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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
Contribution margin ratio
Unit contribution margin / sales price per unit
26
Break-even volume sales dollars
Fixed cost / contribution margin ratio
27
Target volume Units
(Fixed cost + target profit ) / contribution margin
28
Break even volume Sale costs
Fixed cost / unit contribution margin ratio
29
Target Volume Sales dollars
(Fixed cost + target profit) / contribution margin ratio
30
TR = TC
Break even point
31
TR less than TC
Volumes lower than break even point Operating loss
32
TR more than TC
volumes higher thank breakeven Operating profit
33
Margin of safety
Sales volume- break even volume
34
After tax profit
[(profit-variable) output - fixed cost] * (1-t)
35
Income taxes Target volume
(Fixed cost+ [ target profit / (1-t)]) / unit contribution margin
36
Units of output sold
Fixed cost / contribution margin
37
Cost volume profit analysis CVP
Study of the relationship among revenue, cost, and volume and their effect on profits
38
Operating leverage
Contribution margin / operating profit
39
Margin of safety percentage
Project or actual sales / break even volume
40
Make or buy Decision
Direct fixed overhead + variable operating cost X = cost to outsource Fix OH + VCX = Outsourcing X
41
Bottleneck
Operation where work required limit production
42
Throughput Contribution
Sales dollars - direct materials cost and other variable cost $ - direct materials + VC
43
Sunk cost
Cost incurred from the past that cannot be changed by present or future decisions
44
Target cost
Target price - desired profit margin
45
Subsidiary Ledger Account
Account records financial transactions for a specific customer, vendor or job
46
Control account
Account in the general ledger that summarizes a set of subsidiary ledger accounts
47
Predetermined Overhead Rate
Estimated MOH / estimate direct labor cost
48
Underapplied overhead
Excess of actual cost incurred over applied overhead Less than actual overhead
49
Overapplied Overhead
Excess of applied overhead cost over actual overhead incurred during a period of Greater than actual overhead
50
Death spiral
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
Plant wide allocation method
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
Department allocation method
Allocation method that has a separate cost for each department, which has its own overhead allocation rate or set of rates
53
Cost drivers
Factors that cause or drive costs
54
Cost hierarchy
Classification of cost drivers into general levels of activity, volume, batch, product, and so on
55
Volume related - cost
Supplies Lubricating oil Machine repair
56
Volume related - cost drivers
Direct labor cost Machine hours Number of units
57
Batch related- cost
Set up cost Material handling Shipping cost
58
Bachrelated- cost drivers
Set up hours Production runs
59
Product related- cost
Compliance cost Design and specifications cost
60
Product related- cost driver
Number of products
61
Facility related- cost
General plant cost Plant administration cost
62
Facility related- cost driver
Direct cost Value added
63
Activity Based Costing Formula
Cost pool in total / cost driver
64
Time equations
Allow managers to adjust the times for orders with different characteristics
65
Ending WIP inventory
Beginning WIP Inventory + manufacturing cost - COGM BB+ TI-TO
66
WIP - overhead
Predetermine overhead rate * WIP direct material

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