Cost Terminologies Crossword Puzzle

QUESTIONS LIST:

• fixed cost: expenses that remain constant regardless of activity level.
• cost accumulation: this refers to collecting and identifying cost data with specific customers, jobs, batches, orders, departments and processes.
• direct cost: directly traceable to a specific cost object.
• direct labor: wages paid to workers who directly convert raw materials into finished products.
• indirect cost: expenses not directly traceable to a specific product or service, often shared across various activities or departments.
• cost of goods sold: direct costs associated with producing goods sold during a period.
• raw materials: unprocessed or minimally processed resources that are the basic ingredients used to manufacture finished products.
• variable cost: expenses that change proportionately with activity level.
• actual cost: amount determined on the basis of costs incurred including standard cost properly adjusted for applicable variance.
• cost accounting: specialized branch of accounting used in determining the unit cost and the total cost in product costing as well as in service costing.