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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. COGM + Beg Finished Goods






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






3. Product and Period Costs






4. DM - DL - FOH






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






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






7. Predicted cost






8. VC per unit x Units Sold






9. DL + FOH






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






11. CM per unit / SP






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






13. Goods Available for Sale - End Finished Goods






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






15. Sales Revenue - BE Revenue






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






17. Describes the effects that FC have on changes in Op Income as changes occur in units sold (CM)






18. Rev - COGS






19. Total Rev - Total VC






20. Selling and Administrative






21. Cost incurred






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






23. DM - DL - FO






24. Product Cost / Units Produced






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






26. Band of normal activity level or volume in which there is a specific relationship between the level of activity/volume and cost in question.






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






28. Gross Profit - Sales & Admin Exp -or- Rev - VC - FC






29. Advertising - Depreciation of Office Equipment - Shipping Costs






30. Op Income - Income Taxes






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






32. Property tax - property insurance - and property rent






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






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






35. DL + DM






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






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






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)






39. BE Units x SP -or- FC / CM%






40. SP-VC (per unit)






41. A little fixed & a little variable






42. FC / CM per unit






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






44. DM + DL + FOH






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






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






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






48. DL + FOH






49. The product being made






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