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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. Property tax - property insurance - and property rent






2. Product Cost / Units Produced






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






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






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






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






7. Sales Revenue - BE Revenue






8. CM per unit / SP






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






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






11. COGM + Beg Finished Goods






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






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






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






15. # 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






16. Op Income - Income Taxes






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






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






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






20. DL + DM






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






22. A little fixed & a little variable






23. DM + DL + FOH






24. SP-VC (per unit)






25. Costs vary as the level of activity change. changes in total proportion to changes in the related level of total activity/volume (DM - DL)






26. Advertising - Depreciation of Office Equipment - Shipping Costs






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






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






29. Predicted cost






30. Selling and Administrative






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






32. SP x Units Sold






33. Goods Available for Sale - End Finished Goods






34. DM - DL - FO






35. Total Rev - Total VC






36. VC per unit x Units Sold






37. ∑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)






38. 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






39. DL + FOH






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






41. Rev - COGS






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






43. DL + FOH






44. DM - DL - FOH






45. Product and Period Costs






46. The product being made






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






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






49. FC / CM per unit






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







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Can you answer 50 questions in 15 minutes?


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