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Acc 613 > Voc > Flashcards

Voc Flashcards

1
Q

Variable manufacturing cost

A

Direct materials + direct labor + variable manufacturing overhead

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2
Q

Full cost per unit

A

Direct materials
+ direct labor
+ variable manufacturing overhead
+ fix manufacturing overhead
+ variable, marketing and administration
+ fix marketing and administration

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3
Q

Unit variable price

A

Variable manufacturing cost + variable marketing and administration

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4
Q

Unit cost

A

Fixed manufacturing overhead / units produced per month

Fix MOH / output

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5
Q

Prime cost

A

direct labor + direct materials

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6
Q

Conversion Cost

A

direct labor + manufacturing overhead

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7
Q

Contribution margin

A

Sales price - variable cost per unit

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8
Q

Gross margin

A

Sales price - full absorption cost

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9
Q

Research and development

A

Life cycle costing

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10
Q

Design

A

Activity based costing

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11
Q

Purchasing

A

Performance measures and benchmarking

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12
Q

Production

A

Just in time

Lean accounting

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13
Q

Marketing

A

Customer relationship management

Cost of customer

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14
Q

Distribution

A

Outsourcing

Differential costing

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15
Q

Customer service

A

Total quality management

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16
Q

Full absorption cost per unit

A

+Direct materials
+ direct labor
+ variable manufacturing overhead
+ Fix manufacturing overhead

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17
Q

Outlay cost

A

Past, present or future of cash flow

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18
Q

Profit equation

A

Operating profit =
total revenues - total cost

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19
Q

Total revenue

A

Price x units produced and sold

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20
Q

Total cost

A

(Variable cost per units * units of output) + fixed cost

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21
Q

Profit

3x

A

Total Revenue- total cost

Or

Units of output produced - ( variable cost per unit + fixed cost)

X- (VC+FC)

Or

(Price- variable cost) * units of output - fix crost

(P-VC) x (X-FC)

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22
Q

Total contribution margin

A

Revenues - total variable cost

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23
Q

Unit contribution margin

A

revenues per unit (price) - variable cost per unit

Price - VC

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24
Q

Break even point Units
Profit = 0

A

Output = fixed cost / unit contribution margin

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25
Q

Contribution margin ratio

A

Unit contribution margin / sales price per unit

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26
Q

Break-even volume sales dollars

A

Fixed cost / contribution margin ratio

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27
Q

Target volume Units

A

(Fixed cost + target profit ) / contribution margin

28
Q

Break even volume
Sale costs

A

Fixed cost / unit contribution margin ratio

29
Q

Target Volume
Sales dollars

A

(Fixed cost + target profit) / contribution margin ratio

30
Q

TR = TC

A

Break even point

31
Q

TR less than TC

A

Volumes lower than break even point

Operating loss

32
Q

TR more than TC

A

volumes higher thank breakeven

Operating profit

33
Q

Margin of safety

A

Sales volume- break even volume

34
Q

After tax profit

A

[(profit-variable) output - fixed cost] * (1-t)

35
Q

Income taxes

Target volume

A

(Fixed cost+ [ target profit / (1-t)]) / unit contribution margin

36
Q

Units of output sold

A

Fixed cost / contribution margin

37
Q

Cost volume profit analysis
CVP

A

Study of the relationship among revenue, cost, and volume and their effect on profits

38
Q

Operating leverage

A

Contribution margin / operating profit

39
Q

Margin of safety percentage

A

Project or actual sales / break even volume

40
Q

Make or buy Decision

A

Direct fixed overhead + variable operating cost X = cost to outsource

Fix OH + VCX = Outsourcing X

41
Q

Bottleneck

A

Operation where work required limit production

42
Q

Throughput Contribution

A

Sales dollars - direct materials cost and other variable cost

$ - direct materials + VC

43
Q

Sunk cost

A

Cost incurred from the past that cannot be changed by present or future decisions

44
Q

Target cost

A

Target price - desired profit margin

45
Q

Subsidiary Ledger Account

A

Account records financial transactions for a specific customer, vendor or job

46
Q

Control account

A

Account in the general ledger that summarizes a set of subsidiary ledger accounts

47
Q

Predetermined Overhead Rate

A

Estimated MOH / estimate direct labor cost

48
Q

Underapplied overhead

A

Excess of actual cost incurred over applied overhead

Less than actual overhead

49
Q

Overapplied Overhead

A

Excess of applied overhead cost over actual overhead incurred during a period of

Greater than actual overhead

50
Q

Death spiral

A

Process that begins by attempting to increase process to meet reported product cost, losing market, reporting still higher cost, etc

Until the firm is out of business

51
Q

Plant wide allocation method

A

Allocation method using one cost pool for the entire plant

Uses one overhead allocation rate, or one set of rates, for all of plant’s departments

52
Q

Department allocation method

A

Allocation method that has a separate cost for each department, which has its own overhead allocation rate or set of rates

53
Q

Cost drivers

A

Factors that cause or drive costs

54
Q

Cost hierarchy

A

Classification of cost drivers into general levels of activity, volume, batch, product, and so on

55
Q

Volume related - cost

A

Supplies
Lubricating oil
Machine repair

56
Q

Volume related - cost drivers

A

Direct labor cost
Machine hours
Number of units

57
Q

Batch related- cost

A

Set up cost
Material handling
Shipping cost

58
Q

Bachrelated- cost drivers

A

Set up hours
Production runs

59
Q

Product related- cost

A

Compliance cost
Design and specifications cost

60
Q

Product related- cost driver

A

Number of products

61
Q

Facility related- cost

A

General plant cost
Plant administration cost

62
Q

Facility related- cost driver

A

Direct cost
Value added

63
Q

Activity Based Costing

Formula

A

Cost pool in total / cost driver

64
Q

Time equations

A

Allow managers to adjust the times for orders with different characteristics

65
Q

Ending WIP inventory

A

Beginning WIP Inventory + manufacturing cost - COGM

BB+ TI-TO

66
Q

WIP - overhead

A

Predetermine overhead rate * WIP direct material

Acc 613 (2 decks)

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