Managerial Accounting – UFC1
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| List the cost estimation methods from the least precise to the most precise with the least precise on top | Scatter diagrams
High-low method
Least-Squares regression
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| To figure contribution margin ratio | amount of sales-variable cost/amount of sales =% (contribution margin ratio)
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| When using the high-low method, the estimated line of cost behavior connects the : | two costs at the highest and lowest volumes
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| Types of fixed costs | Depreciation
Property taxes
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| Types of Variable costs | Direct Materials
Shipping costs
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| Types of Mixed Cost | Water and sewer
sales rep's pay
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| The break-even point is the sales level at which a company | has a profit of $0
and
contribution margin equals fixed costs.
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| The amount by which a product's unit-selling price exceeds its total unit variable cost is the | Contribution margin per unit
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| Cost-volume-profit analysis helps managers predict how changes in ___________and __________levels affect income. | Costs and sales
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| A company has a margin of safety of 20%. If expected sales are $50,000, then break-even sales are: | $40,000 Found by 50000*20%=10,000 then subtract the 10,000 from the 50,000
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| How to find Contribution Margin Approach | Sales revenue per unit minus variable costs per unit =
Contribution margin per unit
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| Because of its usefulness in CVP analysis, managers generally use an income statement in which format? | Contribution margin income statement
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| Conventional CVP analysis requires management to classify all costs as either _____ or ______ with respect to production or sales volume. | variable or fixed
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| Which of the following is the correct statement about variable costs? | The variable cost per unit does not change when volume changes
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| On a CVP chart, on either side of the break-even point, the vertical distance between the total sales line and the total cost line represents: | total profit to the right of the intersection and
Total loss to the left of the intersection
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| The contribution margin ratio is interpreted as the percent of: | each sales dollar that remains after deducting unit varable cost
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| On a CVP chart, the line which crosses the vertical axis at the level of fixed costs and slopes upwards represents_________costs. | Total
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| Contribution margin per unit contributes to covering _____costs and then generating ________ on a per unit basis. | Fixed profits
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