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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. Sales Revenue - BE Revenue






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






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






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






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






6. Advertising - Depreciation of Office Equipment - Shipping Costs






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






8. SP-VC (per unit)






9. Op Income - Income Taxes






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






11. # 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






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






13. DM - DL - FO






14. DL + FOH






15. ∑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)






16. Goods Available for Sale - End Finished Goods






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






18. CM per unit / SP






19. Product Cost / Units Produced






20. A little fixed & a little variable






21. SP x Units Sold






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






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






24. DM + DL + FOH






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






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






27. FC / CM per unit






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






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






30. DL + DM






31. Rev - COGS






32. Predicted cost






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






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






35. Property tax - property insurance - and property rent






36. Product and Period Costs






37. Selling and Administrative






38. DL + FOH






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






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






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






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






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






44. Total Rev - Total VC






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






46. COGM + Beg Finished Goods






47. VC per unit x Units Sold






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






49. Cost incurred






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


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