Financial Accounting
Man. Chapters 1&2
Man. Chapters 3&4
Man. Chapter 6
Man. Chapters 7&8
100
Revenues - Expenses =
What is Net Income?
100
This form of managerial accounting focuses on providing information (usually financial) for managers inside the firm.
What is Managerial Accounting?
100
The estimated amount of Manufacturing Overhead divided by the estimated cost driver equals __________
What is PoHR or Predetermined Overhead Rate?
100
Fixed costs + Variable Costs =
What is Total Costs?
100
Revenues - Variable Costs =
What is Contribution Margin per unit?
200
In Financial Accounting, these are the four financial statements.
Which is: the Income Statement, the Statement of Stockholder's Equity, the Balance Sheet, and the Statement of Cash Flows?
200
The item one is trying to cost.
What is the Cost Object?
200
True or False: Variable costs are uncontrollable.
What is False?
200
A _________ has a component that is fixed and a component that is variable.
What is a Mixed Cost?
200
Fixed Costs / Contribution margin per unit =
What is Break even units?
300
Something that is an asset for 366 days is considered a
What is a Long Term Asset?
300
True or False: Labor can only be human.
What is True?
300
True or False: ABC is only better than PoHR if one has actually identified key activities and cost of the activiites.
What is True?
300
The Hi-Lo method is a quick way to find out a firms ________
What is Cost Equation?
300
Sales in excess of the break even point is this.
What is margin of safety?
400
The process of bringing a long term asset onto the balance sheet is this.
What is Capitalization?
400
________, __________, and __________ are three components that make up an items cost
What is direct materials, direct labor, and manufacturing overhead?
400
Type of costing used when producing a product or service with little customization that one mass produces.
What is Process Costing?
400
A firm wants their total cost to be ________, that is relatively the same whether they produce one item or a million items.
What is Scalable?
400
Price takers use this approach in pricing decisions.
What is Target cost approach?
500
We depreciate tangible assets and we ________ intangibles.
What is amortize?
500
Direct materials + Direct Labor =
What is Prime Costs?
500
Lists all of the raw materials needed to manufacture a job.
What is the Bill of Materials?
500
If fixed costs are $30,000 and variable costs are $100 per unit, how much would it take for a firm to produce 100 items?
What is $40,000?
500
Considering costs that cannot be changed in future decisions.
What is sunk cost fallacy?
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