Acc 242 Definitions 1 Flashcards
1
Q
Controlling
A
Evaluating results of business operations and making adjustments
2
Q
Directing
A
Primary management responsibility, running company on day to day basis
3
Q
Planning
A
Setting goals and objectives for company, deciding how to achieve them
4
Q
Controllable costs
A
Costs that can be changed by management
5
Q
Differential cost
A
Difference between two alternative courses of action
6
Q
Period costs
A
Operating expenses, costs that do not get treated as inventory, are expensed in the period which they occur
7
Q
Job costing
A
System for assigning costs to products or services that differ in the amount of product costs required; typically used for custom made products
8
Q
Plantwide overhead rate
A
When overhead is allocated to every product using the same manufacturing overhead rate
