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

Cost Term (BMK)

Quiz
•
Business
•
12th Grade
•
Easy
Aldila Rizkiana
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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