In: Accounting
Question 6 (Q7)
Match each of the following terms with the phrase that most closely describes it. Each answer may be used only once.
1. |
Noncontrollable costs |
|
2. |
Opportunity costs |
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3. |
Supply Chain Management systems |
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4. |
Sunk costs |
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5. |
Customer Relationship Management systems |
|
6. |
Variable costs |
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7. |
Budgets |
|
8. |
Controllable costs |
|
9. |
Direct costs |
|
10. |
Fixed costs |
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11. |
Incremental costs |
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12. |
Indirect costs |
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13. |
Enterprise Resource Planning system |
Note: No explanations have been provided in the answer below since once we map the options to the question given, question options themselves become the explanation for the answer.
Question Items | Answer Options |
A. Costs that increase or decrease in total in response to increases or decreases in the level of business activity | 6. Variable Costs |
B. Costs that are directly traceable to a product, activity, or department | 9. Direct Costs |
C. Costs that a manager can influence | 8. Controllable Costs |
D. The difference in costs between decision alternatives | 11. Incremental Costs |
E. Costs incurred in the past that are not relevant to present decisions | 4. Sunk Costs |
F. Costs that cannot be influenced by a manager | 1. Noncontrollable Costs |
G. Financial plans prepared by management accountants | 7. Budgets |
H. Value of the benefits forgone when one decision alternative is selected over another | 2. Opportunity Costs |
I. Costs that cannot be directly traced to a product, activity, or department, or are not worth tracing | 12. Indirect Costs |
J. Costs that do not change in total with changes in the level of business activity | 10. Fixed Costs |
K. Systems that prepare a master production schedule and provide support across various other departments of the company | 13. Enterprise Resource Planning System |
L. Allows companies and suppliers to share information to improve efficiency in getting inputs | 3. Supply chain management systems |
M. Allows customer data analysis and support, often in online format for customers | 5. Customer Relationship management systems |