Question

Match each of the following terms to the corresponding definition by entering the appropriate letter in the space provided. A Accounting information that is almed at external users B. Accounting information that is almed at those working inside the organization C. The establishment of goals and objectives along with the tactics that will be used to achieve them D. The process of putting a plan into action E. The measurement and monitoring of a company's performance to see if planned objectives are being met F. A company that purchases raw materials and converts them into finished products G. A company that sells manufactured products H. The cost of not doing something Costs that can be reasonably traced to a cost object J. Costs that cannot be reasonably traced or are not worth the effort to trace to a cost object K. Costs that change in direct proportion to changes in activity level L. Costs that remain the same per unit of activity M. Costs that vary Inversely per unit of activity N Direct materials plus direct labor O. Money that has already been spent P. Costs that differ between alternatives Q. A plan in monetary or financial terms R. Inventoriable costs S. The ability to meet today's needs without sacrificing the ability of future generations to meet their own needs T. Period costs

Answer 1

S. No.	Item	Answer letter	Remarks
1	Budget	C	N/A
2	Controlling	E	N/A
3	Direct Costs	I & N	Direct costs are costs which are directly traceable and formula for same is : Direct Material + Direct Labour
4	Financial Accounting	A & B	Financial accounting is aimed at helping both internal & external users.
5	Fixed Costs	L	N/A
6	General and Administrative Expense	T	Period costs are basically costs which cannot be attributed to any products and are charged to income statement because they belong to this period like general and administrative expense
7	Merchandising companies	G	N/A
8	Product Costs	R	N/A
9	Sunk Costs	O	These are costs which have already been spent and are irrelevant for decision-making.
10	Sustainibility	S	N/A
Note 1: N/A in remarks means that the answer is fairly direct and does not require any additional explanation. Note 2 : There are certain items which do not match to any option provided such as P. Costs that differ between alternatives is basically relevant cost but since no such option is provided in question, same has been ignored.