Test your basic knowledge |

Cost Accounting Equations And More

Instructions:

Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can study here.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. Property tax - property insurance - and property rent
Operating Income
Cost Driver
Budgeted Cost
Example of FO

2. Quantities of various products (services) that constitute total unit sales of a company
CoGMnf
Variable Costs (VC)
Sales Mix
Managerial Accounting

3. Sales Revenue - BE Revenue
Revenue
MoS (formula)
Operating Income
Cost of Making a Product

4. Gross Profit - Sales & Admin Exp -or- Rev - VC - FC
Margin of Safety
Prime Cost
Types of Inventorial Costs
Operating Income

5. The product being made
Total Mnf Costs Incurred
Cost Object
Variable Costs (VC)
Financial Accounting

6. When total revenue = total cost - Op Income = 0
Types of Inventorial Costs
Goods Available for Sale
Product Cost (per unit)
Break Even Point

7. SP x Units Sold
Degree of Op Leverage
Direct Labor
Revenue
Direct Cost

8. Future orientation - helps managers make decisions - No GAAP - detailed information for Internal Users.
Indirect Cost
Relevant Range
Period Costs
Managerial Accounting

9. The direct and variable costs related to the labor that goes into production.
Direct Labor
Mixed Cost (Semi-Variable)
Example of Mixed Cost
DM Used

10. Budgeted Sales(units) - BE Sales (units)
Conversion Cost
High Low Method
MoS (in units)
Direct Materials

11. Goods Available for Sale - End Finished Goods
Operating Income
Product Costs
Goods Available for Sale
COGS

12. DL + DM
Prime Cost
COGS
CM % (ratio)
Product Cost (per unit)

13. Beg WIP Inv + Total Mnf Costs Incurred-End WIP Inv
Cost Driver
Conversion Costs
CoGMnf
Example of FO

14. VC per unit x Units Sold
Variable Costs (VC)
Break Even Point
Example of Mixed Cost
Revenue

15. Y = FC + (VC Per Unit x Activity Measure or Unit)
Write the Equation (slope)
Budgeted Cost
Product Cost (per unit)
Cost Object

16. Beg Inv + Purchased DM - Cost of DM Available for use
Margin of Safety
Ending Inventory
High Low Method
Conversion Cost

17. Beg Inv of DM (Jan 1) + Purchases of DM - End Inv of DM (Dec 31)
Actual Cost
Total Mnf Costs Incurred
Sales Mix
DM Used

18. SP-VC (per unit)
CM (per unit)
DM Used
Product Cost (per unit)
MoS (in units)

19. Op Income - Income Taxes
CM (per unit)
Managerial Accounting
Variable Cost
Net Income

20. Predicted cost
Product Costs
Budgeted Cost
Relevant Range
MoS %

21. BE Units x SP -or- FC / CM%
Margin of Safety
Least Squares Regression Method
BE Revenue
Net Income

22. Pay for Print: $100 for first 500 copies - $0.06 for each copy over 500.
Example of Mixed Cost
Total Mnf Costs Incurred
Degree of Op Leverage
BE Revenue

23. Drives the cost of production. ex. labor hrs - materials - machine hours
Revenue
Margin of Safety
BE Units
Cost Driver

24. DM + DL + FOH
Total Mnf Costs Incurred
Ending Inventory
Product Cost (per unit)
Fixed Cost

25. Examines the behavior of total rev - total costs - Op Inc as changes occur in the output level - selling price - variable cost per unit - or the fixed costs of a product
Goods Available for Sale
Mixed Cost (Semi-Variable)
Cost Volume Profit (CVP)
COGS

26. Indirect and fixed costs related to the factory used for production.
Factory Overhead
Actual Cost
Ending Inventory
Variable Costs (VC)

27. Product Cost / Units Produced
Product Cost (per unit)
Classifications of Mfg Costs
CoGMnf
Example of Period Costs

28. Can not be traced to the cost object in a cost-effective way (FO)
Direct Materials
Write the Equation (slope)
Variable Cost
Indirect Cost

29. CM / Op Income [Op Leverage is high when the entity has a high proportion of FC in its cost structure)
Degree of Op Leverage
Managerial Accounting
CoGMnf
Product Cost (per unit)

30. Selling and Administrative
Product Costs
Example of Mixed Cost
Cost of Making a Product
Period Costs

31. Total Rev - Total VC
Write the Equation (slope)
Net Income
Contribution Margin (CM)
Product Costs

32. Direct - Indirect - Mixed - Fixed - Variable - etc.
Total Mnf Costs Incurred
Period Costs
Classifications of Mfg Costs
Cost Volume Profit (CVP)

