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Ch 1: Cost Concepts
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managementaccounting:The process of producing financial and operating information regarding the economic activity engaged in by an organisation (two words 10,10).
financialaccounting:Accounting information produced for external parties (two words 9,10).
costaccounting:Is a subset of the management accounting system (two words 4,10).
planning:The formulation of corporate objectives and the steps taken to achieve them.
control:The ability compare expected results with anticipated results and take corrective actions when necessary.
ethics:Standards of conduct and moral judgement.
valueadded:An activity that if eliminated would reduce the products value to a customer (two words 5,5).
benchmarking:A method of measuring an organisations performance against other best performing organisations.
cost:A sacrifice of value in exchange for something else of value.
product:............... costing. Costing method where there is a physical output to be costed.
raw:............. materials. The primary substances used in production.
direct:............. materials. Materials involved in the production of a finished product that can easily be traced to that product.
indirect:............. materials. Materials used in a finished product that cannot easily be traced and separately identified in that product.
labour:Physical or mental effort expended in the production of goods or provision of services.
overhead:All other costs incurred by the organisation other than direct materials and labour.
fixed:............ cost. A cost that does not vary with changing levels of production activity.
variable:............... cost. A cost that changes proportionally with production activity.
prime:............... cost. Direct materials plus direct labour.
conversion:................. cost. Direct labour plus factory overhead.
product:............... cost. Direct materials plus direct labour plus factory overhead.
period:................ cost. Otherwise known as expenses.
wip:Production that has been commenced but is incomplete with respect to materials, labour or factory overhead (acronym).
unit:............ cost. Cost of manufacturing a single product.
markup:Method used to determine the selling price based on the products cost (two words 4,2).
contribution:...................... margin. The amount per unit available to covers fixed costs.
bep:The point at which total revenues equal total costs (acronym).
Ch 1: Cost Concepts
Across:1. | ............... cost. A cost that changes proportionally with production activity. | 4. | ...................... margin. The amount per unit available to covers fixed costs. | 7. | A method of measuring an organisations performance against other best performing organisations. | 9. | ............... cost. Direct materials plus direct labour plus factory overhead. | 11. | ................. cost. Direct labour plus factory overhead. | 14. | ............ cost. Cost of manufacturing a single product. | 15. | ............. materials. Materials involved in the production of a finished product that can easily be traced to that product. | 17. | ............. materials. The primary substances used in production. | 19. | Standards of conduct and moral judgement. | 20. | Accounting information produced for external parties (two words 9,10). | 21. | Method used to determine the selling price based on the products cost (two words 4,2). | 22. | ............. materials. Materials used in a finished product that cannot easily be traced and separately identified in that product. | 24. | The process of producing financial and operating information regarding the economic activity engaged in by an organisation (two words 10,10). |
| | Down:2. | Physical or mental effort expended in the production of goods or provision of services. | 3. | The ability compare expected results with anticipated results and take corrective actions when necessary. | 5. | The point at which total revenues equal total costs (acronym). | 6. | ............ cost. A cost that does not vary with changing levels of production activity. | 8. | A sacrifice of value in exchange for something else of value. | 9. | ............... costing. Costing method where there is a physical output to be costed. | 10. | Is a subset of the management accounting system (two words 4,10). | 12. | All other costs incurred by the organisation other than direct materials and labour. | 13. | The formulation of corporate objectives and the steps taken to achieve them. | 16. | ................ cost. Otherwise known as expenses. | 18. | An activity that if eliminated would reduce the products value to a customer (two words 5,5). | 23. | Production that has been commenced but is incomplete with respect to materials, labour or factory overhead (acronym). |
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PuzzleFast.com, Noncommercial Use Only
Ch 1: Cost Concepts
Across:1. | ............... cost. A cost that changes proportionally with production activity. | 4. | ...................... margin. The amount per unit available to covers fixed costs. | 7. | A method of measuring an organisations performance against other best performing organisations. | 9. | ............... cost. Direct materials plus direct labour plus factory overhead. | 11. | ................. cost. Direct labour plus factory overhead. | 14. | ............ cost. Cost of manufacturing a single product. | 15. | ............. materials. Materials involved in the production of a finished product that can easily be traced to that product. | 17. | ............. materials. The primary substances used in production. | 19. | Standards of conduct and moral judgement. | 20. | Accounting information produced for external parties (two words 9,10). | 21. | Method used to determine the selling price based on the products cost (two words 4,2). | 22. | ............. materials. Materials used in a finished product that cannot easily be traced and separately identified in that product. | 24. | The process of producing financial and operating information regarding the economic activity engaged in by an organisation (two words 10,10). |
| | Down:2. | Physical or mental effort expended in the production of goods or provision of services. | 3. | The ability compare expected results with anticipated results and take corrective actions when necessary. | 5. | The point at which total revenues equal total costs (acronym). | 6. | ............ cost. A cost that does not vary with changing levels of production activity. | 8. | A sacrifice of value in exchange for something else of value. | 9. | ............... costing. Costing method where there is a physical output to be costed. | 10. | Is a subset of the management accounting system (two words 4,10). | 12. | All other costs incurred by the organisation other than direct materials and labour. | 13. | The formulation of corporate objectives and the steps taken to achieve them. | 16. | ................ cost. Otherwise known as expenses. | 18. | An activity that if eliminated would reduce the products value to a customer (two words 5,5). | 23. | Production that has been commenced but is incomplete with respect to materials, labour or factory overhead (acronym). |
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© 2013
PuzzleFast.com, Noncommercial Use Only