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MA Final

Management Accounting Final Exam

Sales budget A detailed schedule showing the expected sales for the budget period
If sales budget is inaccurate Then the rest of the budget will be inaccurate
Production budget Defines how many units need to be produced during the budget period
Sales budget Influences the variable portion of the selling and administrative expense budget
Production budget Used to determine the direct material, direct labor, and manufacturing overhead budgets
Cash budget Influenced by information from sales budget, selling and administrative expense budget, and the manufacturing cost budgets
Cash budget Detailed plan showing how cash resources will be acquired and used
Budgeted income statement Provides an estimate of net income for the budget period
Budgeted income statement Relies on information from the sales budget, ending finished goods inventory budget, selling and administrative expense budget, and the cash budget
Bugeted balance sheet Estimates the company's assets, liabilities, and stockholders' equity at the end of a budget period
4 components of cash budget Cash receipts section, cash disbursements section, cash excess or deficiency section, financing section
Static planning budget Prepared before the period begins and is valid for only the planned level of activity
Flexible budget Estimate of what revenues and costs should have been, given the actual level of activity for the period
Flexible budget Prepared for any activity level in the relevant range
Price standards Specify how much should be paid for each unit of the input
Quantity standards Specify how much of an input should be used to make a product or provide a service
Standard quantity per unit Defines the amount of direct materials that should be used for for each unit of finished product, including allowance for normal inefficiencies, such as scrap and spoilage
Standard price per unit Defines the price that should be paid for each unit of direct materials and should reflect the final, delivered cost of those materials.
Standard rate per hour Defines the company's expected direct labor wage rate per hour, including employment taxes and fringe benefits
Standard hours per unit Defines the amount of direct labor-hours that should be used to produce one unit of finished goods
Standard hours per unit Use time and motion studies for each labor operation, actually clocking the time required for each task
Standard cost per unit Product of standard quantity and standard price
Standard cost per unit Product of standard hours and standard rate
Factor that affect material price variance Rush order
Factor that affect material quantity variance Poorly trained workers, low quality material
Factor that affect labor rate variance Mix of employee skill levels
Factor that affect efficiency variance Employee motivation
Relevant costs Differential costs, incremental costs, avoidable costs, and depreciation expense costs are always this cost
Avoidable cost Cost that can be avoided or eliminated by choosing one alternative over another
Sunk cost Are always irrelevant costs when choosing among alternatives
Unavoidable costs Are irrelevant costs
Sunk cost Cost already incurred and cannot be chanegd regardless of which alternative is chosen so therefore is irrelevant
Irrelevant cost Future costs that do not differ between alternatives are always this cost.
Contraint resource If company has it, company would make the most profit if it manufactures the product that generates the highest contribution margin per it
Product line Should only be drop if the profit increases without it
Product cost Includes direct materials, direct labor, manufacturing overhead
Period costs Includes selling and administrative costs
Product cost Includes all the costs that are involved in acquiring or making a product
Process costing Company produces many units of a single product
Process costing One unit of product is indistinguishable from other units of product
Process costing The identical nature of each unit of product enables assigning the same average cost per unit
Job-order costing Many different products are produced each period
Job-order costing Products are manufactured to order
Job-order costing The unique nature of each order requires tracing or allocating costs to each job, and mainting cost records for each job
Variable costing Product costs includes direct materials, direct labor, variable manufacturing overhead
Variable costing Period costs includes fixed manufacturing overhead, variable selling and administrative expenses, and fixed selling and administrative expenses
Absorprtion costing Product costs includes direct materials, direct labor, variable manufacturing overhead, fixed manufacturing overhead
Absorption costing Period costs includes variable selling and administrative expenses, and fixed selling and administrative expenses
Absorption costing Produces highest values for work in process and finished goods inventories
Created by: ltt
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