Managerial accounting

Accounting

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M. D.

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M. D.

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This flashcard set covers university-level managerial accounting, focusing on cost analysis, budgeting, and performance evaluation. Key topics include cost behavior, standard costing, variance analysis, and decision-making tools like contribution margins and break-even points. It's ideal for business students or professionals aiming to understand how to assess managerial performance, control costs, and make informed financial decisions. The flashcards explore responsibility accounting, flexible budgeting, and the relevance of different costs in managerial decisions, providing practical insights for financial management.

Cartes-fiches

Utilisateurs

Langue

Anglais

Catégorie

Finances

Niveau

Université

Créé / Mis à jour

04.07.2016 / 05.07.2016

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determining and evaluating possible courses of action is a step in managements decision-making-process

true

in incremental analysys fixed costs may not change under alternative courses of action while variable costs may change

true

the relevant data to consider in accepting an order at a special price are hte additional manufacturing costs incurred and the expected revenues

true

the basic decision rule to sell or process further is process further as long as the incremental revenue from such processing exceeds the incremental processing costs

true

book value is a sunk cost and is therfore relevant in incremental analysis of retrain or replace equipment

false

fixed manufacturing costs will never be relevant in a make or buy decision

false

opportunity costs are costs that have already beed incurred and will not be avoided by any future decision

false

in deciding on the future status of an unprofitable segment, management should consider the effect of elimination on the remaining product lines

true

joint product costs are relevant for any sell-or-process further decision

false

any trade-in allowance or cash disposal value of the old asset is relevant in a retain or replace equipment decision

true

in a static budget the data may be modified or adjustet if the activity changes more than a specified amount during the year

false

flexible budgets can be prepared for each of the types of budgets included in the master budget

true

with a flexible budget, if production increases budget allowances for variable costs should increase both directly and proportionately

true

flexible budgets reports consist of two sections: production data and cost data

true

under responsibility accounting the evaluation of managers performance is based on the matters directly under that managers control

true

the terms controllable costs and noncontrollable costs are synonymous with varible costs and fixed costs

false

only controllable costs are included in a responsibility performance report and there is no distinction made between variable and fixed costs

true

a responsibility reporting system begins with the lowest level od responsibility in an organization and moves upward to each higher level

true

there are three types three types of responsibility centers: cost, segment and investment

false

the primary basis for evaluating the performance of a manager of an investment center is return on investment

true

Total materials variance

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

(actual quantity x actual price) - ( standard quantity x standard price)

Materials price variance

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

(actual quantity x actual price) - ( actual quantity x standard price)

Materials quantity variance

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

(actual quantity x standard price) - ( standard quantity x standard price)

Total Labor variance

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

(actual hours x actual rate) - ( standard hours x standard rate)

Labor price variance

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

(actual hours x actual rate) - ( actual hours x standard rate)

Labor quantity variance

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

(actual hours x standard rate) - ( standard hours x standard rate)

Total overhead variance

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

(actual overhead) - (overhead applied at standard hours allowed)

in a standard cost accounting system, a company purchased raw materials on account for 46,500 when the standard cost was 44,000. the journal entry would not include a...

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

credit to materials price variance for 2,500

the range over which a company is expected to operate is called the relevant range of the activity index?

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

true

a mixed cost contains both selling and administrative cost elements

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

false

variable costs are costs that remaine the same per unit at every level of activity

true

if a salesperson incurs 2,000 of expenses in servicing two customers and 4,000 expenses in servicing four customers, the fixed costs are 1,000

false

if revenue = 80.- and variable cost = 40% of revenue, then contribution margin = 48.-

true

contribution margin

sales - variable costs

contribution margin ratio

contribution margin / selling price

break even in $

fixed costs / contribution ratio margin

break even in units

fixed costs / contribution margin per unit

the contribution margin is the amount of revenue remaining after deducating fixed costs

false

sales mix is the percentage that each product represents of total sales

true

if the unit contricution margin is 300.- and fixed costs are 240,000.- then the break-even point in units would be 800 units?

true

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Cartes-fiches

flexible budgets can be prepared for each of the types of budgets included in the master budget

true

with a flexible budget, if production increases budget allowances for variable costs should increase both directly and proportionately

true

flexible budgets reports consist of two sections: production data and cost data

true

under responsibility accounting the evaluation of managers performance is based on the matters directly under that managers control

true

the terms controllable costs and noncontrollable costs are synonymous with varible costs and fixed costs

false

only controllable costs are included in a responsibility performance report and there is no distinction made between variable and fixed costs

true

a responsibility reporting system begins with the lowest level od responsibility in an organization and moves upward to each higher level

true

there are three types three types of responsibility centers: cost, segment and investment

false

the primary basis for evaluating the performance of a manager of an investment center is return on investment

true

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