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15 Cards in this Set

  • Front
  • Back
what is total dollar value of contribution margin under variable costing approach?
cm/unit * #units produced not ending inv, or month production
what type of cost included in absorption product cost?
DM, DL, FIXED AND VARIABLE OH
what types of costs included in contribution product cost?
DM, DL, VARIABLE OH
what is fomular for required sales volume for target profit?
high low method fixed cost calculation example?
definition of R squared, coefficient of determination?
fomular for # of direct material purchased budget
pay attn to units of direct material needed for production = budgeted production * material/unit

PAY ATTN TO THE ENDING INV AND BEGINNING INV WHICH IS THE PRODUCTION CONVERTED TO DIRECT MATERIAL * UNIT E.G. IN 1 UNIT=5 LBS.
if there's difference bw actual result and flexible budget revenue result, what is the reason for it?
change in selling price/unit cuz the flexible budget variance is based of same output. So the only revenue variance is due to unit selling price
what is fomular for variable overhead efficiency variance?
budgeted variable oh rate * (actual direct labor hr- direct labor hrs ALLOWED) WHICH IS output*rate

when we talk abt efficiency, we think of quantity difference * standard rate
fomular for fixed overhead spending variance
difference bw fixed actual oh - fixed budgeted oh
variable overhead spending variance?
actual variable overhead - budgeted variable overhead

which equals to (standard variable oh rate* actual direct labor hrs)

and actual variable overhead is actual variable oh rate * actual direct labor hrs
what is the order of financial budget?
forecasted income statement -> cash budget -> forecasted balance sheet-->statement of cash flow
what is production volume variance
how is beta calculated?
change in stock price e.g. 3% divided by change in market e.g. 5%, 3/5=0.6 use this not converting to any percentage
how to calculate pro forma operating income
starting from master budget $$contribution margin/budgeted volume, get per unit * actual volume minus fixed costs equal pro forma operating income using flexible budget