ACC 350 Week 3 Quiz 2 – TestBank

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ACC 350 Week 3 Quiz 2 Chapter 2, An Introduction to Cost Terms and Purpose (230 Questions and Answers)

Cost Accounting, 15e (Horngren/Datar/Rajan)

  1. An actual cost is ________.
  2. Comparing budgeted costs to actual costs helps managers to improve ________.
  3. Budgeted costs are ________.
  4. Cost assignment ________.
  5. A cost system determines the cost of a cost object by ________.
  6. A cost object is anything for which a cost measurement is ………
  7. Costs are ……for in two basic stages: assignment followed by accumulation.
  8. An actual cost is the cost …..a historical or past cost.
  9. Accountants define a cost as a resource to be …..to achieve a specific objective.
  10. A cost is a resource sacrificed or forgone to achieve a specific objective.
  11. Managers use cost accumulation data to make decisions and implement them.
  12. Lucas Manufacturing has three cost objects that it uses to accumulate costs for its manufacturing plants. They are:
  13. Which of the following factors affect the direct/indirect classification of a cost?
  14.  The general term used to identify both the tracing and the allocation of accumulated costs to a cost object is ________.
  15. Cost accumulation is ________.
  16. Which of the following statements about the direct/indirect cost …..is true acc 350 week 3 quiz ?
  17.  Cost tracing is ________.
  18.  Cost allocation is ________.
  19. The determination of a cost as either direct or indirect depends upon the ________.
  20. Classifying a cost as either direct or indirect depends upon ________.
  21.  A manufacturing plant produces two product lines: golf equipment and soccer equipment. An example of direct costs for the golf equipment line is ________.
  22. A manufacturing plant produces two product lines: golf equipment and soccer equipment. An example of indirect cost for the soccer equipment line is the ________.
  23. Which one of the following items is a direct cost acc 350 week 3 quiz?
  24. Indirect manufacturing costs ________.
  25. Which of the following is true of indirect costs?………………………………………………………………………………..Continued (60 Pages)acc 350 week 3 quiz