Final Exam Flashcards
What is a static budget?
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What is budgetary control? What are its elements?
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What is a flexible budget?
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What is responsibility accounting?
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What cost can top management control?
Variable costs?
What is profit center?
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What is controllable margin?
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What is a standard cost?
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What is the difference btw a budget and a standard?
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What is a normal standard?
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What is an ideal standard?
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What gets included in a labor quantity standard?
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What is an allowance for spoilage? What standard is part of it?
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When would a favorable or unfavorable variance occur?
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What is the total overhead variance?
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How do cost of goods sold and variances appear on an income statement for internal use?
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What perspectives are included in the balance scorecard?
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How is ROI calculated?
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What is incremental analysis used for and when do you use it?
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What is opportunity cost?
What you give up to do something else.
