Cost Incurred → Cost Tracing → Cost Assignment → Cost Object

Back

Cost Incurred → Cost Accumulation → Cost Assignment → Cost Object

Front

Which type of cost includes a fixed rate for using a base amount, and then an additional variable charge for any usage over a base amount?

Back

Mixed cost

Front

Advertising a line of products on social media is considered which type of cost?

Back

Period cost

Front

The tires and installation for a Tesla Model Y are considered which types of cost?

Back

Product and prime costs

Front

The _____ is the estimated costs per unit that normally occur during the production of a product or performance of a service.

Back

standard cost, budgeted cost, actual cost, cost object

Front

The enterprise system that captures financial transactions and communicates financial performance to interested parties is a _____ system.

Back

financial reporting