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