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Cost Accounting Equations And More

Subject : business-skills
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. Gross Profit - Sales & Admin Exp -or- Rev - VC - FC






2. Beg WIP Inv + Total Mnf Costs Incurred-End WIP Inv






3. CM / Op Income [Op Leverage is high when the entity has a high proportion of FC in its cost structure)






4. Property tax - property insurance - and property rent






5. When total revenue = total cost - Op Income = 0






6. DM + DL + FOH






7. Future orientation - helps managers make decisions - No GAAP - detailed information for Internal Users.






8. DM - DL - FO






9. Product and Period Costs






10. Indirect and fixed costs related to the factory used for production.






11. Pay for Print: $100 for first 500 copies - $0.06 for each copy over 500.






12. Can not be traced to the cost object in a cost-effective way (FO)






13. The direct and variable costs related to the labor that goes into production.






14. Follows GAAP rules - summarized information for external users.






15. 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






16. Advertising - Depreciation of Office Equipment - Shipping Costs






17. Can be traced to the cost object in a cost-effective way (DM - DL)






18. Rev - COGS






19. VC per unit x Units Sold






20. Y = FC + (VC Per Unit x Activity Measure or Unit)






21. The product being made






22. Amount by which budgeted (actual) revenue exceeds the BE Revenue.






23. Costs that do not change regardless of the level of activity as long as it is with in the relevant range. (FO)






24. Quantities of various products (services) that constitute total unit sales of a company






25. Selling and Administrative






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)






27. Total Rev - Total VC






28. A little fixed & a little variable






29. COGM + Beg Finished Goods






30. Sales Revenue - BE Revenue






31. DL + DM






32. MoS in $ / Budgeted (actual) Revenue [Revenue would have to decrease by the MoS % to reach the BE Revenue]






33. FC / CM per unit






34. DM - DL - FOH






35. Goods Available for Sale - End Finished Goods






36. Budgeted Sales(units) - BE Sales (units)






37. CM per unit / SP






38. Beg Inv + Purchased DM - Cost of DM Available for use






39. Direct - Indirect - Mixed - Fixed - Variable - etc.






40. The direct and variable costs that can be traced back to the cost object.






41. SP-VC (per unit)






42. Predicted cost






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.






44. Beg Inv of DM (Jan 1) + Purchases of DM - End Inv of DM (Dec 31)






45. Cost incurred






46. Drives the cost of production. ex. labor hrs - materials - machine hours






47. SP x Units Sold






48. DL + FOH






49. Op Income - Income Taxes






50. ∑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)







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