ACCT 2302 Module 1 review for final exam Flashcards
1
Q
What are the three primary roles of management?
A
planning, controlling & making decisions
2
Q
anything for which cost data is desired
A
Cost object
3
Q
Conversion cost equation
A
Direct labor + manufacturing overhead
4
Q
Direct cost
A
Direct labor + Direct material
5
Q
Prime cost
A
Direct labor + Direct Material
6
Q
Fixed costs remain ___________in total, regardless of changes in the level of activity within the ___________ _____________.
A
constant; relevant range
7
Q
costs that are directly taken to the I/S as an expense in the period incurred
A
period costs
8
Q
costs that can be traced easily to individual units of production
A
direct labor
9
Q
A
10
Q
A
