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