ACC212 Final Exam #1 University of Miami, Correct Quiz with A+ Answers Updated

ACC212 Final Exam #1 University of Miami, Correct Quiz with A+ Answers Updated Cost Object - CORRECT ANSWER-is anything for which cost data are desired, including products, customers, jobs, and organizational subunits Direct Cost - CORRECT ANSWER-a cost that can be easily and conveniently traces to a specified cost object (materials, labor, etc. as opposed to selling and administrative costs) Indirect Cost - CORRECT ANSWER-a cost that cannot be easily and conveniently traced to a specified cost object (factory manager's salary, etc.) Common Cost - CORRECT ANSWER-a cost that is incurred to support a number of cost objects, but cannot be traced to them individually. Direct Materials - CORRECT ANSWER-those materials that become an integral part of the finished product, and whose costs can be easily and conveniently traced to the finished product (seats that Airbus purchases for their airplanes, electrical components in the iPhone) Raw Materials - CORRECT ANSWER-- the materials that go into the final finished product (not always the same as raw resources such as wood and steel)