Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

ACCT 303 > Exam 1 > Flashcards

Exam 1 Flashcards

0
Q

Financial acct uses

A

Investing and crediting decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Financial acct - users

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Fin acct reporting scope

A

Entire entity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Fin acct time span

A

Quarterly annually

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Financial acct units

A

Money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Fin acct types of reports

A

Four basic fin st and notes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Fin acct rules

A

GAAP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Fin acct primary orientation

A

Past

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Managerial acct users

A

Internal - management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Pyramid of management

A

Strategic
Tactical
Operational
Operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Man acct uses

A

Management decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Man acct reporting scope

A

Products, departments, territories, parts, etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Man acct time span

A

Hourly to yearly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Man acct units

A

Money, units, percentages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Man acct types of reports

A

Tables, narratives, charts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Man acct rules

A

MAP - management accounting principles

Cost benefit and relevancy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Man acct primary orientation

A

Future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Two types of Decisions

A

Planning - before

Controlling - while, evaluate, after

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Feedback

A

Output from previous decisions become input for future decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Decision making process

A
  1. Identify problem and uncertainties
  2. Obtain info
  3. Predict alternatives
  4. Decide
  5. Implement and evaluate
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
Cost
A sacrificed or forgone resource to achieve a specific objective
25
Actual cost
A cost that has occurred
26
Budgeted cost
A predicted cost
27
Cost objective
Anything for which a cost measurement is desired
28
Cost accumulation
Collection of cost data in an organize way by means of an acct system
29
Cost assignment
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
Direct costs
Can be conveniently and economically traced to a cost object
31
Indirect costs
Cannot be conveniently traced to a cost object
32
Factors affecting direct/indirect cost classification
Materiality of cost in question Avail I for gathering technology Design of operations
33
Cost behavior (square)
Variable total - proportional Variable per unit - constant Fixed total - constant. Fixed per unit - inverse
34
Formula for total cost
TC = ($vc/# * #) + FC
35
Cost driver
Variable such as level of activity or volume that casually affects costs over a given time span
36
Relevant range
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
Factory floor plan
``` 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
Product costs
Do fly related to product/service
39
Period costs
Costs related to admin, selling and stuff
40
Service Company | Income Statement
``` Service revenue Operating expenses Selling expenses Admin expenses Total operating expenses Operating income ```
41
Merchandising Company | Income Statement
``` 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
Manufacturing Company | Income Statement
``` 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
Manufacturing Company | Cost of Goods Manufactured Schedule
``` 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
Calc total raw materials avail for use
RMIB + RMP
45
Calc direct materials used
RMA - RMIE
46
Calc manufacturing costs
DMU + DL + MO
47
Calc total cost of work in process
WIPIB + TMC
48
Calc cost of goods manufactured
TCWIP + WIPIE
49
Calc cost of goods available for sale
FGIB + CGM
50
Calc cost of goods sold
CGA - FGIE
51
Calc gross profit
Sales - COGS
52
Calc net income
Gross profit - operating expenses
53
Cost estimation methods
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)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions