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Managerial Accounting > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Profit=

A

Sales- total costs

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2
Q

Total costs=

A

Variable+ fixed

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3
Q

Variable=

A

M

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4
Q

Fixed=

A

B

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5
Q

RM=

A

Price
x
Quantity

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6
Q

What are the components of the journal entries for RM?

A

Debit- RM

Credit- Cash

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7
Q

WIP includes what components?

A

DM
DL
OH

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8
Q

DM=

A

[(standard material per unit
x units in progress)
x price]

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9
Q

DL=

A

[(standard time per unit
x units in progress)
x rate per hour]

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10
Q

OH=

A

DLH
x
Rate per DLH

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11
Q

What are the components of the journal entries for WIP-DM?

A

Debit- WIP DM

Credit- RM

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12
Q

What are the components of the journal entries for WIP-DL?

A

Debit- WIP DL

Credit- Wages

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13
Q

What are the components of the journal entries for OH?

A

Debit- WIP OH

Credit- Expenses

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14
Q

FG=

A 
[(# of finished goods
/
# of units in progress)
x
(WIP DM + DL + OH)]
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15
Q

Sales includes

A

Sales
Costs
Profit

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16
Q

Sales=

A

of units sold
x
price sold at

17
Q

Costs=

A 
[(FG costs
/
FG produced)
x
units sold]
18
Q

Profit=

A

Sales- costs

19
Q

What are the components of the journal entries for Sales?

A

Debit- Accounts Receivable

Credit- Sale

20
Q

What are the components of the journal entries for Costs?

A

Debit- Costs

Credit- FG

21
Q

Raw materials used in production=

A 
Beginning raw material inventory
\+
Purchases of raw material
-
Ending raw material
22
Q

Total manufacturing costs=

A 
Direct materials
\+
Direct labor
\+
Manufacturing overhead applied to WIP
23
Q

Cost of goods manufactured

A 
Total manufacturing costs
\+
Beginning WIP inventory
-
Ending WIP inventory
24
Q

Unadjusted costs of goods sold=

A 
Beginning finished goods inventory
\+
Costs of goods manufactured 
-
Ending finished goods inventory
25
Q

The slope of a line

A

y=mx+b

Managerial Accounting (1 decks)

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