Exam 2: Basic Cost Management Concepts

A traditional cost accounting system assumes that all costs can be classified as fixed with respect to changes in the units or volume produced.

A cost that expires without producing any revenue benefit is known as a(n) _____.

Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object?

Which of the following costs would be included as part of factory overhead?

Inventory balances for Balmer Company in April 2018 are as follows: April 1,2018 April 30,2018 Raw materials \ 40,000 \ 35,000 Work in process 67,500 59,800 Finished goods 150,000 120,000 During April, purchases of direct materials were $58,000. Direct labor and factory overhead costs were $82,000 and $110,000, respectively. Prime costs for April were:

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management?

Services differ from tangible products on three important dimensions: intangibility, inseparability, and _____.

Rebel Yell, Inc., recorded the following data for April: Beginning finished goods inventory \ 60,000 Beginning work-in-process inventory 40,000 Ending work-in-process inventory 80,000 Ending finished goods inventory 50,000 Factory overhead costs 200,000 Direct materials used 160,000 Direct labor 100,000 What is the cost of goods manufactured for April?

The most likely method to assign the cost of an assembly-line supervisor when the assembly line is the cost object is the:

Which of the following items would be associated with both a traditional cost accounting information system and an activity based cost information system?

Which of the following costs is NOT a period cost?