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D196-Principles of Financial & Managerial Accounting || with Complete Solutions.
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Absolute Cell Reference correct answers A cell reference that remains constant when a formula is pasted into a new cell Account correct answers An accounting record in which the results of transactions accumulated; shows increases, decreases, and a balance. Accounting correct answers A system...

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  • August 26, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • absolute cell reference

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D196-Principles of Financial & Managerial Accounting ||
with Complete Solutions.
Absolute Cell Reference correct answers A cell reference that remains constant when a formula
is pasted into a new cell

Account correct answers An accounting record in which the results of transactions accumulated;
shows increases, decreases, and a balance.

Accounting correct answers A system for providing quantitative, financial information about
economic entities that is useful for making sound economic decisions. Accounting provides the
means of recording and communicating business activities and the results of those activities.

Accounting Cycle correct answers The procedure for analyzing, recording, summarizing, and
reporting the transactions of a business.

Accounting Equation correct answers An algebraic equation that expresses the relationship
between assets (resources), liabilities (obligations), and owner's equity (net assets, or the residual
interest in a business after all liabilities have been met): Assets = Liabilities + Owners' Equity.

Accounting System correct answers Equity. The procedures and processes used by a business to
analyze transactions, handle routine bookkeeping tasks, and structure information so it can be
used to evaluate the performance and health of the business.

Activity-based Costing (ABC) correct answers A method of attributing overhead costs to
products based on measurable factors that relate to activities that create overhead costs.

Actual Manufacturing Overhead correct answers Manufacturing costs other than direct materials
and direct labor.

American Institute of Certified Public Accountants arli (AICPA) correct answers A professional
organization for CPAS in which membership is voluntary.

Annual Report correct answers A document that summarizes the results of operations and
financial status of a company for the past year and outlines future plans.

Applied Manufacturing Overhead correct answers The amount of the manufacturing overhead
that is assigned to the goods produced. This is usually done by using a predetermined annual
overhead rate.

Comparative Financial Statements correct answers Financial statements that include information
for both the current year and preceding year(s) that are prepared for users to identify any
significant changes in particular items.

, Contribution Margin correct answers The difference between total sales and variable costs; the
portion of sales revenue available to cover fixed costs and provide a profit.

Contribution Margin (formula) correct answers Sales Revenue - Variable cost

Contribution Margin per Unit (formula) correct answers Sales per unit - Variable cost per unit

Contribution Margin Ratio (formula) correct answers Contribution Margin per unit/sales per unit

Net Income Formula correct answers Revenues - Expenses

Variable Cost Ratio (formula) correct answers Variable cost per unit/sales per unit

Break Even in Units correct answers fixed costs / contribution margin per unit

break even in dollars correct answers Fixed cost/contribution margin ratio

Target Net Income (formula) correct answers (Fixed cost + target income) / contribution margin
per unit

What is the C-V-P equation (basic formula) correct answers Sales Revenue - Variable Cost -
Fixed Cost = Profit

Controllable Costs correct answers Costs over which a manager has direct authority and can
change.

Controlling correct answers Tracking the actual performance of a company.

Cost Accountant correct answers An accountant who is specially trained to prepare and analyze
accounting information for internal decision-making.

Cost Behavior correct answers The way a cost is affected by changes in activity levels.

Cost Center correct answers An organizational unit in which a manager has control over and is
held accountable for cost performance.

Cost Center correct answers An organizational unit in which a manager has control over and is
held accountable for cost performance.

Cost drivers are correct answers A numerical measure used to reflect the amount of a specific
cost that is associated with a particular activity.

Cost Objects correct answers An output of a business, such as a product, service, or division.

cost pool correct answers Total cost being generated by a specific overhead cost activity.

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