Garrison, Managerial Accounting,
12th Edition Exam Questions with
100% Correct Answers || GRADED
A+
Indirect Materials - ANSWER Small items of materials such as glue and nails
that may be an integral part of a finished product but can't be conveniently
traced to it.
Manufacturing Overhead - ANSWER All manufacturing costs except direct
materials and direct labor.
Mixed Costs - ANSWER A cost that contains both variable and fixed cost
elements.
Opportunity Cost - ANSWER The potential benefit that is given up when one
alternative is selected over another.
Period Costs - ANSWER Costs that are taken directly to the income
statement as expenses in the in the period in which they are incurred and
accrued.
Prime Cost - ANSWER DIrect Materials plus direct labor costs
, Product Costs - ANSWER All costs that are involved in acquiring or making
a product. Direct Materials, Direct Labor, and Manufacturing Overhead
Raw Materials - ANSWER Any materials tha tgo into the final product
Relevant Range - ANSWER The range of activity within which assumptions
about variable and fixed cost behavior are valid.
Selling Costs - ANSWER All costs that are incurred to secure customer
orders and get the finished product or service into the hands of the customer.
Sunk cost - ANSWER A cost that has already been incurred and that cannot
be changed by any decision made now or in the future.
Variable Cost - ANSWER A cost that varies in total, in direct proportion to
changes in the level of activity. It is constant per unit.
Work in Process - ANSWER Units of product that are only partially complete
and will require further work before they are ready for sale to the customer.
Budget - ANSWER A detailed plan for the future that is usually expressed in
formal quantitative terms.
Business Process - ANSWER A series of steps that are followed in order to
carry out some task in a business.
Controlling - ANSWER The process of gathering feedback to ensure that a
plan is being properly executed or modified as circumstances change.
12th Edition Exam Questions with
100% Correct Answers || GRADED
A+
Indirect Materials - ANSWER Small items of materials such as glue and nails
that may be an integral part of a finished product but can't be conveniently
traced to it.
Manufacturing Overhead - ANSWER All manufacturing costs except direct
materials and direct labor.
Mixed Costs - ANSWER A cost that contains both variable and fixed cost
elements.
Opportunity Cost - ANSWER The potential benefit that is given up when one
alternative is selected over another.
Period Costs - ANSWER Costs that are taken directly to the income
statement as expenses in the in the period in which they are incurred and
accrued.
Prime Cost - ANSWER DIrect Materials plus direct labor costs
, Product Costs - ANSWER All costs that are involved in acquiring or making
a product. Direct Materials, Direct Labor, and Manufacturing Overhead
Raw Materials - ANSWER Any materials tha tgo into the final product
Relevant Range - ANSWER The range of activity within which assumptions
about variable and fixed cost behavior are valid.
Selling Costs - ANSWER All costs that are incurred to secure customer
orders and get the finished product or service into the hands of the customer.
Sunk cost - ANSWER A cost that has already been incurred and that cannot
be changed by any decision made now or in the future.
Variable Cost - ANSWER A cost that varies in total, in direct proportion to
changes in the level of activity. It is constant per unit.
Work in Process - ANSWER Units of product that are only partially complete
and will require further work before they are ready for sale to the customer.
Budget - ANSWER A detailed plan for the future that is usually expressed in
formal quantitative terms.
Business Process - ANSWER A series of steps that are followed in order to
carry out some task in a business.
Controlling - ANSWER The process of gathering feedback to ensure that a
plan is being properly executed or modified as circumstances change.
