Costing
These are the manufacturing costs.
What are direct materials, direct labor, and manufacturing overhead?
The Statement of Cash Flows is made up of which activities.
What is Operating, Investing, & Financing?
This Financial Statement calculates the use of cash through the period and is made up of three types of activities.
What is the Statement of Cash Flows.
This is the equation to calculate Contribution Margin.
What is Sales - Variable Costs = Contribution Margin
The Accounting Equation.
What is Assets = Liabilities + Equity?
This costing method is used for costing unique & specialized products.
What is Job Order Costing?
This is the type of relationship current liability amounts have in the first activity.
What is a direct relationship?
The difference between Owner's Equity & Stockholders' Equity.
What is one (owner's equity) reflects direct ownership (usually through a sole proprietorship or partnership) and the other (stockholders' equity) reflects ownership through shares of stock?
This is the equation for Preditermined Overhead Allocation Rate.
What is (Total Estimated Overhead Costs / Total Estimated Quantity of Allocation Base).
The three main types of inventory.
What is Raw Materials, Work-In-Process Inventory, and Finished Goods Inventory?
This costing method is used by companies who utilize specific tasks to assign overhead and indirect costs.
Which is Activity-Based Costing Method (ABC Method)?
The purchase/sale of long-term assets is recorded in this activity section.
What is Investing Activities?
These are the 4 Financial Statements and the accounts that make them.
What is the Income Statement (Revenues & Expenses), the Statement of Stockholders' Equity (Capital & Withdrawals), the Balance Sheet (Assets, Liabilities, & Equity), & the Statement of Cash Flows (Assets, Liabilities, & Equity).
This is the formula for Cost of Goods Sold.
What is {Beginning Inventory + Purchases - Ending Inventory}?
This manufacturing cost type is considered both a prime and conversion cost.
What is Direct Labor?
These are the 3 types of cost behaviors.
What is Variable, Fixed, and Mixed?
The proper way to handle depreciation expense.
What is adding it back to Net Income?
The Adjusted Trial Balance is after & before these steps in the Accounting Cycle.
What is after the adjusting entries but before making the Financial Statements?
The formula for Total Variable costs.
What is cost per unit * total number of units?
The term used to represent the amount of sales that go over the breakeven amount.
What is Margin of Safety?
The predetermined target costs that are expected to be incurred (usually used when budgeting)?
What is Standard Costing?
This amount reflected on the Balance Sheet proves the accuracy of the Statement of Cash Flows.
What is beginning/ending cash balances?
The accounts closed during the closing entries.
What are Expenses, Revenues, and Owner's Withdrawals?
This is the formula for Cost of Goods Manufactured.
What is GOGM = Beginning Work-In-Process Inventory + Manufactuing Costs (DM + DL + MOH) - Ending Work-In-Process Inventory ?
The materials that can't be properly traced due to their secondary nature during production.
What are indirect materials?