Choose the correct term from the options provided to match the following descriptions:Costs that remain constant regardless of the number of units produced and sold.Answer 1The total gain or loss on an investment over a given period.Answer 2An inventory that was purchased with the intention to sell it again in unaltered form.Answer 3The costs relating to the preparation and processing of purchasing documentation, as well as receiving and inspecting purchased items.Answer 4The term used where the remuneration paid to employees could vary from one period to the next.Answer 5The company’s plan that will contain statements about its mission, vision, values, key strategies and long-term objectives.Answer 6The manufacturing costs that we can easily trace to the products manufactured.Answer 7A factory’s average level of activity for meeting the company’s production demands, considering expected interruptions and seasonal fluctuations.Answer 8This method treats all manufacturing costs (i.e. direct materials, direct labour as well as fixed and variable factory overheads) as product costs.Answer 9The principle that an amount of money is worth more today than the same amount of money will be worth in the future.Answer 10
Question
Choose the correct term from the options provided to match the following descriptions:Costs that remain constant regardless of the number of units produced and sold.Answer 1The total gain or loss on an investment over a given period.Answer 2An inventory that was purchased with the intention to sell it again in unaltered form.Answer 3The costs relating to the preparation and processing of purchasing documentation, as well as receiving and inspecting purchased items.Answer 4The term used where the remuneration paid to employees could vary from one period to the next.Answer 5The company’s plan that will contain statements about its mission, vision, values, key strategies and long-term objectives.Answer 6The manufacturing costs that we can easily trace to the products manufactured.Answer 7A factory’s average level of activity for meeting the company’s production demands, considering expected interruptions and seasonal fluctuations.Answer 8This method treats all manufacturing costs (i.e. direct materials, direct labour as well as fixed and variable factory overheads) as product costs.Answer 9The principle that an amount of money is worth more today than the same amount of money will be worth in the future.Answer 10
Solution
Answer 1: Fixed Costs Answer 2: Return on Investment Answer 3: Merchandise Inventory Answer 4: Ordering Costs Answer 5: Variable Pay Answer 6: Strategic Plan Answer 7: Direct Costs Answer 8: Normal Capacity Answer 9: Absorption Costing Answer 10: Time Value of Money
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