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Accounting > Managerial ACC > Flashcards

Managerial ACC Flashcards

1
Q

Variable Cost

A

Change in cost / Change in activity

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2
Q

Change in cost / Change in activity

A

Variable Cost

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3
Q

Fixed Cost

A

total cost - variable cost element (variable cost x high or low activity) =

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4
Q

total cost - variable cost element (variable cost x high or low activity) =

A

Fixed Cost

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5
Q

Product Cost

A

Direct Materials + Direct Labor + Manufacturing Over Head =

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6
Q

Direct Materials + Direct Labor + Manufacturing Over Head =

A

Product Cost

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7
Q

Period Cost

A

selling expenses + admin expenses =

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8
Q

selling expenses + admin expenses =

A

Period Cost

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9
Q

Conversion Cost

A

Direct Labor + Manufacturing Over Head =

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10
Q

Direct Labor + Manufacturing Over Head =

A

Conversion Cost

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11
Q

Prime Cost

A

Direct Materials + Direct Labor

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12
Q

Direct Materials + Direct Labor

A

Prime Cost

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13
Q

Margin Of Safety formula

A

Total Sales - (Break-Even Contribution Units x Selling Price)

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14
Q

Total Sales - (Break-Even Contribution Units x Selling Price)

A

Margin Of Safety formula

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15
Q

Degree of Operating Leverage calculation

A

Contribution Margin / net operating income

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16
Q

Contribution Margin / net operating income =

A

Degree of Operating Leverage calculation

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17
Q

Degree of Operating Leverage concept

A

how sensitive net operating income to percentage change in dollar

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18
Q

how sensitive net operating income to percentage change in dollar is the

A

Degree of Operating Leverage.

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19
Q

Variable Costing

A

Direct Materials, Direct Labor, and Variable portion of MOH are treated as PRODUCT COST

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20
Q

Direct Materials, Direct Labor, and Variable portion of MOH are treated as PRODUCT COST

A

Variable Costing

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21
Q

Absorption Cost

A

Direct Materials, Direct Labor, Variable and Fixed MOH are treated as PRODUCT COST

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22
Q

Direct Materials, Direct Labor, Variable and Fixed MOH are treated as PRODUCT COST

A

Absorption Cost

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23
Q

Segment Margin

A

deduction of traceable fixed costs of a segment from segment contribution margin

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24
Q

deduction of traceable fixed costs of a segment from segment contribution margin

A

Segment Margin

25
Q

(Absorption Cost vs Variable Cost) when units produced > unit sales then net operating income

A

is greater than variable costing

26
Q

Common Fixed Cost

A

supports operations of more than 1 segment, not traceable in whole or parts

27
Q

supports operations of more than 1 segment, not traceable in whole or parts

A

Common Fixed Cost

28
Q

Segment Break-Even

A

Segment traceable fixed expense / segment contribution margin ratio

29
Q

Segment traceable fixed expense / segment contribution margin ratio

A

Segment Break-Even

30
Q

Price Variance

A

diff of actual price and standard price

31
Q

diff of actual price and standard price

A

Price Variance

32
Q

Quantity Variance

A

diff of actual quantity of the input used and the amount of input that should have been used for actual level of output

33
Q

Revenue Variance

A

the difference of how much revenue should be given actual level of activity and actual revenue for the period

34
Q

the difference of how much revenue should be given actual level of activity and actual revenue for the period

A

Revenue Variance

35
Q

Spending Variance

A

diff of how much cost should be given the actual level of activity and actual amount of cost

36
Q

diff of how much cost should be given the actual level of activity and actual amount of cost

A

Spending Variance

37
Q

Labor Efficiency Variance

A

diff of actual hour taken to complete task and the standard hours allowed for actual output

38
Q

diff of actual hour taken to complete task and the standard hours allowed for actual output

A

Labor Efficiency Variance

39
Q

Variable Overhead rate

A

measures diff between actual variable overhead cost incurred and standard cost that should have been incurred during period

40
Q

measures diff between actual variable overhead cost incurred and standard cost that should have been incurred during period

A

Variable Overhead Rate

41
Q

Cost Centers

A

control over costs, but not revenue and investments funds. (standard variance and flexible budget variance)

42
Q

control over costs, but not revenue and investment funds. (standard variance and flexible budget variance)

A

Cost Centers

43
Q

Profit Centers

A

control both cost and revenues but not investment funds

44
Q

control both cost and revenue but not investment funds

A

Profit Centers

45
Q

Investment Centers

A

control over cost, revenue, and investment funds in operating assets

46
Q

Control over cost, revenue and investment funds in operating assets

A

Investment Centers

47
Q

ROI ( Return On Investments)

A

Net Operating Income / Average Operating Asset or

margin value * turnover

48
Q

Net Operating Income / Average Operating Asset or

margin value * turnover

A

ROI (Return on Investments)

49
Q

Margin Value

A

Net operating income / sales

50
Q

Net operating income / sales

A

Margin Value

51
Q

Turnover Ratio

A

Sales / Average operating assets

52
Q

Sales / Average operating assets

A

Turnover Ratio

53
Q

Residual Income

A

Net operating income - (rate of return * avg operating assets)

54
Q

Net operating income - (rate of return * avg operating assets)

A

Residual Income

55
Q

Profitability Index:

A

NPV / Investment Required

56
Q

NPV / Investment Required

A

Profitability Index

57
Q

Simple Rate of Return

A

Annual Incremental Net Operating Income / Initial Investment

58
Q

Annual Incremental Net Operating Income / Initial Investment

A

Simple Rate of Return

Accounting (6 decks)

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