33. DL + FOH
Conversion Costs
Example of Mixed Cost
Classifications of Mfg Costs
Managerial Accounting

34. ∑xy = (FC)(∑x) + (VC)(∑x^2) - ∑y = (n)(FC) + (VC)(∑x) - solve for a & b - then write the formula/equation: y = FC + (VC x Units)
Least Squares Regression Method
Indirect Cost
DM Used
Prime Cost

35. Amount by which budgeted (actual) revenue exceeds the BE Revenue.
Margin of Safety
Classifications of Mfg Costs
Example of Period Costs
Product Cost (per unit)

36. Advertising - Depreciation of Office Equipment - Shipping Costs
Example of Period Costs
Cost Driver
Direct Materials
Managerial Accounting

37. # of Units: H1 and L1 - Cost: H2 and L2 - VC per Unit: (H2 - L2 / (H1-L1) - FC: L2 - VCL -or- H2 - VCH - VCH: H1 x VC per Unit VCL: L1 x VC per Unit
Financial Accounting
COGS
Cost Volume Profit (CVP)
High Low Method

38. Costs vary as the level of activity change. changes in total proportion to changes in the related level of total activity/volume (DM - DL)
Variable Cost
Direct Materials
Net Income
High Low Method

39. DL + FOH
Conversion Costs
Conversion Cost
Prime Cost
Cost Volume Profit (CVP)

40. Cost incurred
Types of Inventorial Costs
Actual Cost
Degree of Op Leverage
Gross Profit

41. FC / CM per unit
BE Units
Least Squares Regression Method
Variable Cost
Indirect Cost

42. The direct and variable costs that can be traced back to the cost object.
Product Cost (per unit)
Example of FO
Factory Overhead
Direct Materials

43. Band of normal activity level or volume in which there is a specific relationship between the level of activity/volume and cost in question.
Sales Mix
Least Squares Regression Method
Relevant Range
Net Income

44. CM per unit / SP
Margin of Safety
Actual Cost
CM % (ratio)
BE Revenue

45. Rev - COGS
Contribution Margin (CM)
Revenue
Gross Profit
COGS

46. Describes the effects that FC have on changes in Op Income as changes occur in units sold (CM)
Operating Leverage
Variable Cost
Classifications of Mfg Costs
COGS

47. Follows GAAP rules - summarized information for external users.
Financial Accounting
Period Costs
Classifications of Mfg Costs
Cost Volume Profit (CVP)

48. DM - DL - FO
Write the Equation (slope)
Classifications of Mfg Costs
MoS (formula)
Cost of Making a Product

49. MoS in $ / Budgeted (actual) Revenue [Revenue would have to decrease by the MoS % to reach the BE Revenue]
MoS %
Write the Equation (slope)
Direct Materials
Least Squares Regression Method

50. Product and Period Costs
Gross Profit
Example of FO
Conversion Costs
Types of Inventorial Costs

Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?

Major Subjects
Tests & Exams AP CLEP DSST GRE SAT GMAT	Certifications CISSP go to https://www.isc2.org/ PMP ITIL RHCE MCTS More...	IT Skills Android Programming Data Modeling Objective C Programming Basic Python Programming Adobe Illustrator More...	Business Skills Advertising Techniques Business Accounting Basics Business Strategy Human Resource Management Marketing Basics More...
Soft Skills Body Language People Skills Public Speaking Persuasion Job Hunting And Resumes More...	Vocabulary GRE Vocab SAT Vocab TOEFL Essential Vocab Basic English Words For All Global Words You Should Know Business English More...	Languages AP German Vocab AP Latin Vocab SAT Subject Test: French Italian Survival Norwegian Survival More...	Engineering Audio Engineering Computer Science Engineering Aerospace Engineering Chemical Engineering Structural Engineering More...
Health Sciences Basic Nursing Skills Health Science Language Fundamentals Veterinary Technology Medical Language Cardiology Clinical Surgery More...	English Grammar Fundamentals Literary And Rhetorical Vocab Elements Of Style Vocab Introduction To English Major Complete Advanced Sentences Literature Homonyms More...	Math Algebra Formulas Basic Arithmetic: Measurements Metric Conversions Geometric Properties Important Math Facts Number Sense Vocab Business Math More...	Other Major Subjects Science Economics History Law Performing-arts Cooking Logic & Reasoning Trivia

Test your basic knowledge |

Cost Accounting Equations And More

Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?

Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests

Major Subjects

Tests & Exams

Certifications

IT Skills

Business Skills

Soft Skills

Vocabulary

Languages

Engineering

Health Sciences

English

Math

Other Major Subjects

Browse all subjects

Browse all tests

Most popular tests