QUESTION 3: MATCHING QUESTIONS This section consists of TEN (10) matching statements. Each question is worth one (1) mar

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QUESTION 3: MATCHING
QUESTIONS
This section consists of TEN (10)
matching statements. Each question is worth one (1) mark. You are
required to match the terminology to its most appropriate
definition or description.
COLUMN A
COLUMN B
1.
Direct
costs
A
identifying ways of attaining goals and
the resources needed in the process of reaching these goals.
2.
Product
Cost
B
involves the allocating of these costs
including overhead based on the organisation's activity level
3.
Period Cost
C
refers to the costs incurred to create
a product
4.
Variable
costs
D
these are all the costs in a business
associated with the general management of the business
5.
Costing
system
E
these are the costs that remain
constant in total within a relevant range even of output levels
change
6.
Planning
F
these are costs that vary/change in
direct proportion with the volume of activity
7.
Activity-based
costing
G
is when an organisation allocates
overhead costs to specific goods or services
8.
Traditional
costing
H
these are costs that are directly
linked to a cost object
9.
Fixed costs
I
a method of costing that is designed to
suit the way goods are processed or manufactured
10.
Administrative
costs
J
expensed in the period incurred and
appear on the income statement