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actg 2p12 > Midterm > Flashcards

Midterm Flashcards

1
Q

Planning

A

•Identify alternatives
- develop budgets to guide progress toward the selected alternative

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2
Q

Directing and motivating

A

Directing and motivating involves managing day to day activities to keep the organization running smoothly.
• employee work assignments.
• Routine problem solving
• conflict resolution
• effective communications

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3
Q

Controlling

A

To control function ensures that plans are being followed.
- performance reports

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4
Q

Decision making

A

The most basic managerial skill is the ability to make intellegent,data driven decisions. Many of these decisions revolve around these three questions
. What should we be selling?
. Who should we be serving?
. How should we execute?

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5
Q

Big Data

A

Big Data refers to large collections of data that are gathered from inside or outside a company to provide opportunities for ongoing reporting and analysis.

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6
Q

What are the 5 v’s

A

Variety, volume, velocity, veracity, value

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7
Q

Descriptive analytics

A

What happened?

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8
Q

Diagnostic analytics

A

Why did it happen?

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9
Q

Predictive analytics

A

What will happen?

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10
Q

Prescriptive analytics

A

What should I do?

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11
Q

Strategy

A

A strategy is a “game plan” that enables a company to attract customers by distinguishing itself from competitors.

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12
Q

Ethics

A

•Confidentiality
• Integrity
• Objectivity

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13
Q

What three categories are manufacturing costs divided into?

A

• Direct materials
• Direct Labour
•Manufacturing Overhead

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14
Q

Direct materials

A

Direct materials are those that become an integral part of a product and can be easily traced.

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15
Q

Indirect materials

A

Included in manufacturing overhead, can not be easily traced and are not worth tracing.

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16
Q

Direct labour

A

Labour costs that can be easily traced.

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17
Q

Indirect labour

A

part of manufacturing overhead, not worth tracing and not easy to trace.

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18
Q

Manufacturing overhead

A

Includes all costs of manufacturing except direct materials and direct labour.

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19
Q

Prime Cost

A

Direct materials, direct labour

20
Q

Conversion costs

A

Direct labour, manufacturing overhead

21
Q

Product costs

A

Include direct materials, direct labour and manufacturing overhead.

22
Q

Period costs

A

Include all selling costs and administrative costs

23
Q

Total variable cost

A

Change when activity changes.

24
Q

Total fixed costs

A

Remain unchanged when activity changes

25
Q

Relevant Range

A

The relevant range is the range of activity within which the assumptions about variable and fixed cost behaviour are valid.

26
Q

Sunk costs

A

Sunk costs have already been incurred and cannot be changed now or in the future. They should be ignored when making decisions.

27
Q

Variable cost per unit

A

Remains the same over wide ranges of activity.

28
Q

Fixed cost per unit

A

Average fixed cost per unit goes up and down as activity level goes up.

29
Q

Committed fixed costs

A

Long-term, cannot be significantly reduced in the short term. Ex) depreciation on equipment.

30
Q

Discretionary fixed costs

A

May be altered in the short-term by current managerial decisions. Ex ) advertising and research and development.

31
Q

Variable Cost Formula

A

Change in cost/ Change in activity

32
Q

Account Analysis

A

Each account is classified as either variable or fixed based on the analyst’s knowledge of how the account behaves.

33
Q

Engineering approach

A

Cost estimates are based on an evaluation of production methods, and materials labour and overhead requirements.

34
Q

Total fixed cost formula

A

Total fixed cost = total cost - total variable cost

35
Q

Five elements of cost-volume-profit (cvp)

A
  1. Prices of products
    2.Volume or level of activity
  2. Per unit variable costs
  3. Total fixed costs
  4. Mix of products sold
36
Q

Contribution Margin Ratio

A

CM ratio = Total CM / Total Sales

37
Q

Profit formula

A

Profits = (sales - variable expenses) - fixed expenses

38
Q

Break-even point in units sold

A

= fixed expenses/ Unit CM

39
Q

Break-even point in total sales dollars

A

= fixed expenses/ CM Ratio

40
Q

Margin of safety formula

A

= total sales - breakeven sales

41
Q

Margin of safety percentage formula

A

= margin of safety in $/ total budgeted (or actual) sales

42
Q

Degree of operating leverage formula

A

= CM/ operating income

43
Q

Percent change in operating income

A

= degree of op. leverage x % change in sales

44
Q

Sales mix

A

The relative proportion in which a company’s products are sold.

45
Q

Activity driver

A

A measure of what causes the incurrence of a variable cost, ex) units produced, machine hours, labour hours.

46
Q

Contribution margin formula

A

Sales- total variable cost = CM

actg 2p12 (1 decks)

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