Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
|
materials used in product
|
direct materials
|
|
|
depreciation of plant
|
manufacturing overhead
|
|
|
property taxes on store
|
period costs
|
|
|
labor costs of assembly line workers
|
direct labor
|
|
|
factory supplies used
|
manufacturing overhead
|
|
|
advertising expense
|
period costs
|
|
|
property taxes on plant
|
manufacturing overhead
|
|
|
delivery expense
|
period costs
|
|
|
sales commission
|
period costs
|
|
|
salaries paid to sales clerks
|
period costs
|
|
|
Managerial accountants explain and report manufacturing and nonmanufacturing costs, determine cost behaviors, and perform cost-volume-profit analysis, but are not involved in the budget process.
|
false
|
|
|
Financial accounting reports pertain to subunits of the business and are very detailed.
|
false
|
|
|
Managerial accounting reports must follow GAAP and are audited by CPAs.
|
false
|
|
|
Managers’ activities and responsibilities can be classified into three broad functions: planning, directing, and controlling.
|
true
|
|
|
As a result of the Sarbanes-Oxley Act of 2002 (SOX), top managers must certify that the company maintains an adequate system of internal control.
|
true
|
|
|
Management accountants follow a code of ethics developed by the Institute of Management Accountants.
|
true
|
|
|
contribution margin equation
|
contribution margin = sales - variable costs
|
|
|
net income eqution
|
net income = contribution margin - fixed costs
|
|
|
break even point equation
|
break even point equation
unit selling price Q =variable costs per unit Q + fixed costs + net income |
|
|
Contribution margin ratio
|
Contribution margin ratio = [(Total revenues– Total variable costs) ÷ Total Revenues]
|
|
|
Contribution margin per unit equation
|
unit selling price - unit variable cost
|
|
|
Required sales in units equation
|
Required sales in units = (fixed cost + target net income) ÷ Contribution margin per unit
|
