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1

A is anything that prevents a company from achieving higher performance in terms of its goals.
2

A management concept where every manager and employee continually looks for ways to improve operations is called improvement.
3

A sales price of $120 less variable costs of $60 will result in a margin of $60.
4

With a sales price of $120 and a contribution margin of $48, the product has a contribution margin of 40%.
5

is the process of monitoring planning decisions and evaluating the organization's activities and employees.
6

With regard to the salary of the company president, that salary would be (CONTROLLABLE or NOT CONTROLLABLE) by the production supervisor.
7

Expenditures incurred in the process of converting raw materials to finished goods are called costs.
8

Costs that are incurred for the benefit of one specific cost object are called costs.
9

labour is the efforts of employees who physically convert materials to finished product.
10

The wages and salaries for direct labour that are separately and readily traced through the manufacturing process to finished goods are called direct labour .
11

The raw materials that physically become part of the product and therefore are clearly identified with specific units or batches of product are called materials.
12

Factory heat and utilities are examples of factory .
13

Products sold by a retailer are called merchandise. Products sold by a manufacturer are called goods.
14

Costs that do not change with changes in the volume of an activity are called costs.
15

Products that are in the process of being manufactured but that are not yet complete are called goods in inventory.
16

The salaries and wages of the factory maintenance workers would be considered an labour cost.
17

Materials used in support of the production process that do not become a part of the product are called materials.
18

A company that acquires or produces inventory only when needed is using a - - inventory system.
19

When an accounting student chooses to attend a course in cost accounting rather than work for 2 hours at $10 an hour, the wages that are given up to attend the course is an cost.
20

The salaries of the sales managers would be considered a (PRODUCT or PERIOD) cost?
21

The costs of direct materials and direct labour are called costs.
22

The costs of direct materials, direct labour, and factory overhead that are capitalized as inventory are called costs.
23

Amortization is an example of a cost.
24

The theory of is the process of identifying factors that constrain or limit a company's operations.
25

The added value (selling price minus direct material costs) of finished products processed through the system is called .
26

A management concept under which all managers and employees at all stages of operations strive toward higher standards and a reduced number of defective units is called total management.
27

Direct material cost is an example of a (FIXED or VARIABLE) cost.
28

accounting is the collecting, managing, and processing of financial and non-financial information for use by managers and other internal decision makers of an organization.
29

An - - cost requires a future outlay of cash and is relevant for future decision-making.
30

costs are expenses that are necessary and integral to the production of finished goods.





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