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CENTRAL TEXAS COLLEGE / Accounting / acct 2302 / What does mixed cost contain?

What does mixed cost contain?

What does mixed cost contain?

Description

School: Central Texas College
Department: Accounting
Course: Principles of Managerial Acct.
Term: Spring 2017
Tags: Math, financial accounting, accounting identity, basic accounting equation, Studyguide, study, midterm, job, Management, cost, financial, answers, questions, Lecture Notes, notes, and chapters
Cost: 50
Name: Principles of Managerial Acct. 2302 Study Guide 2
Description: Financial Statement Analysis Activity-Based Costing Job Order Costing Managerial Accounting
Uploaded: 02/04/2017
3 Pages 227 Views 0 Unlocks
Reviews



How do you calculate the Production Budget?




How many advantages are there to budgeting?




Under absorption costing and variable costing, how are variable manufacturing costs treated?



Principles of Managerial Acct. 2302 Study Guide 2 Under absorption costing and variable costing, how are variable  manufacturing costs treated? ­ Product Cost Cost structure ­ refers to the relative proportion of fixed versus  variable costs that a company incurs. Sales mix is ­ the We also discuss several other topics like How does a financial conglomerate work?
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relative percentage in which a company sells its  multiple products. Costs that will differ between alternatives and influence the  outcome of a decision are ­ relevant cost In an equipment replacement decision, the cost of the old  equipment is a ­ sunk cost Which decision will involve no incremental revenues? make or buy  decision Fixed costs normally will NOT include ­ direct labor If the activity level increases 10%, total variable costs will ­  increase 10% Which of the following is not a fixed cost? Direct materials A mixed cost contains ­ a variable element and a fixed element.Contribution margin ­ equals sales revenue minus variable costs. The equation which reflects a CVP income statement is Sales ­ Variable costs ­ Fixed costs = Net income. At the break­even point ­ contribution margin equals total fixed  costs. How many advantages are there to budgeting? 6 Advantages 1. Communicate 2. Think about; Plan 3. Allocating resources 4. Bottlenecks 5. Coordinate; Integrating 6. Benchmarks How do you calculate the Production Budget? Budgeted unit sales + desired units of ending finished goods inventory = Total Needs ­ units of beginning finished goods inventory = REQUIRED PRODUCTION IN UNITS The cash budget is composed of 4 major sections: 1. The receipts section 2. The disbursements section 3. The cash excess or deficiency section 4. The financing section

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