This bingo card has a free space and 29 words: A cost object is anything for which a cost measurement is desired, A cost may be direct for one cost object and indirect for another cost object., Electricity expenses is a variable cost for an insurance company, Administrative salaries is a fixed cost for an automobile manufacturing plant, Period costs are expensed as incurred and are not part of inventory costs., Wood used to manufacture chairs is considered a direct variable cost when the cost object is the chair, Fixed cost per unit falls with an increase in production volume, Inventoriable costs become expensed (cost of goods sold) when goods are sold., Work-in-process inventory are goods partially worked on but not yet completed, Manufacturing overhead costs are also referred to as indirect manufacturing costs, The income statement of a service-sector firm reports period costs only, Department stores, ie. Macy's and Khols, are examples of a merchandising company, Marketing cots is included in product cost for pricing and product-mix decisions, Rework labor time is considered an overhead cost and not a direct labor cost, Overtime premium is normally considered as a component of indirect labor, Opportunity cost influences the make or buy decision to the company, Indirect costs are always allocated., Cost Tracing the assignment of direct costs to the chosen cost object, Indirect manufacturing cost may include both variable and fixed, Indirect costs cannot be traced to a particular cost object in an economically feasible way., Because of a cost-benefit tradeoff, some direct costs may be treated as indirect costs., A company can incur a cost without it being recorded in the accounting system., if the volume of sales increases (within a relevant range) total variable cost increases, Cost behavior refers to how costs react to a change in the level of activity, if the volume of sales increases (within a relevant range) total fixed cost increase, if the volume of sales increases (within a relevant range) total variable cost decrease, if the volume of sales increases (within a relevant range) total fixed cost decrease, The smaller the amount of a cost the more likely it is economically feasible to trace it to a particular cost object and Assigning indirect costs is easier than assigning direct costs..
Cost Classification | Managerial Accounting Bingo! | Chapter 19 | Managerial Accounting Bingo | Managerial Accounting Bingo
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