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Test your basic knowledge |
Cost Accounting Equations And More
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Subject
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business-skills
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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. Direct - Indirect - Mixed - Fixed - Variable - etc.
Classifications of Mfg Costs
Prime Cost
Indirect Cost
Financial Accounting
2. SP x Units Sold
Cost Object
Write the Equation (slope)
Revenue
CM % (ratio)
3. CM per unit / SP
Total Mnf Costs Incurred
Revenue
Example of FO
CM % (ratio)
4. VC per unit x Units Sold
Variable Costs (VC)
Conversion Cost
Product Cost (per unit)
Variable Cost
5. Property tax - property insurance - and property rent
MoS (in units)
MoS (formula)
Cost of Making a Product
Example of FO
6. Beg WIP Inv + Total Mnf Costs Incurred-End WIP Inv
BE Units
Break Even Point
CoGMnf
Fixed Cost
7. The product being made
Cost Object
CoGMnf
Classifications of Mfg Costs
Direct Cost
8. When total revenue = total cost - Op Income = 0
Operating Income
Budgeted Cost
Break Even Point
MoS (formula)
9. BE Units x SP -or- FC / CM%
MoS (formula)
Operating Leverage
Write the Equation (slope)
BE Revenue
10. Advertising - Depreciation of Office Equipment - Shipping Costs
Types of Inventorial Costs
Direct Materials
CM % (ratio)
Example of Period Costs
11. Budgeted Sales(units) - BE Sales (units)
Actual Cost
MoS (in units)
Least Squares Regression Method
MoS %
12. Rev - COGS
Conversion Costs
Revenue
Gross Profit
COGS
13. Gross Profit - Sales & Admin Exp -or- Rev - VC - FC
Relevant Range
Operating Income
Budgeted Cost
Goods Available for Sale
14. Can be traced to the cost object in a cost-effective way (DM - DL)
Goods Available for Sale
Direct Cost
Cost of Making a Product
Prime Cost
15. DM - DL - FOH
CoGMnf
MoS %
Variable Cost
Product Costs
16. DM - DL - FO
Cost of Making a Product
Net Income
COGS
Budgeted Cost
17. SP-VC (per unit)
Example of Period Costs
BE Revenue
Conversion Cost
CM (per unit)
18. The direct and variable costs that can be traced back to the cost object.
Direct Materials
Degree of Op Leverage
Contribution Margin (CM)
Write the Equation (slope)
19. Total Rev - Total VC
Contribution Margin (CM)
Goods Available for Sale
High Low Method
Margin of Safety
20. Amount by which budgeted (actual) revenue exceeds the BE Revenue.
Goods Available for Sale
Product Cost (per unit)
Margin of Safety
Managerial Accounting
21. FC / CM per unit
Fixed Cost
Ending Inventory
BE Units
MoS (in units)
22. DL + FOH
Conversion Cost
CM (per unit)
Operating Leverage
Ending Inventory
23. COGM + Beg Finished Goods
Fixed Cost
Goods Available for Sale
Contribution Margin (CM)
Example of Mixed Cost
24. Pay for Print: $100 for first 500 copies - $0.06 for each copy over 500.
Operating Leverage
Revenue
Example of Mixed Cost
Cost Driver
25. Y = FC + (VC Per Unit x Activity Measure or Unit)
Break Even Point
MoS (formula)
Write the Equation (slope)
Cost Driver
26. 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
Total Mnf Costs Incurred
Goods Available for Sale
Variable Cost
Cost Volume Profit (CVP)
27. Indirect and fixed costs related to the factory used for production.
Direct Labor
Conversion Cost
Cost Driver
Factory Overhead
28. Costs vary as the level of activity change. changes in total proportion to changes in the related level of total activity/volume (DM - DL)
Relevant Range
Variable Cost
Total Mnf Costs Incurred
BE Revenue
29. CM / Op Income [Op Leverage is high when the entity has a high proportion of FC in its cost structure)
Factory Overhead
Goods Available for Sale
Degree of Op Leverage
Operating Income
30. Cost incurred
MoS (in units)
Prime Cost
Mixed Cost (Semi-Variable)
Actual Cost
31. Op Income - Income Taxes
Mixed Cost (Semi-Variable)
Net Income
BE Units
Example of Period Costs
32. MoS in $ / Budgeted (actual) Revenue [Revenue would have to decrease by the MoS % to reach the BE Revenue]
Product Costs
Factory Overhead
MoS %
Operating Leverage
33. Product and Period Costs
Fixed Cost
COGS
Types of Inventorial Costs
Margin of Safety
34. Product Cost / Units Produced
Product Costs
Total Mnf Costs Incurred
Revenue
Product Cost (per unit)
35. # 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
High Low Method
Variable Costs (VC)
DM Used
Cost of Making a Product
36. Can not be traced to the cost object in a cost-effective way (FO)
Indirect Cost
BE Units
Period Costs
Prime Cost
37. Follows GAAP rules - summarized information for external users.
Direct Labor
Variable Costs (VC)
Financial Accounting
BE Revenue
38. Sales Revenue - BE Revenue
Actual Cost
Direct Labor
High Low Method
MoS (formula)
39. DL + DM
Product Cost (per unit)
BE Revenue
Prime Cost
Cost Object
40. Future orientation - helps managers make decisions - No GAAP - detailed information for Internal Users.
Operating Leverage
BE Units
Mixed Cost (Semi-Variable)
Managerial Accounting
41. Describes the effects that FC have on changes in Op Income as changes occur in units sold (CM)
Example of Period Costs
DM Used
Operating Leverage
Financial Accounting
42. Beg Inv + Purchased DM - Cost of DM Available for use
Classifications of Mfg Costs
Total Mnf Costs Incurred
CM % (ratio)
Ending Inventory
43. DM + DL + FOH
Actual Cost
Total Mnf Costs Incurred
COGS
BE Units
44. DL + FOH
Conversion Costs
Ending Inventory
Degree of Op Leverage
Product Costs
45. Drives the cost of production. ex. labor hrs - materials - machine hours
Cost Driver
Example of FO
Classifications of Mfg Costs
Direct Materials
46. ∑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)
Cost Driver
Sales Mix
Least Squares Regression Method
MoS %
47. Predicted cost
Budgeted Cost
Revenue
Direct Cost
Actual Cost
48. Goods Available for Sale - End Finished Goods
Sales Mix
Gross Profit
COGS
Net Income
49. Beg Inv of DM (Jan 1) + Purchases of DM - End Inv of DM (Dec 31)
Goods Available for Sale
Indirect Cost
Operating Leverage
DM Used
50. A little fixed & a little variable
Mixed Cost (Semi-Variable)
CM % (ratio)
Budgeted Cost
Direct Cost
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