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Accounting 2 > Chapter 3 vocab > Flashcards

Chapter 3 vocab Flashcards

1
Q

Activity Drivers

A

Bases that reflect the consumption or provision of resources

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2
Q

Bill of lading

A

A shipment agreement between the business and the common carrier

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3
Q

Conversion process

A

A series of interrelated activities designed to produce the goods a company sells

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4
Q

Cost behavior

A

How a cost reacts to a change in the level of operating activity

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5
Q

Dependent variable (appendix)

A

A variable that depends on another variable

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6
Q

Expenditure process

A

A series of interrelated activities designed to enable the company to generate revenue

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7
Q

Fixed cost

A

A cost that does not change in total as the amount of activity driver changes throughout the relevant range

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8
Q

Fixed revenue

A

A revenue that does not change as the total as the amount of the activity driver changes throughout the relevant range

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9
Q

Free on board (FOB) destination

A

A situation where title goods passes to the customer when goods are received

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10
Q

Free on board (FOB) destination

A

A situation where legal title passes to the customer where goods are received

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11
Q

Free on board (FOB) shipping point

A

A situation where legal title to goods passes to the customer when the goods are picked up by the common carrier CHECK

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12
Q

Independent variable (appendix)

A

A variable that does not depend on another variable

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13
Q

Manufacturing overhead

A

The cost of all manufacturing resources used to make products that are not directly associated with production

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14
Q

Mixed cost

A

A cost that varies, but not proportionally, to a change in activity throughout the relevant range

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15
Q

Mixed cost

A

A cost that varies, but not proportionally, to a change in activity throughout the relevant range

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16
Q

Mixed revenue

A

A revenue that varies but not proportionally to a change in activity throughout the relevant range

17
Q

Purchase allowances

A

Discounts given to unhappy customers (buyers perspective)

18
Q

Purchase discounts

A

Discounts offered to induce customers to pay their bills early (buyers perspective)

19
Q

Purchase order

A

A document sent from a buyer to a vendor to request items for purchase

20
Q

Purchase requisition

A

A document used by an internal party to communicate their needs to the purchasing manager

21
Q

Purchase returns

A

Goods returned to the seller by the buyer (buyers perspective)

22
Q

Purchase returns

A

Goods returned to the seller by the buyer (buyers perspective)

23
Q

Relevant range

A

The span of operating activity that is considered normal for the company

24
Q

Revenue behavior

A

How a revenue reacts to change in the level of operating activity

25
Q

Revenue process

A

A series of interrelated activities designed to produce revenue

26
Q

Sales allowances

A

Discounts given to unhappy customers (sellers perspective)

27
Q

Sales allowances

A

Discounts given to unhappy customers (sellers perspective)

28
Q

Sales discounts

A

Discounts offered to induce customers to pay their bills early (sellers perspective)

29
Q

Sales discounts

A

Discounts offered to induce customers to pay their bills early (sellers perspective)

30
Q

Sales invoice

A

A document sent from a seller to a customer as a bill

31
Q

Sales returns

A

Goods returned to the seller by the buyers (sellers perspective)

32
Q

Variable cost

A

A cost that changes in direct proportion to the change in the amount of activity driver throughout the relevant range

33
Q

Variable revenue

A

A revenue that changes in direct proportion to the change in the amount of activity driver throughout the relevant range

34
Q

X variable (appendix)

A

See independent variable

35
Q

Y variable (appendix)

A

See dependent variable

Accounting 2 (5 decks)

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