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






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






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






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






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






6. Advertising - Depreciation of Office Equipment - Shipping Costs






7. Rev - COGS






8. DL + FOH






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






10. # 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






11. Product Cost / Units Produced






12. COGM + Beg Finished Goods






13. The product being made






14. Product and Period Costs






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






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






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






18. 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






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






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






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






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






23. Cost incurred






24. Property tax - property insurance - and property rent






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






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






27. CM per unit / SP






28. ∑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)






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






30. VC per unit x Units Sold






31. Sales Revenue - BE Revenue






32. DM - DL - FO






33. DL + FOH






34. SP x Units Sold






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






36. Goods Available for Sale - End Finished Goods






37. A little fixed & a little variable






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






39. DM + DL + FOH






40. DM - DL - FOH






41. Predicted cost






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






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






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






45. FC / CM per unit






46. DL + DM






47. Selling and Administrative






48. Total Rev - Total VC






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






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