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This 2 page Bundle was uploaded by Rachael Han on Tuesday February 10, 2015. The Bundle belongs to a course at George Washington University taught by a professor in Fall. Since its upload, it has received 42 views.
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Date Created: 02/10/15
Chapter 3 0 CostVolumeProfit CVP relationships btwn org s revenues costs amp profits and sales volume 0 Break Even level of sales at which profit is 0 O In dollars 0 In sales Chapter 4 0 J oborder Costing costing system used in situations where many diff productsjobsservices are produced each period 0 Applying overhead process of charging manufacturing OH cost to job cost sheets 0 Underapplied OH amount of which OH cost actually incurred gt amount of OH cost applied to jobs 0 Cost of Goods Manufactured manufacturing costs associated w the goods that were finished during the period VS 0 Manufacturing Costs Chapter 5 0 Variable Costing costing method with only variable manufacturing costs DM DL amp VMOH in unit product costs VS 0 Absorption Costing costing method including all manufacturing costs DM DL VMOH amp FMOH in unit product costs 0 Segmented Contribution Income Statement 0 Traceable Fixed Costs fixed cost from existence of particular business segment amp that d be eliminated if segment is eliminated 0 Common Fixed Costs fixed cost that supports more than one business segment but not traceable in whole or in part Chapter 7 0 RelevantDifferentialIncremental Costs cost that differs btwn alternatives in decision Add or Drop Product Line Make or Buy Special Orders Joint Costs costs that are incurred up to the split off point in a process that produces joint products 0 Relaxing or Elevating the Constraint action that inc amount of a constrained resource Chapter 8 0 Capital Budgeting process of planning significant investments in projects that have long term implications ie purchase of new equipment or introduction of new product 0 Net Present Value NPV PV of cash in ows PV of cash outflows 0 Internal Rate of Return discount rate at which NPV of an investment project is 0 ROR of project over its useful life Chapter 9 0 Master Budget number of separate but interdependent budgets that formally lay out the company s sales production and financial goals culminates in a cash budget a budgeted income statement and a budgeted balance sheet Sales budget l l39 Production in budget Selling and administrative expellee budget Ending inventory budget A Direct Direct Manufacturing materiale labor overhead budget budget budget O 0 Cash Budget detailed plan showing how cash resources will be acquired and used Chapter 10 Flexible Budget estimate of what revenues and costs should have been given the actual level of activity for the period Activity Variance difference in level of activity planning budget from period beginning actual level of activity Spending Variance how much a cost should have been given actual level activity actual amount of cost 0 Favorable cost is lower than expected given actual level of activity for the period Revenue Variance what total revenue should have been given actual level of activity actual total revenue Chapter 11 Standard Cost per Unit standard Q allowed of an input per unit of a specific productstandard price of the input Standard Quantity per Unit amount of an input that should be required to complete a single unit of product including allowances for normal waste spoilage rejects and other normal inefficiencies Standard Price per Unit price that should be paid for an input Standard Rate per Hour labor rate that should be incurred per hour of labor time including employment taxesbenefits Material Quantity Variance actual Q of materials used in production standard Q allowed for actual outputstandard price per unit of materials Price Variance actual price standard priceactual Q of input Direct Labor Efficiency actual hrs taken to complete task standard hrs allowed for actual outputstandard hr labor rate Direct Rate Variance actual hourly rate standard ratenumber of hours worked during the period VOH Efficiency Variance actual hrs taken to complete task standard hrs allowed for actual outputstandard hr labor rate VOH Rate Variance actual VOH cost during period standard cost that should ve been incurred based on actual period activity Causes of 0 Material Price Variance outdated standards uneconomical q purchased higher quality materials high cost transport 0 Labor Efficiency Variance poorly trained workers or quality materials faulty equipment work interruptions inaccurate standards insufficient demand Chapter 12 Responsibility Accounting any business segment whose manager has control over costs revenues or investments in op assets Cost Center business segment whose manager has control over cost but no control over revenue or investments in op assets Profit Investment Center business segment whose manager has control over cost revenue amp investments in op assets Return on Investment ROI NI Avg Op Assets MarginTumover 0 Margin NI Sales Turnover Sales Avg Op Assets Residual Income NI that an investment center earns above the min required return on its op assets
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