Exam (elaborations)
Acct 212.
- Course
- Institution
Exam of 5 pages for the course SAFe 5.1 Questions and Answers 2024 at SAFe 5.1 Questions and Answers 2024 (Acct 212.)
[Show more]
Seller
Follow
denicetho
Content preview
Acct 212Managerial Accounting - provides information to managers inside an organization
who direct and control its operations
Planning - identify alternatives, select alternative that does the best job of
furthering organization's objectives, develop budgets to guide progress toward
the selected alternative
Directing and Motivating - involves managing day-to-day activities to keep the
organization running smoothly; ex: employee work assignments, routine problem
solving, conflict resolution, effective communications
Controlling - ensures that planes are being followed; performance reports
Manufacturing Costs - The costs incurred in the production of a product; direct
materials, direct labor, manufacturing overhead
Direct Materials - raw materials that become an integral part of the finished
product AND can be easily and efficiently traced to the product
Direct Labor - the payroll cost of those employees who work directly on the
product being manufactured
Manufacturing Overhead - represents all manufacturing costs other than direct
materials and direct labor; examples: rent, utilities, depreciation, and property
taxes on the factory building, indirect labor, indirect materials
Indirect Materials - materials used to support the production process
Indirect Labor - wages paid to employees who work in the factory but not directly
on the product
Non-manufacturing Costs - costs incurred outside the manufacturing process;
S&A costs (selling and administrative); examples: CEO's salary, advertising,
, commissions paid to salespeople, utilities on the administrative building, rent on
sales & administrative building and equipment
Cost Behavior - a term used to describe how costs change (react) to changes in
the volume of activity
Variable Costs - In total = change in direct proportion to changes in the volume of
activity; per unit = are constant meaning they do NOT change when the volume
of activity changes; examples: direct labor and direct materials
Fixed Costs - in total = are constant meaning they do NOT changes when the
volume of activity changes; per unit = change inversely with changes in the
volume of activities; examples: depreciation, rent, advertising
Mixed Costs - Costs that contain both a variable and a fixed element; neither the
total cost nor the unit cost is constant; examples: utilities and overhead
High-Low Method - separates the mixed costs into fixed and variable costs since
it does not have a constant component
Contribution Margin - represents the amount of revenue that is available to pay
fixed costs and contribute toward a profit
Cost-Volume Profit Analysis - helps managers understand the relationships
among cost, volume, and profit by focusing on interactions among the following
elements: prices of product, volume or level of activity, per unit variable costs,
total fixed costs
Total CM - Sales Revenue - Variable Cost
CM per unit - Selling Price per unit - Variable Cost per unit
CM Ratio - CM per unit / Selling price per unit OR CM / Sales Revenue
Break-Even Point - no profit is earned (or loss incurred); net income = 0
BE Point in units - Total Fixed Cost / CM per unit
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller denicetho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.36. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now