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24 Cards in this Set

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What Happens to the Break Even Point when the Tax Rate changes?
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The Master Budget Does not Include which of the following?
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What are the Characteristics that make accounting info useful?
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What is the general objective of financial reporting?
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Contribution Margin/ Unit, Break Even Point, CVP analysis?
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Which is not a reason why accounting is used for reporting inventory?
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Total investment by stockholders is called...
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Working Capital
The excess of a companies current assests over its current liabilities
Bank Reconciliation
Company Prepares a Bank Reconciliation to analyze the difference between the ending cash balance in its accoutning records and the ending cash balance reported by the bank in the bank statement. This allows the company to see what changes it needs to make to the cash account balance.
Which is a cost center?
Responsibility center in which manager who is responsible for its activities can control only the level of costs it incurs
Which is a responsibility Center?
Indentifiable portion or segment of a companies operations, the activities of which are the responsibility of a particular manager
Characteristics of a sole proprietorship
Small companis that focus on either selling merchandise or on performing a service. Has limited life and unlimited liability.
What does intercompany analysis compare?
Compares a companies performance with that of competing companies, industry averages, or averages in related industries
Variance
Difference between a standard cost and an actual cost
Standard Costs Are Composed of what?
Composed of the costs that should be incurred in performing an activity or producing a product under a given set of planned operating conditions
Direct Materials
Raw materials that physically become part of a manufactured product.
Direct Labor
Labor of the employess who work with the direct materials to convert or assemble them into the finished procuct
Overhead Cost
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Fixed Overhead
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Total Budgeting
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Internal control over accounts payable
Company should limit the number of employess who have the authority to make company purchases. If cash discounts are available the compnay should take advantage of the cash savings by making the payment within the cash discount period. If the accounts payable are large relative to the companies curretn assets, the company may experience liquidy problems
What is the Starting Place for Budgeting?
The Sales Budget
When do you recognize expense in the petty cash fund?
Each time a payment is made from the fund, the employee makes a record of the payment and keeps a written recipt.
Use high/low to find variable and fixed costs/unit?
Variable=Cost Change from lowest to highest volume / Volume change from lowest to highest volume