Define cost terms (Learning Objectives 3, 4)

Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.

a. _can be traced to cost objects.

b. _are expensed when incurred.

c. _arethe combination of direct materials and direct labor.

d. Compensation includes wages, salaries, and-

e. _aretreated as-until sold.

f. _include costs from only the production or purchases element of the value chain.
g. _are allocated to cost objects.
h. Both direct and indirect costsare-to-
i._include costs from every element of the value chain.
j. _arethe combination of direct labor and manufacturing overhead.
k. _are expensed as-when sold.
l. Manufacturing overhead includes all-of production.

Prime costs Assigned Cost objects Direct costs Period costs Assets Inventoriable product costs Fringe benefits Cost of goods sold Indirect costs Conversion costs Full product costs