Solved

Match the Appropriate Term with Each Definition

Question 171

Matching

Match the appropriate term with each definition. Some of the lettered terms may be used more than once, while others may not be used at all. Each numbered definition has only one best response.

Premises:
Has a cause-and-effect relationship with costs
Benefits of the next best alternative that we forego when we make a decisions
Analysis at the account level
Easily traced to individual cost objects
Often estimated based on a budget established by management
A thing or activity for which managers measure costs
Often increase in a stepwise manner
Cost incurred in the past
Scatter plots
Input or activity that causes changes in costs
Represented mathematically as TC=F + V × O
Span of activity for which cost behaviour can be reliably predicted
Responses:
Direct cost
Relevant range
Sunk cost
Discretionary cost
Mixed cost
Fixed cost
R-square statistic
Cost object
Cost driver
Indirect cost
Opportunity cost
Cost estimation method

Correct Answer:

Has a cause-and-effect relationship with costs
Benefits of the next best alternative that we forego when we make a decisions
Analysis at the account level
Easily traced to individual cost objects
Often estimated based on a budget established by management
A thing or activity for which managers measure costs
Often increase in a stepwise manner
Cost incurred in the past
Scatter plots
Input or activity that causes changes in costs
Represented mathematically as TC=F + V × O
Span of activity for which cost behaviour can be reliably predicted
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