Cost Term (BMK)

Cost Term (BMK)

12th Grade

10 Qs

quiz-placeholder

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Cost Term (BMK)

Cost Term (BMK)

Assessment

Quiz

Business

12th Grade

Easy

Created by

Aldila Rizkiana

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to refer to a sacrificed or forgone resource to achieve a specific objective?

Actual cost

Budgeted cost

Cost

Conversion costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of costs can be conveniently and economically traced to a cost object?

Direct costs of a cost object

Indirect costs of a cost object

Indirect manufacturing costs

Direct manufacturing labor costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of costs change in total in proportion to changes in the related level of activity or volume of output produced?

Fixed costs

Variable costs

Idle time

Overtime premium

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to refer to all direct manufacturing costs including materials and labor?

Direct material costs

Conversion costs

Direct manufacturing labor costs

Prime costs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of costs are considered assets in a company's balance sheet when incurred and expensed as cost of goods sold only when the product is sold?

Direct material costs

Direct labor

Inventoriable costs

Period costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to refer to the band or range of normal activity level in which there is a specific relationship between the level of activity and the cost in question?

Cost driver

Variable costs

Fixed costs

Relevant range

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of costs are all costs in the income statement other than cost of goods sold?

Direct costs of a cost object

Indirect costs of a cost object

Period costs

Conversion costs

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