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Cost Accounting Equations And More

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Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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1. Selling and Administrative
Period Costs
DM Used
Conversion Costs
Cost Object

2. Product Cost / Units Produced
Product Cost (per unit)
Gross Profit
Example of FO
Financial Accounting

3. Pay for Print: $100 for first 500 copies - $0.06 for each copy over 500.
Financial Accounting
Example of Mixed Cost
Prime Cost
CM (per unit)

4. DL + FOH
Product Cost (per unit)
Prime Cost
BE Units
Conversion Cost

5. SP x Units Sold
Revenue
Classifications of Mfg Costs
Indirect Cost
MoS %

6. Op Income - Income Taxes
Net Income
MoS (in units)
COGS
Operating Income

7. ∑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)
Mixed Cost (Semi-Variable)
Revenue
Least Squares Regression Method
BE Units

8. CM / Op Income [Op Leverage is high when the entity has a high proportion of FC in its cost structure)
High Low Method
Degree of Op Leverage
Period Costs
Least Squares Regression Method

9. Direct - Indirect - Mixed - Fixed - Variable - etc.
Write the Equation (slope)
BE Revenue
Cost Driver
Classifications of Mfg Costs

10. Beg Inv + Purchased DM - Cost of DM Available for use
Break Even Point
CM % (ratio)
Cost of Making a Product
Ending Inventory

11. Predicted cost
Budgeted Cost
Total Mnf Costs Incurred
High Low Method
Managerial Accounting

12. VC per unit x Units Sold
Variable Costs (VC)
Classifications of Mfg Costs
Operating Leverage
Financial Accounting

13. DL + FOH
Write the Equation (slope)
Managerial Accounting
Conversion Costs
Product Cost (per unit)

14. DL + DM
Prime Cost
Example of Mixed Cost
Product Cost (per unit)
Direct Labor

15. DM - DL - FO
Product Costs
Cost of Making a Product
Example of Mixed Cost
MoS (in units)

16. Drives the cost of production. ex. labor hrs - materials - machine hours
Financial Accounting
Types of Inventorial Costs
Break Even Point
Cost Driver

17. Can not be traced to the cost object in a cost-effective way (FO)
Direct Labor
Indirect Cost
DM Used
COGS

18. Follows GAAP rules - summarized information for external users.
Write the Equation (slope)
Ending Inventory
Financial Accounting
Example of FO

19. The direct and variable costs that can be traced back to the cost object.
BE Units
DM Used
Degree of Op Leverage
Direct Materials

20. Gross Profit - Sales & Admin Exp -or- Rev - VC - FC
BE Units
BE Revenue
Operating Income
Margin of Safety

21. CM per unit / SP
Classifications of Mfg Costs
CM % (ratio)
Net Income
Degree of Op Leverage

22. Describes the effects that FC have on changes in Op Income as changes occur in units sold (CM)
Operating Leverage
BE Units
Period Costs
Cost Driver

23. Product and Period Costs
Managerial Accounting
Types of Inventorial Costs
Margin of Safety
Revenue

24. Y = FC + (VC Per Unit x Activity Measure or Unit)
Classifications of Mfg Costs
Write the Equation (slope)
Budgeted Cost
Example of Period Costs

25. Costs that do not change regardless of the level of activity as long as it is with in the relevant range. (FO)
Contribution Margin (CM)
Budgeted Cost
Total Mnf Costs Incurred
Fixed Cost

26. Costs vary as the level of activity change. changes in total proportion to changes in the related level of total activity/volume (DM - DL)
Financial Accounting
Managerial Accounting
Contribution Margin (CM)
Variable Cost

27. Future orientation - helps managers make decisions - No GAAP - detailed information for Internal Users.
Managerial Accounting
Actual Cost
Contribution Margin (CM)
Example of FO

28. 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
Degree of Op Leverage
Prime Cost
Conversion Costs
Cost Volume Profit (CVP)

29. Beg Inv of DM (Jan 1) + Purchases of DM - End Inv of DM (Dec 31)
DM Used
Example of FO
Cost Driver
Example of Mixed Cost

30. MoS in $ / Budgeted (actual) Revenue [Revenue would have to decrease by the MoS % to reach the BE Revenue]
CM (per unit)
Financial Accounting
Break Even Point
MoS %

31. BE Units x SP -or- FC / CM%
BE Revenue
Conversion Cost
Gross Profit
Example of Period Costs

32. Quantities of various products (services) that constitute total unit sales of a company
Sales Mix
Margin of Safety
Least Squares Regression Method
Example of FO

33. Rev - COGS
Types of Inventorial Costs
Gross Profit
CoGMnf
Classifications of Mfg Costs

34. # 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
Prime Cost
High Low Method
Write the Equation (slope)
Cost Volume Profit (CVP)

35. The product being made
Factory Overhead
Break Even Point
CoGMnf
Cost Object

36. Cost incurred
Classifications of Mfg Costs
Indirect Cost
Actual Cost
Operating Income

37. Indirect and fixed costs related to the factory used for production.
Actual Cost
CM % (ratio)
Financial Accounting
Factory Overhead

38. DM + DL + FOH
Ending Inventory
Gross Profit
Total Mnf Costs Incurred
Least Squares Regression Method

39. SP-VC (per unit)
Variable Cost
CM (per unit)
Margin of Safety
Relevant Range

40. Property tax - property insurance - and property rent
BE Units
CoGMnf
Prime Cost
Example of FO

41. FC / CM per unit
Cost Driver
Write the Equation (slope)
BE Units
High Low Method

42. DM - DL - FOH
Product Costs
Conversion Costs
Fixed Cost
COGS

43. Goods Available for Sale - End Finished Goods
Cost Object
Product Cost (per unit)
Types of Inventorial Costs
COGS

44. Band of normal activity level or volume in which there is a specific relationship between the level of activity/volume and cost in question.
Operating Income
CM (per unit)
Mixed Cost (Semi-Variable)
Relevant Range

45. Budgeted Sales(units) - BE Sales (units)
MoS (formula)
MoS (in units)
Cost of Making a Product
Product Costs

46. Advertising - Depreciation of Office Equipment - Shipping Costs
Classifications of Mfg Costs
MoS (formula)
Net Income
Example of Period Costs

47. Beg WIP Inv + Total Mnf Costs Incurred-End WIP Inv
Period Costs
Actual Cost
Ending Inventory
CoGMnf

48. A little fixed & a little variable
Mixed Cost (Semi-Variable)
Direct Cost
MoS (in units)
Direct Materials

49. When total revenue = total cost - Op Income = 0
Operating Leverage
Break Even Point
Product Costs
Total Mnf Costs Incurred

50. COGM + Beg Finished Goods
MoS (in units)
Indirect Cost
Operating Income
Goods Available for Sale

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Cost Accounting Equations And More

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