Accounting I Formula Word Scramble
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Term | Formula |
Working Capital | Current Assets - Current Liabilities |
Current Ratio | Current Assets / Current Liabilities |
Quick Ratio | Quick Assets / Current Liabilities |
Quick Assets | Cash + Marketable Securities + Accounts Receivable |
Predetermined Overhead Rate | Estimated Total Factory Overhead Costs / Estimated Activity Base |
Applied Manufacturing Overhead Cost | Predetermined Factory Overhead Rate x Actual Activity Base for the Period |
Over(Under) Applied Manufacturing Overhead Cost | Underapplied Overhead: Actual > Applied Overapplied Overhead: Actual < Applied |
High-Low Method | Used to divide a mixed cost into its’ fixed and variable component for purposes of analysis. When cost-volume-profit analysis (defined below) is performed, all costs must be categorized as fixed or variable. |
Contribution Margin | Sales – Variable Costs |
Contribution Margin Ratio | ((Sales – Variable Costs) / Sales) |
Breakeven Point | Fixed Costs / Contribution Margin per Unit |
Target Profit | ((Fixed Costs + Target Profit) / Contribution Margin per Unit) |
Margin Of Safety | Sales – Break-Even Sales |
Margin Of Safety Ratio | Sales – Break-Even Sales)/ Sales |
Sales Budget | Unit Sales x Sales Price Per Unit = Total Sales |
Production Budget | Unit Sales + Desired Ending Inventory = Subtotal – Estimated Beginning Inventory = Total Units to be Produced |
Direct Materials Purchase Budget | Total Units to Produce x Direct Materials Required per Finished Good Unit = Units of Direct Materials Needed + Desired Ending Inventory = subtotal – Estimated Beginning Inventory = Units of Direct Materials to be Purchased x Direct Materials Cost per Unit |
Direct Labor Budget | Total Units to be Produced x Direct Labor Hours per Finished Goods Unit = Total Hours of Direct Labor Needed x Direct Labor Cost per Unit = Total Cost of Direct Labor |
Cash Budget | Beginning Cash Balance + Cash Receipts = Cash Available – Cash Payments = Ending Cash Balance |
Direct Materials Price Variance | Actual Quantity (Actual Price – Standard Price) |
Direct Materials Quantity Variance | Standard Price (Actual Quantity – Standard Quantity) |
Total Direct Materials Variance | Direct Materials Cost Variance + Direct Materials Quantity Variance |
Direct Labor Rate Variance | Actual Hours (Actual Rate – Standard Rate) |
Direct Labor Time Variance | Standard Rate (Actual Hours – Standard Hours) |
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