Question

Because product costs are initially assigned to inventories, they are also known as __________________

An activity base is a measure of whatever causes the incurrence of a variable cost. An activity base is sometimes referred to as a______________________

_________________________________represent organizational investments with a multiyear planning horizon that can’t be significantly reduced even for short periods of time without making fundamental changes.

_________________________________(often referred to as managed fixed costs) usually arise from annual decisions by management to spend on certain fixed cost items.

Because mixed costs are represented by a straight line, the following equation for a straight line can be used to express the relationship between a mixed cost and the level of activity:____________________

To analyze mixed cost with the high-low method, begin by identifying the period with the lowest level of activity and the period with the highest level of activity.  The formula to analyze variable cost becomes:

______________________________________________

The_______________________________________, unlike the high-low method, uses all of the data to separate a mixed cost into its fixed and variable components.

The_______________________________________ is the amount remaining from sales revenue after variable expenses have been deducted.

A ________________________ is anything for which cost data are desired – including products, customers, jobs, and organizational subunits.

A difference in costs between any two alternatives is known as a ______________________________

A difference in revenues between any two alternatives is known as ______________________________

___________________________________is the potential benefit that is given up when one alternative is selected over another.

A ________________________is a cost that has already been incurred and that cannot be changed by any decision made now or in the future.

Answer 1

Because product costs are initially assigned to inventories, they are also known as ___ Inventoriable costs_______________

An activity base is a measure of whatever causes the incurrence of a variable cost. An activity base is sometimes referred to as a____ direct labor-hours, machine-hours, units produced, units sold__________________

_ Committed Fixed Costs ________________________________represent organizational investments with a multiyear planning horizon that can’t be significantly reduced even for short periods of time without making fundamental changes.

___ Discretionary Fixed Costs______________________________(often referred to as managed fixed costs) usually arise from annual decisions by management to spend on certain fixed cost items.

Because mixed costs are represented by a straight line, the following equation for a straight line can be used to express the relationship between a mixed cost and the level of activity:_____ Y= a+bX _______________

To analyze mixed cost with the high-low method, begin by identifying the period with the lowest level of activity and the period with the highest level of activity.  The formula to analyze variable cost becomes:

______________________________________________

The____ Least-squares regression method_, unlike the high-low method, uses all of the data to separate a mixed cost into its fixed and variable components.

The______ Contribution margin_____________ is the amount remaining from sales revenue after variable expenses have been deducted.

A ______ Cost Object ________ is anything for which cost data are desired – including products, customers, jobs, and organizational subunits.

A difference in costs between any two alternatives is known as a _____ differential _________________________

A difference in revenues between any two alternatives is known as _______ differential _______________________

___________ Opportunity cost_____is the potential benefit that is given up when one alternative is selected over another.

A ________ sunk cost________________is a cost that has already been incurred and that cannot be changed by any decision made now or in the future.

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