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WorksheetsIntroduction to Management Accounting
Total questions: 12
Worksheet time: 10mins
Functions of management accounting include
Planning
Controlling
Decision-making
Communicating
Prime Cost comprise of
direct material cost
direct labour cost
overhead cost
non-manufacturing overhead cost
Conversion costs comprise of
Direct labour cost
Manufacturing overhead cost
Product Cost
Period Cost
Manufacturing costs is also known as
inventoriable cost
period cost
conversion costs
overhead costs
Non-manufacturing cost includes
marketing cost
general and administration costs
factory rental
factory insurance
Costs that remain fixed or constant, although there are changes in output in a given relevant range:
variable cost
fixed cost
mixed cost
semi-variable cost
Costs that vary according to variation in the unit of output
(a)
Mixed costs is a combination of variable costs and fixed costs. It is also known as
semi-variable costs
semi-fixed costs
fixed cost
relevant cost
Cost that can be traced to a business activity
(a)
Indirect costs examples
utility cost
sales manager salary
direct materials
direct labour
factory insurance
Cost that cannot be recovered OR irrelevant cost
(a)
A benefit that the business has given up or sacrificed to acquire something else
(a)
