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Acct 212.
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- SAFe 5.1 Questions And Answers 2024
Exam of 5 pages for the course SAFe 5.1 Questions and Answers 2024 at SAFe 5.1 Questions and Answers 2024 (Acct 212.)
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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
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