Select the suitable concept to match the appropriate definition. Concept Definit

Question

Select the suitable concept to match the appropriate definition. Concept Definition Sacrifice of resources Cost that cannot be directly related to a cost object. Cost that varies with the volume of activity. Cost used to compute inventory value according to GAAP Cost charged against revenue in a particular accounting period. Cost that can be directly related to a cost object. Past present, or near-future cash flow Lost benefit from the best forgone alternative. Cost that can more easily be attributed to time intervals. Cost that does not vary with the volume of activity. Cost that is part of inventory 2. 3. 4. 5. 6. 8. 10.

Explanation / Answer

Cost Sacrifices of resources. Indirect Cost Cost that cannot be directly related to a cost object. Variable Cost Cost that varies with the volume of activity. Full Absorption Cost Cost used to compute inventory value according to GAAP. Expense Cost charged against revenue in a particular accounting period. Direct Cost Cost that can be directly related to a cost object. Outlay Cost Past, present, or near-future cash flow. Oppourtunity Cost Lost benefit from the best forgone alternative. Period Cost Cost that can more easily be attributed to time intervals. Fixed Cost Cost that does not vary with the volume of activity. Product Cost Cost that is part of Inventory.

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