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GFEBS L230E Cost Management Process Overview Study Guide Solutions Direct Cost - ANSWER-A cost such as labor, materials, or supplies that can be traced directly to producing a specific output of an organization, product, and service Indirect Cost - ANSWER-A cost that cannot be traced directly t...

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  • November 11, 2024
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GFEBS L230E Cost Management Process

Overview Study Guide Solutions


Direct Cost - ANSWER✔✔-A cost such as labor, materials, or supplies that can be traced directly to

producing a specific output of an organization, product, and service


Indirect Cost - ANSWER✔✔-A cost that cannot be traced directly to a specific organization, product,

and/or service output They often are allocated on a predetermined basis and generally are synonymous

with overhead costs such as general and administrative expenses.


Funded Cost - ANSWER✔✔-The value of goods or services received because of an obligation of funds by

the organization performing the work


Unfunded Cost - ANSWER✔✔-A cost that is financed by another organization's or activity's

appropriations.


Variable cost - ANSWER✔✔-A cost that changes with a change in output


fixed cost - ANSWER✔✔-A cost that remains the same regardless of a change in output


sunk cost - ANSWER✔✔-A cost incurred in the past that will not be affected by any present or future

decision


incremental cost - ANSWER✔✔-The increase or decrease in cost that would result from a decision to

increase or decrease output levels




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avoidable cost - ANSWER✔✔-A cost incurred on an object that will no longer be incurred due to a

decision to change the output.


unavoidable cost - ANSWER✔✔-A cost incurred on an object that will be incurred regardless of the

decision to change


Activity Type - ANSWER✔✔-An Activity Type is the cost master data that represents a group of resources

within a Cost Center. These resource groups have capacity and a unit of measure such as: labor hours,

machine hours, square footage, etc. Activity Types are used to produce the products and services of the

organization.


Cost Center - ANSWER✔✔-A Cost Center is a responsibility center on which costs are incurred. It has an

operational manager who is accountable for the resources consumed to produce the cost center's

output.


Project - ANSWER✔✔-A Project is an object used to plan, collect, monitor, and control costs for large

scale time-based events in Project Systems, when extensive scheduling and resource management

capabilities are required. Projects have definite start and end dates


WBS - ANSWER✔✔-A WBS element is an activity within the Project used to plan and update cost data.

Some examples of WBS Elements are: tasks, partial tasks, and work packages


Order - ANSWER✔✔-Orders are cost objects used to plan, collect, monitor, and settle the costs of jobs

and tasks


Internal Order - ANSWER✔✔-An object used to track costs and revenues (in some cases) associated with

internal jobs and tasks. Internal Orders are often used to monitor the costs related to shorter-term

projects or those individual services offered by an organization.


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