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ACCOUNTING 231 > FINAL EXAM > Flashcards

FINAL EXAM Flashcards

1
Q

Formulas to Know (Chapter 1 + 14)

Accounting Equation

A

Assets = Liabilities + Stockholders’ Equity

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2
Q

Formulas to Know (Chapter 1 + 14)

Net Income

A

Revenue - Expenses

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3
Q

Formulas to Know (Chapter 1 + 14)

Total Manufacturing Cost

A

Direct Material + Direct Labor + Manufacturing Overhead

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4
Q

Formulas to Know (Chapter 1 + 14)

Cost of Goods Manufactured

A

Beginning WIP + Total Manufacturing Process - Ending WIP

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5
Q

Formulas to Know (Chapter 1 + 14)

Cost of Goods Sold

A

Beg. Finished Goods + Cost of Goods Manufactured - Ending Finished Goods

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6
Q

Formulas to Know (Chapter 15 + 17)

Predetermined Overhead Rate (POH)

A

Estimated Annual Overhead Cost/Estimated Annual Operating Activity

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7
Q

Formulas to Know (Chapter 15 + 17)

ABC Overhead Rate

A

Estimated Overhead Cost Per Activity/Estimated Cost Driver Per Activity

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8
Q

Formulas to Know (Chapter 15 + 17)

POH x Actual usage of Operating Activity

A

Assign or Apply Overhead using the
traditional or POH approach

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9
Q

Formulas to Know (Chapter 15 + 17)

ABC Overhead Rate x Actual usage of cost drivers

A

Assign or Apply overhead to a specific job
using ABC

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10
Q

Formulas to Know (Chapter 18 + 19)

Net Income

A

Sales - Variable Cost - Fixed Cost

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11
Q

Formulas to Know (Chapter 18 + 19)

Contribution Margin

A

Sales - Variable Cost

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12
Q

Formulas to Know (Chapter 18 + 19)

Contribution Margin per Unit or Unit
Contribution Margin

A

Contribution Margin/
Units Sold

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13
Q

Formulas to Know (Chapter 18 + 19)

Contribution Margin Ratio

A

Contribution Margin/
Sales

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14
Q

Formulas to Know (Chapter 18 + 19)

Break Even Point in Units

A

Fixed Costs/
Unit Contribution Margin

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15
Q

Formulas to Know (Chapter 18 + 19)

Break Even Point in Dollars

A

Fixed Costs/
Contribution Margin Ratio

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16
Q

Formulas to Know (Chapter 18 + 19)

Sales Unit required to achieve target net
income

A

Fixed Costs + Target Net Income/
Unit Contribution Margin

17
Q

Formulas to Know (Chapter 18 + 19)

Sales Dollars required to achieve target net
income

A

Fixed Costs + Target Net Income/
Contribution Margin Ratio

ACCOUNTING 231 (3 decks)

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