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ACCT 303 > Exam 1 > Flashcards

Exam 1 Flashcards

0
Q

Financial acct uses

A

Investing and crediting decisions

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1
Q

Financial acct - users

A

External - investors and creditors, gov, suppliers, employee unions

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2
Q

Fin acct reporting scope

A

Entire entity

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3
Q

Fin acct time span

A

Quarterly annually

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4
Q

Financial acct units

A

Money

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5
Q

Fin acct types of reports

A

Four basic fin st and notes

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6
Q

Fin acct rules

A

GAAP

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7
Q

Fin acct primary orientation

A

Past

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8
Q

Managerial acct users

A

Internal - management

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9
Q

Pyramid of management

A

Strategic
Tactical
Operational
Operations

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10
Q

Man acct uses

A

Management decisions

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11
Q

Man acct reporting scope

A

Products, departments, territories, parts, etc

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12
Q

Man acct time span

A

Hourly to yearly

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13
Q

Man acct units

A

Money, units, percentages

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14
Q

Man acct types of reports

A

Tables, narratives, charts

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15
Q

Man acct rules

A

MAP - management accounting principles

Cost benefit and relevancy

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16
Q

Man acct primary orientation

A

Future

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17
Q

Two types of Decisions

A

Planning - before

Controlling - while, evaluate, after

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18
Q

Feedback

A

Output from previous decisions become input for future decisions

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19
Q

Decision making process

A
  1. Identify problem and uncertainties
  2. Obtain info
  3. Predict alternatives
  4. Decide
  5. Implement and evaluate
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20
Q

Positions under CFO

A

CAO - controller
Tax compliance and planning
Treasury - custody of assets
Risk mgmt - insurance
Investor relations
Strategic (financial) planning - budgeting
Internal audits (financial and operational)

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21
Q

Standards of ethical conduct

A

Competence
Confidentiality
Integrity
Credibility

22
Q

Value Chain

A 
R & D
Design
Production 
Marketing
Distribution
Customer Service
23
Q

Vc production

A

Acquisition, coordination, assembly of resources to produce/deliver product (raw materials)

24
Q

Cost

A

A sacrificed or forgone resource to achieve a specific objective

25
Q

Actual cost

A

A cost that has occurred

26
Q

Budgeted cost

A

A predicted cost

27
Q

Cost objective

A

Anything for which a cost measurement is desired

28
Q

Cost accumulation

A

Collection of cost data in an organize way by means of an acct system

29
Q

Cost assignment

A

General term that encompasses the gathering of accumulated costs to a cost object in two ways:

  1. Tracing accumulated cost with direct relationship to cost of object
  2. Allocating accumulated costs with indirect relationship to a cost object
30
Q

Direct costs

A

Can be conveniently and economically traced to a cost object

31
Q

Indirect costs

A

Cannot be conveniently traced to a cost object

32
Q

Factors affecting direct/indirect cost classification

A

Materiality of cost in question
Avail I for gathering technology
Design of operations

33
Q

Cost behavior (square)

A

Variable total - proportional
Variable per unit - constant
Fixed total - constant.
Fixed per unit - inverse

34
Q

Formula for total cost

A

TC = ($vc/# * #) + FC

35
Q

Cost driver

A

Variable such as level of activity or volume that casually affects costs over a given time span

36
Q

Relevant range

A

Band or range of mor,al activity level or volume in which there is a specific relationship between the level of activity or volume and the cost in question

37
Q

Factory floor plan

A 
Raw materials
Receiving
Raw material stores
Production
Warehouse
Shipping
Finished goods
Sales offices (marketing, research, advertising, sales, distribution, customer support)
Administrative (hr, mgmt info sys, acct/finance, executive suite)
38
Q

Product costs

A

Do fly related to product/service

39
Q

Period costs

A

Costs related to admin, selling and stuff

40
Q

Service Company

Income Statement

A 
Service revenue
Operating expenses
Selling expenses
Admin expenses
Total operating expenses
Operating income
41
Q

Merchandising Company

Income Statement

A 
Sales revenue
Cogs
Merch inv, beg
Cog purchased
Cog avail for sale
Merch inv, end
Cogs
Gross profit
Operating expenses
Selling expenses
Admin ex
Total op ex
Operating income
42
Q

Manufacturing Company

Income Statement

A 
Sales revenue
Cogs
Fgi, beg
Cog manu 
Cog avail for sale
Fgi, end
Cogs
Gross profit
Op ex
R and d
Design
Marketing
Distribution
Cus service
Admin ex
Total op ex
Op income
43
Q

Manufacturing Company

Cost of Goods Manufactured Schedule

A 
Wipi, inv
Direct materials
Mat inv, beg
Mat purch 
Mat avail for use
Mat inv, end
Direct materials used
Direct labor
Manu overhead
Indirect Manu labor
Supplies
Heat light power
Depr - plant building 
Depr - plant equip
Miscellaneous
Total Manu overhead
Total Manu costs
Total cost of wip
Wiping, end
Cog manufactured
44
Q

Calc total raw materials avail for use

A

RMIB + RMP

45
Q

Calc direct materials used

A

RMA - RMIE

46
Q

Calc manufacturing costs

A

DMU + DL + MO

47
Q

Calc total cost of work in process

A

WIPIB + TMC

48
Q

Calc cost of goods manufactured

A

TCWIP + WIPIE

49
Q

Calc cost of goods available for sale

A

FGIB + CGM

50
Q

Calc cost of goods sold

A

CGA - FGIE

51
Q

Calc gross profit

A

Sales - COGS

52
Q

Calc net income

A

Gross profit - operating expenses

53
Q

Cost estimation methods

A

Accountant method - using accountants judgement
Line - stick a line in it
HighLow - use numbers to calculate it
Regression analysis - calculate a lot of hard things

ACCT 303 (1 decks)

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