Cost accounting_McGr Word Scramble
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Question | Answer |
The amount of revenue required to have neither operating profit nor operating loss. | break-even point |
The difference between revenues and variable costs. | contribution margin |
An income statement format in which variable costs are subtracted from revenues to show contribution margin, from which fixed costs are subtracted to determine operating income. | contribution margin format |
The ratio of contribution margin to revenues. | contribution margin ratio |
Identification of whether a cost is fixed or variable. | cost behavior pattern |
An algebraic expression that reflects the fixed and variable elements of a cost. | cost formula |
Analysis of the impact on profit of volume and cost changes using knowledge about the behavior pattern of the costs involved. | cost-volume-profit (CVP) analysis |
A cost that does not change in total as the level of activity changes within the relevant range. | fixed cost |
The activity level that produces the same total cost when two different cost formulas or cost structures exist. | indifference point |
Planning, organizing, and controlling the activities of an organization so it can accomplish its purpose. | management process |
Accounting that uses economic and financial information to plan and control many of the activities of the entity and to support the management decisionmaking process. | managerial accounting |
The concept that operating income changes proportionately more than revenues for any given change in the level of activity. | operating leverage |
Expected or allowed times and costs to make a product or perform an activity. | production standard |
The range of activity over which the fixed or variable cost behavior pattern exists. | relevant range |
The proportion of total sales represented by various products or categories of products. | sales mix |
A cost that has both fixed and variable elements. | semivariable cost |
A cost that changes in total as the volume of activity changes. | variable cost |
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