Accounting 285 Final Exam

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Variable cost per unit

change in cost / change in activity

Selling price

1 + markup percentage x cost

Variable overhead rate variance

AH x SR-AR

Materials price variance

AQ x SP-AP

Materials quantity variance

SP x SQ-AQ

Variable overhead effdecenty variance

SR x SH-AH

Target cost

anticipated selling price - desired profit

Managerial accounting focuses on preparing information for which group?

managers

Manufacturing costs

direct materials, direct labor, manufacturing overhead

Predetermined overhead rate

estimated total manufacturing overhead cost / estimated total amount of the allocation base

Which of the following types of costs are applies to production when using a job oder costing system?

factory overhead

Residual income

net income - assets x minimum required rate of return

Return on investment

net income / average operating assets (margin x turnover)

Margin

net income / sales

Payback period

investment required / annual net cash flow

What are the three primary functions of management?

planning, strategy, and policy

Throughput time

process time + inspection time + move time + queue time

Manufacturing cycle efficiency

process time / throughput time

What is the purpose of managerial accounting

provide information to managers for use within the organization

Contribution Margin

sales - variable expenses

Profit

sales - variable expenses - fixed expenses (Unit CM x Q - fixed expenses)

Turnover

sales / assets

Nonmanufacturing costs

selling costs, administrative costs

CM ratio

total contribution margin / total sales

Fixed costs

total cost - variable cost per unit * activity

Dollar sales for a company to break even

traceable fixed expenses + common fixed expenses / overall CM ratio

Delivery cycle time

wait time + throughput time


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