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Cost accounting_McGr

Cost accounting_McGrawHill_What_the_numbers_mean_Ch12.txt

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
Created by: 1021501828