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Exam 1 | ACCT - Managerial Accounting, Quizzes of Management Accounting

Bowling Green State University (BGSU)Management Accounting

Study. Class: ACCT - Managerial Accounting; Subject: Accounting; University: Bowling Green State University-Firelands; Term: Forever 1989;

Typology: Quizzes

2009/2010

Uploaded on 02/10/2010

simarie4989
simarie4989 🇺🇸

2 documents

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TERM 1
Variable Costs
DEFINITION 1
A cost that changes in total as cost driver changes.
TERM 2
Value Line
DEFINITION 2
Research and developement, product design, marketing,
manufacturing, distribution, customer service.
TERM 3
Fixed Cost
DEFINITION 3
Costs that remain the same in total as the activity changes.
TERM 4
Cost Pool
DEFINITION 4
A group of costs that are driven by the same activity.
TERM 5
Cost Driver
DEFINITION 5
A factor that causes overhead costs.
pf2

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TERM 1

Variable Costs

DEFINITION 1 A cost that changes in total as cost driver changes. TERM 2

Value Line

DEFINITION 2 Research and developement, product design, marketing, manufacturing, distribution, customer service. TERM 3

Fixed Cost

DEFINITION 3 Costs that remain the same in total as the activity changes. TERM 4

Cost Pool

DEFINITION 4 A group of costs that are driven by the same activity. TERM 5

Cost Driver

DEFINITION 5 A factor that causes overhead costs.

TERM 6

The Functions of Management

DEFINITION 6 Planning, directing and motivation, decision making, and control. TERM 7

Job Order Costing

DEFINITION 7 Used in situations where many different products are produced each period Example: Hallmark, Levi's strauss Clothing Factory. *DIFFERENT (custom made) TERM 8

Process Costing

DEFINITION 8 Used in situations where the company produces many units of a single product for long periods. Example: Coca Cola, Oscar Meyer. *MASS PRODUCTION