Basic Concepts Place the number of the appropriate definition in the blank next to each concept. Concept

Basic Concepts Place the number of the appropriate definition in the blank next to each concept.

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Concept Period cost Indirect cost Fixed cost Opportunity cost Outlay cost Direct cost Expense Cost Variable cost Full absorption cost Product cost Definition 1. Cost that varies with the volume of activity. 2. Sacrifice of resources. 3. Cost charged against revenue in a particular accounting period. 4. Cost that is part of inventory. 5. Cost that can more easily be attributed to time intervals. 6. Past, present, or near-future cash flow. 7. Lost benefit from the best forgone alternative. 8. Cost used to compute inventory value according to GAAP. 9. Cost that cannot be directly related to a cost object. 10. Cost that can be directly related to a cost object. 11. Cost that does not vary with the volume of activity.