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Garrison, Chapter 1, Managerial Accounting Questions and Answers with complete solution
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Committed fixed Costs - ️️Investments in facilities, equipment, and basic organizational structure that can't be significantly reduced even for short periods of time wihtout making fundamental changes. Contribution Approach - ️️An income statement format that organizations costs by thei...

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  • September 18, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • garrison chapter 1 managerial accounting

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  • Garrison, Chapter 1, Managerial Accounting
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Garrison, Chapter 1, Managerial
Accounting
Committed fixed Costs - ✔️✔️Investments in facilities, equipment, and basic
organizational structure that can't be significantly reduced even for short periods of time
wihtout making fundamental changes.

Contribution Approach - ✔️✔️An income statement format that organizations costs by
their behavior. Costs are separated into variable and fixed categories rather than being
separated into product and period costs for external reporting purposes.

Activity Base - ✔️✔️A measure of whatever causes the incurrence of a variable cost.
For example, the total cost of surgical gloves in a hospital will increase as hte number of
surgeries increases. Therefore, the number of surgeries in the activity base that
explaines th total cost of surgical gloves.

Administrative Costs - ✔️✔️All executive, organizational, clerical costs associated with
the general management of an organization rather than with manufacturing or selling.


Common costs - ✔️✔️A cost that is incurred to support a number of cost objects but
that cannot be traced to them individually.


Contribution Margin - ✔️✔️The amount remaining from sales revenues afer all variable
expenses have been deducted.

Conversion Cost - ✔️✔️Direct Labor Cost Plus Manufacturing Overhead Cost

Cost Behavior - ✔️✔️The way in which a cost reacts to changes in the level of activity

Cost Structure - ✔️✔️The relative proportion of fixed, variable, and mixed costs in an
organization.

Differential Costs - ✔️✔️A future costs that differs between an two alternatives

Differential Revenue - ✔️✔️A future revenue that differs between two alernatives

Direct Cost - ✔️✔️A cost that can be easily an conveniently traced to a specified cost
object.

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