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






2. SP x Units Sold






3. CM per unit / SP






4. VC per unit x Units Sold






5. Property tax - property insurance - and property rent






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






7. The product being made






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






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






10. Advertising - Depreciation of Office Equipment - Shipping Costs






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






12. Rev - COGS






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






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






15. DM - DL - FOH






16. DM - DL - FO






17. SP-VC (per unit)






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






19. Total Rev - Total VC






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






21. FC / CM per unit






22. DL + FOH






23. COGM + Beg Finished Goods






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






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






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






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






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)






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






30. Cost incurred






31. Op Income - Income Taxes






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






33. Product and Period Costs






34. Product Cost / Units Produced






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






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






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






38. Sales Revenue - BE Revenue






39. DL + DM






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






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






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






43. DM + DL + FOH






44. DL + FOH






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






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)






47. Predicted cost






48. Goods Available for Sale - End Finished Goods






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






50. A little fixed & a little variable







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