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Chpt 2 Concepts Notes

by: Nicole Kelly

Chpt 2 Concepts Notes CBAD202-06

Nicole Kelly
GPA 3.9
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About this Document

Chpt 2 Concept Notes for CHpt 2 HW and Chpt 2 quiz
Managerial Accounting
Phillip Little
Class Notes




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This 3 page Class Notes was uploaded by Nicole Kelly on Saturday January 30, 2016. The Class Notes belongs to CBAD202-06 at Coastal Carolina University taught by Phillip Little in Spring 2016. Since its upload, it has received 17 views. For similar materials see Managerial Accounting in Business at Coastal Carolina University.


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Date Created: 01/30/16
Managerial Accounting Chpt 2 Concepts Cost Object: -Anything for which managers want a separate measurement of cost -Direct cost: Can be easily and directly traced to a cost object -Indirect Cost: Relates to but cannot be easily and directly traced to a cost object. Period Cost: Prime and Conversion Costs: Controllable and Uncontrollable Costs: -Controllable: Management can influence or change cost -Uncontrollable: Management cannot change or influence cost in the short run Relevant and Irrelevant Costs: -Relevant: Differential costs, which are costs that differ between alternatives -Irrelevant: Costs that do not differ between alternatives or sunk costs: costs incurred in the past that cannot be changed. Cost Behavior: -Variable Costs: Change in total cost in direct proportion to changes in volume -Fixed Costs: Stay constant in total cost over a wide range of activity levels Total Variable Costs: Assume we pay 5% sales commissions on all sales The cost of sales commissions increases proportionately with increases in sales. Total Fixed Costs. Stay constant in Total over a Wide Range of Activity Levels Total Cost -Total cost= Fixed Costs + (Variable cost per unit x number of units) Example: Fixed costs = $20,000 Variable cost per unit = $50 per unit Number of units = 100 Total cost = $20,000 + ($50 x 100) 


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