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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
(Absorption Cost vs Variable Cost) when units produced > unit sales then net operating income
is greater than variable costing
26
Common Fixed Cost
supports operations of more than 1 segment, not traceable in whole or parts
27
supports operations of more than 1 segment, not traceable in whole or parts
Common Fixed Cost
28
Segment Break-Even
Segment traceable fixed expense / segment contribution margin ratio
29
Segment traceable fixed expense / segment contribution margin ratio
Segment Break-Even
30
Price Variance
diff of actual price and standard price
31
diff of actual price and standard price
Price Variance
32
Quantity Variance
diff of actual quantity of the input used and the amount of input that should have been used for actual level of output
33
Revenue Variance
the difference of how much revenue should be given actual level of activity and actual revenue for the period
34
the difference of how much revenue should be given actual level of activity and actual revenue for the period
Revenue Variance
35
Spending Variance
diff of how much cost should be given the actual level of activity and actual amount of cost
36
diff of how much cost should be given the actual level of activity and actual amount of cost
Spending Variance
37
Labor Efficiency Variance
diff of actual hour taken to complete task and the standard hours allowed for actual output
38
diff of actual hour taken to complete task and the standard hours allowed for actual output
Labor Efficiency Variance
39
Variable Overhead rate
measures diff between actual variable overhead cost incurred and standard cost that should have been incurred during period
40
measures diff between actual variable overhead cost incurred and standard cost that should have been incurred during period
Variable Overhead Rate
41
Cost Centers
control over costs, but not revenue and investments funds. (standard variance and flexible budget variance)
42
control over costs, but not revenue and investment funds. (standard variance and flexible budget variance)
Cost Centers
43
Profit Centers
control both cost and revenues but not investment funds
44
control both cost and revenue but not investment funds
Profit Centers
45
Investment Centers
control over cost, revenue, and investment funds in operating assets
46
Control over cost, revenue and investment funds in operating assets
Investment Centers
47
ROI ( Return On Investments)
Net Operating Income / Average Operating Asset or | margin value * turnover
48
Net Operating Income / Average Operating Asset or | margin value * turnover
ROI (Return on Investments)
49
Margin Value
Net operating income / sales
50
Net operating income / sales
Margin Value
51
Turnover Ratio
Sales / Average operating assets
52
Sales / Average operating assets
Turnover Ratio
53
Residual Income
Net operating income - (rate of return * avg operating assets)
54
Net operating income - (rate of return * avg operating assets)
Residual Income
55
Profitability Index:
NPV / Investment Required
56
NPV / Investment Required
Profitability Index
57
Simple Rate of Return
Annual Incremental Net Operating Income / Initial Investment
58
Annual Incremental Net Operating Income / Initial Investment
Simple Rate of Return

Accounting (6 decks)

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