Choose the term that most appropriately completes the following statements: Blank 1 are costs that can be easily or physically traced to a particular cost object.Direct material and direct labour are combined to form Blank 2Blank 3 is a cost that varies, in total, in direct proportion to changes in the level of activity or volume.Fixed costs per unit will Blank 4 when the level of activity increases.Semi-variable costs include an amount that is fixed within a relevant range of output and an amount that varies Blank 5 with output changes.Blank 6 is a cost that remains constant, in total, regardless of changes in the level of activity within the relevant range.Blank 7 are potential benefit that is given up when one alternative is selected over another.Blank 8 are cost that have already been incurred as a result of past decision and have a zero value when making future decisions.Blank 9 are those costs that are identified with products manufactured.Direct labour and manufacturing overheads are combined to form Blank 10 , which represent the cost of converting direct material into finished products.
Question
Choose the term that most appropriately completes the following statements: Blank 1 are costs that can be easily or physically traced to a particular cost object.Direct material and direct labour are combined to form Blank 2Blank 3 is a cost that varies, in total, in direct proportion to changes in the level of activity or volume.Fixed costs per unit will Blank 4 when the level of activity increases.Semi-variable costs include an amount that is fixed within a relevant range of output and an amount that varies Blank 5 with output changes.Blank 6 is a cost that remains constant, in total, regardless of changes in the level of activity within the relevant range.Blank 7 are potential benefit that is given up when one alternative is selected over another.Blank 8 are cost that have already been incurred as a result of past decision and have a zero value when making future decisions.Blank 9 are those costs that are identified with products manufactured.Direct labour and manufacturing overheads are combined to form Blank 10 , which represent the cost of converting direct material into finished products.
Solution
Blank 1: Direct Costs Blank 2: Prime Costs Blank 3: Variable Cost Blank 4: Decrease Blank 5: Directly Blank 6: Fixed Cost Blank 7: Opportunity Costs Blank 8: Sunk Costs Blank 9: Product Costs Blank 10: Conversion Costs
Similar Questions
Total variable costs• a. increase with a decrease in activity.O b. are constant regardless of changes in activity.• c. have no relevant range.• d. change proportionately with changes in activity levels.
Mixed costs are costs thatGroup of answer choicescomprise both fixed and variable costsdecrease with production volumeremain constant with changes in production volumeincrease with production volume
What type of costs increase or decrease in total with the budgeted volume of activity but remain constant when expressed on a per unit basis?Multiple choice question.Mixed costsVariable costsFixed costsDiscretionary costs
Which is an example of a variable cost?
Which of the following terms describes a cost that changes with the level of output?Fixed CostVariable CostSunk CostOpportunity Cost
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.