(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.
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Inventoriable costs become expensed (cost of goods sold) when goods are sold.
Manufacturing overhead costs are also referred to as indirect manufacturing costs
Indirect manufacturing cost may include both variable and fixed
A cost may be direct for one cost object and indirect for another cost object.
Work-in-process inventory are goods partially worked on but not yet completed
Fixed cost per unit falls with an increase in production volume
Rework labor time is considered an overhead cost and not a direct labor cost
Indirect costs cannot be traced to a particular cost object in an economically feasible way.
Period costs are expensed as incurred and are not part of inventory costs.
Opportunity cost influences the make or buy decision to the company
Marketing cots is included in product cost for pricing and product-mix decisions
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
Cost behavior refers to how costs react to a change in the level of activity
Because of a cost-benefit tradeoff, some direct costs may be treated as indirect costs.
Indirect costs are always allocated.
Electricity expenses is a variable cost for an insurance company
Overtime premium is normally considered as a component of indirect labor
Assigning indirect costs is easier than assigning direct costs.
if the volume of sales increases (within a relevant range) total variable cost increases
Cost Tracing the assignment of direct costs to the chosen cost object
Wood used to manufacture chairs is considered a direct variable cost when the cost object is the chair
A company can incur a cost without it being recorded in the accounting system.
The income statement of a service-sector firm reports period costs only
Administrative salaries is a fixed cost for an automobile manufacturing plant
Department stores, ie. Macy's and Khols, are examples of a merchandising company
if the volume of sales increases (within a relevant range) total fixed cost increase
The smaller the amount of a cost the more likely it is economically feasible to trace it to a particular cost object
A cost object is anything for which a cost measurement is desired
