5 Written questions
5 Matching questions
- unfavorable variance
- Marketing and Administrative costs are treated like
- Process costing
- Account analysis
- a variance that, taken alone, reduces the operating profit.
- b exporting a product to another country at a price below domestic cost
- c cost estimation method that calls for a review of each account making up the total cost being analyzed
- d production costs. Variable costs are expected to change as activity changes.
- e accounting system used when identical units are produced through a series of uniform production steps
5 Multiple choice questions
- cost that has both fixed and variable components; also called mixed costs.
- difference between actual costs and budgeted costs arising from changes in the cost of inputs to a production process or other activity
- costs that are unchanged as volume changes within the relevant range of activity
- excess of operating revenues over the operating costs necessary to generate those revenues.
- difference between planned result and actual outcome. Uses this difference to evaluate the performance of individuals and business units and identify possible sources of deviations between budgeted and actual performance.
5 True/False questions
Adjusted R squared → correlation coefficient squared and adjusted for the number of independent variables used to make the estimate
production cost report → has less detailed recordkeeping, so it is cheaper than job costing. But still does not provide as much information as job costing does. Job costing records the cost of each unit produced. the choice of process versus job costing system involves a comparison of the costs and benefits of each system as well as the production process being utilized.
Continuous flow processing → sales price minus variable costs per unit
Operation costing system assigns → materials cost to the specific products for which the underlying materials are used.
Throughout contribution → difference between revenues per unit (price) and variable cost per unit