Determine a cost system that uses estimated overhead costs, Cost Accounting

1) Presented below is a list of terms, followed by definitions or descriptions of those terms.

a. Cost pool

b. Actual cost system

c. Cost driver

d. Manufacturing diversity

e. Traditional overhead allocation

f. Activity-based costing

g. Allocation base

h. Normal cost system

i. Manufacturing overhead allocation

Required: Match the letter next to each term or description on the list with the appropriate definition.

Each letter will be used only once.

1. A cost system that uses estimated overhead costs

2. An amount associated with cost objects that is used to proportionately  distribute costs to each cost object

3. A cost system that uses actual overhead costs

4. Uses a single manufacturing overhead cost pool and a single, plant-wide  allocation rate

5. Process of assigning or allotting an amount of manufacturing overhead cost to  each  unit of product based on some reasonable basis of distribution

6. An activity that causes a particular cost that is used to allocate that cost

7. Uses multiple cost pools to develop multiple allocation rates

8. A company manufactures some simple and some complex products

9. An accumulation of the costs associated with a specific cost object

 

Posted Date: 3/20/2013 4:03:18 AM | Location : United States







Related Discussions:- Determine a cost system that uses estimated overhead costs, Assignment Help, Ask Question on Determine a cost system that uses estimated overhead costs, Get Answer, Expert's Help, Determine a cost system that uses estimated overhead costs Discussions

Write discussion on Determine a cost system that uses estimated overhead costs
Your posts are moderated
Related Questions
In this section we have tried to develop the concept of flow of funds inside the organization. Starting along with the funds requirement for an organization, we have tried to trace

Opportunity Costs Are Relevant Costs Opportunity cost introduces an additional concept that is not available like part of normal cost analysis in the accounting record system.

Standard Cost A predetermined cost is representing the ideal or norm achievable through an organization. Standard costs form the basis of a standard cost system used extensivel


You sell a machine for $600,000. You allow the client to pay 1/3 at the time of the sale and 1/3 at the end of year one and 1/3 at the end of year two. The company earns 10% on ass


Cost - Terms Used in Cost Accounting It measures the economic sacrifice created to achieve an organizations aims. For a product, cost represents the monetary measurement of re

I''m about to take my first cost accounting class in college, Do i need algebra skills to do well on this class

What are the importance of cost classification

In most situations this will be essential to grant credit to customers. It may be essential either due to competition or because of the custom of trade. Though, when we grant credi