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22 Cards in this Set
- Front
- Back
materials used in product
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direct materials
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depreciation of plant
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manufacturing overhead
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property taxes on store
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period costs
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labor costs of assembly line workers
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direct labor
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factory supplies used
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manufacturing overhead
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advertising expense
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period costs
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property taxes on plant
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manufacturing overhead
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delivery expense
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period costs
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sales commission
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period costs
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salaries paid to sales clerks
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period costs
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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.
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false
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Financial accounting reports pertain to subunits of the business and are very detailed.
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false
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Managerial accounting reports must follow GAAP and are audited by CPAs.
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false
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Managers’ activities and responsibilities can be classified into three broad functions: planning, directing, and controlling.
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true
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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.
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true
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Management accountants follow a code of ethics developed by the Institute of Management Accountants.
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true
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contribution margin equation
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contribution margin = sales - variable costs
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net income eqution
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net income = contribution margin - fixed costs
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break even point equation
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break even point equation
unit selling price Q =variable costs per unit Q + fixed costs + net income |
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Contribution margin ratio
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Contribution margin ratio = [(Total revenues– Total variable costs) ÷ Total Revenues]
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Contribution margin per unit equation
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unit selling price - unit variable cost
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Required sales in units equation
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Required sales in units = (fixed cost + target net income) ÷ Contribution margin per unit
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