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COB 242 > Final > Flashcards

Final Flashcards

1
Q

3 types of product costs are…

A

Direct Materials, Direct Labor, MOH

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2
Q

3 categories of manufacturing overhead

A

Indirect Materials, Indirect Labor, Other cost

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3
Q

Product costs are included in ___ and are ___ when sold

A

Inventory, COGS

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4
Q

2 Basic categories of period costs…

A

Selling Costs, Administrative Cost

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5
Q

Fixed costs don’t change when…

A

Activity changes

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6
Q

Variable changes directly with…

A

Activity

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7
Q

Mixed costs use what formula

A

TC = VC(Variable rate x Units) + Fixed

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8
Q

Variable costs per unit are ___, but total variable costs ___ when activity increases

A

Constant, Increases

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9
Q

Fixed costs in total are ___, but fixed costs per unit ___ when activity increases

A

Constant, Decreases

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10
Q

Direct Labor, Direct Materials, and MOH all combine to become…

A

Work in Process Inventory (WIP)

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11
Q

Once the product is completed it becomes…

A

Finished Goods Inventory

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12
Q

Once the product is sold it becomes

A

Cost of Goods Sold

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13
Q

The formula for applying overhead is

A

Estimated MOH / Estimated Cost

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14
Q

The formula for applying overhead is called

A

Predetermined Overhead Rate

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15
Q

Overhead is applied by multiplying ___ by ___

A

PDOH, Actual Cost

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16
Q

Debit MOH when ___ MOH is incurred and credit MOH when ___ MOH

A

Actual, Applying *

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17
Q

The ending balance in MOH is…

A

Always zero

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18
Q

MOH is underapplied when there is a ___ balance

A

Debit

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19
Q

MOH is overapplied when there is a ___ balance

A

Credit

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20
Q

CVP uses a ___ income statement

A

Contribution Format

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21
Q

Break even formula is

A

Fixed Costs / Unit CM

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22
Q

Target profit formula is

A

(Fixed Costs + Target Profit) / CM per Unit

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23
Q

Budgeting begins with the ___ budget

A

Sales

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24
Q

To prepare a cash receipts or disbursements budget, you must look to ___ periods

A

Prior

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25
Q

To prepare a purchases or production budget, you must look to ___ periods

A

Future

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26
Q

The two variances in a flexible budget are ___ and ___

A

Activity, Spending

27
Q

The difference between the actual costs and the flexible budget costs is called the ___ variance

A

Spending

28
Q

The two basic measures are the ___ and ___

A

ROI, Residual Income

29
Q

Return on Investment formula is

A

NOI / Average Operating Assests

30
Q

The formula for residual income

A

NOI - (Required rate of return x Average Operating Assets)

31
Q

What costs do not go away when a segment goes away

A

Common Fixed Costs

32
Q

What costs do go away when a segment goes away

A

Traceable Fixed Costs

33
Q

What is the issue with ROI

A

Profitable investments may be rejected

34
Q

A relance cost either has ___ or it differs between ___

A

A bearing on the future, Alternatives

35
Q

Are opportunity costs relevant

A

Yes

36
Q

Are sunk costs relevant

A

No

37
Q

The sections of a statement of clash flows are ___, ___, and ___

A

Operating, Investing, Financing

38
Q

Any transaction that involves acquiring or disposing of LT Assets

A

Investing

39
Q

Any transaction that involves obtaining cash from or repaying lenders or owners

A

Financing

40
Q

Any transaction not categorized as financing or investing

A

Operating

41
Q

Noncash items adjusted for in the operating section include ___, ___, and ___

A

Depreciation, Amortization, Gains/Losses

42
Q

When adjusting for depreciation expense you must ___ to the statement of cash flows

A

Add it back

43
Q

When adjusting for gains you must ___ to the statements of cash flows

A

Subtract it within

44
Q

Decreases in A/R should be ___ in the statement

A

Added

45
Q

Decreases in A/P should be __ in the statement

A

Subtracted

46
Q

Identify the section of Cash Flow: Repurchased common stock

A

Financing

47
Q

Identify the section of Cash Flow: Sell equipment

A

Investing (Cash), Operating (Gain/Loss)

48
Q

Identify the section of Cash Flow: Accounts payable

A

Operating

49
Q

Identify the section of Cash Flow: Loan money to an employee

A

Investing

50
Q

Identify the section of Cash Flow: Pay dividend to shareholders

A

Financing

51
Q

Identify the section of Cash Flow: Depreciation Expense

A

Operating

52
Q

What do each of these measure: Gross Margin %

A

Profiablility

53
Q

What do each of these measure: Earnings per share (EPS)

A

Market Performance

54
Q

What do each of these measure: Working Captial

A

Liquidity

55
Q

What do each of these measure: Current Ratio

A

Liquidity

56
Q

What do each of these measure: Average days to collect

A

Asset Management

57
Q

What do each of these measure: Average Sale period (days in inventory)

A

Asset Management

58
Q

What do each of these measure: P/E ration

A

Market performance

59
Q

What do each of these measure: DuPont Analysis

A

Profitability

60
Q

Common size income statements show all items as a percentage of ___

A

Sales

61
Q

The fraud triangle includes ___, ___, and ___

A

Opportunity, Pressure, Rationalization

62
Q

What can company’s prevent the best in the fraud triangle

A

Opportunity

63
Q

Internal controls generally include ___, ___, and ___

A

Segregation of Duties, Performance Evaluations, Required Absentees

64
Q

Duties that should be done be different employees include ___, ___, and ___

A

Authorization, Custody, Recording

COB 242 (1 decks)

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