Managerial accounting

Total materials variance

Materials price variance

Materials quantity variance

Total Labor variance

Labor price variance

Labor quantity variance

Total overhead variance

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...

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

a mixed cost contains both selling and administrative cost elements

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

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

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

contribution margin

contribution margin ratio

break even in $

break even in units

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

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

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

in a cvp income statement, contrbution margin is reported in the body of the statement

margin of safety is the difference between actual sales and contribution margin

the primary difference between standards and budgets is that standards is a unit amount whereas a budget is a total amount.

an advantage of standard costs is that standard costs facilitate management planning by establishing expected future costs

ideal standards represent an efficient level of performance that is attaineble under expected operating conditions 

the direct labor price standard generally includes employer payroll taxes and fringe benefits, such as paid holidays and vacations.

standard hours allowed are the hours that should have been worked for the units produced

variance reports facilitate the principle of management by exception

in income statements prepared under a standard cost accounting system sost of goods sold is stated at standard cost

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

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

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

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

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

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

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

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

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

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

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