ACTG 2020 Chapter Notes - Chapter 2-3: Scatter Plot, Regression Analysis, Dependent And Independent Variables

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Direct cost: costs that can be easily and accurately traced to a cost object. Indirect cost: cost that cannot be easily, accurately or economically traced. Variable costs: varies in direct proportion to changes in output. It increases as total output increases (eg. denim used to make jeans). Fixed costs: does not increase as total output increases (eg. property tax on land stays the same regardless how many jeans are made) 2. 2 product and service costs: products vs. service, manufacturing organizations vs. service organizations, product cost are those costs, both direct and indirect, of producing and preparing it for sale. Direct material: material that"s are a part of the final product and can be directly traced to the goods being produced. Direct labour: is the labour that can be directly traced to the goods being produced. Cannot be reported as inventories on the balance sheet. They are typically expensed in the period in which they are incurred.

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