Fundamentals of Costing Flashcards
1
Q
Management accounting
A
Internal management information for planning, control and decision making
2
Q
Direct costs (prime costs)
A
can be traced in full to cost object being costed
3
Q
Indirect costs (overhead cost)
A
cannot be traced in full to cost object being costed
4
Q
Product cost
A
Allocated to value of inventory until sold
5
Q
Period cost
A
Deducted as expenses in a particular period
6
Q
Cost unit
A
The basic measure of product or service for which costs are determined
7
Q
FIFO
A
First in first out
8
Q
Financial accounting
A
Aggregate, historical information for external reporting
