Term
| _______ reflects the monetary measure of resources expended to attain an objective such as making a good or delivering a service. |
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Term
| Define Cost management system |
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Definition
A set of formal methods developed for planning and controlling an organizations cost-generating activities relative to its strategy, goals, and objectives.
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Term
| Anything for which management wants to collect or accumulate costs is known as a(n) |
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| __________ are conveniently and economically traceable to the cost object. |
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Definition
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| Indirect costs cannot be economically traced to the cost object but instead must be |
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Definition
| Allocated to the cost object |
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Definition
| A cost that varies in total and direct proportion to changes in activity |
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Term
| A cost that remains constant in total within the relevant range of activity is considered a ______ |
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Term
| A cost that has both a variable and a fixed component is known as |
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Term
| What type of costs are related to making or aquiring the products or providing the services that directly generate the revenues of an entity? |
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Term
| _______ are related to business functions other than production, such as selling and administration. |
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Term
| What is the major distinction of retail firms relative to service and manufacturing firms? |
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Definition
| Retailers have much lower degrees of conversion than the other two types of firms. |
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