Master this deck with 15 terms through effective study methods.
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Focuses on providing information for internal decision-making.
Costs that can be directly traced to a specific cost object.
Variable costs change with production levels, while fixed costs remain constant.
Tracks costs associated with a specific job or project.
The amount remaining from sales revenue after variable costs are deducted.
Includes all manufacturing costs in product costs, both fixed and variable.
Adjusts budgeted amounts based on actual activity levels.
Sunk costs are past expenses that cannot be recovered; opportunity costs represent potential benefits lost.
The process of planning for long-term investments.
Reports cash inflows and outflows over a period.
ABC allocates costs based on activities, while traditional costing uses a single overhead rate.
The level of sales at which total revenues equal total costs.
Used to measure performance by comparing actual costs to expected costs.
A strategic planning tool that measures organizational performance across multiple perspectives.
Focuses on the costs and revenues that differ between alternatives.