Podcast
Questions and Answers
What is the cost associated with goods partially completed at the end of the period?
What is the cost associated with goods partially completed at the end of the period?
What type of costs are associated with physical handling of goods, insurance, security, and IT hardware?
What type of costs are associated with physical handling of goods, insurance, security, and IT hardware?
Which of the following costs involves storing inventory before it is sold?
Which of the following costs involves storing inventory before it is sold?
Which of the following is a major cost under Inventory risks costs?
Which of the following is a major cost under Inventory risks costs?
Signup and view all the answers
What type of cost includes the opportunity cost of the money invested in inventory?
What type of cost includes the opportunity cost of the money invested in inventory?
Signup and view all the answers
What type of costs occur when businesses become out of stock for any reason?
What type of costs occur when businesses become out of stock for any reason?
Signup and view all the answers
Which factor is highlighted as the frontline for preventing spoilage and waste?
Which factor is highlighted as the frontline for preventing spoilage and waste?
Signup and view all the answers
Which cost is essentially incurred every time you place an order from your supplier?
Which cost is essentially incurred every time you place an order from your supplier?
Signup and view all the answers
Which of the following best describes 'imputed cost'?
Which of the following best describes 'imputed cost'?
Signup and view all the answers
What would be an example of an 'out of pocket cost' based on the provided context?
What would be an example of an 'out of pocket cost' based on the provided context?
Signup and view all the answers
In the context of this case, which cost can be avoided by reducing the number of classes offered?
In the context of this case, which cost can be avoided by reducing the number of classes offered?
Signup and view all the answers
What category does 'utilities cost' fall under in the context of cost classifications?
What category does 'utilities cost' fall under in the context of cost classifications?
Signup and view all the answers
Direct costs are costs that can be easily traced to a specific cost object, such as a product or department.
Direct costs are costs that can be easily traced to a specific cost object, such as a product or department.
Signup and view all the answers
Uncontrollable costs include direct materials, direct labor, and some overhead expenses.
Uncontrollable costs include direct materials, direct labor, and some overhead expenses.
Signup and view all the answers
In an organization, more costs are controllable at lower levels of management compared to higher levels.
In an organization, more costs are controllable at lower levels of management compared to higher levels.
Signup and view all the answers
Uncontrollable costs refer to costs that can be directly influenced or managed by a specific manager or department.
Uncontrollable costs refer to costs that can be directly influenced or managed by a specific manager or department.
Signup and view all the answers
Controllable costs are mostly fixed costs that cannot be influenced by the management's actions.
Controllable costs are mostly fixed costs that cannot be influenced by the management's actions.
Signup and view all the answers
Fixed costs are costs that change in direct proportion to the level of production or sales.
Fixed costs are costs that change in direct proportion to the level of production or sales.
Signup and view all the answers
Direct material cost per unit is an example of a fixed cost.
Direct material cost per unit is an example of a fixed cost.
Signup and view all the answers
Uncontrollable costs are costs that can be influenced or changed by the actions of a specific responsibility center.
Uncontrollable costs are costs that can be influenced or changed by the actions of a specific responsibility center.
Signup and view all the answers
Controllable costs refer to costs that a manager can influence through decisions and actions within their control.
Controllable costs refer to costs that a manager can influence through decisions and actions within their control.
Signup and view all the answers
Fixed costs are costs that vary in total with changes in the level of activity, but remain constant per unit.
Fixed costs are costs that vary in total with changes in the level of activity, but remain constant per unit.
Signup and view all the answers
