Q4 Chp 19 and 20

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Q4 Chp 19 and 20
2013-04-06 03:26:10
Q4 Chp 19

Q4 Chp 19 10
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  1. A costing method that includes all manufacturing costs-direct materials, direct labor, and both variable and fixed manufacturing overhead-in unit product costs.
    Absorption costing (also called full costing)
  2. An income statement format that is geared to cost behavior in that costs are separated into variable and fixed categories rather than being separated according to the functions of production, sales, and administration.
    Contribution format
  3. Income statement that separates variable and fixed costs; highlights the contribution margin, which is sales less variable expenses.
    Contribution margin income statement
  4. A performance report that lists sales less the variable costs, ending with the contribution margin; fixed costs are excluded.
    Contribution margin report
  5. Costs that a manager has the power to control or at least strongly influence.
    Controllable costs
  6. The portion of the fixed manufacturing overhead cost of a period that goes into inventory under the absorption costing method as a result of production exceeding sales.
    Fixed overhead cost deferred in inventory
  7. The portion of the fixed manufacturing overhead cost of a prior period that becomes an expense of the current period under the absorption costing method as a result of sales exceeding production.
    Fixed overhead cost recognized from inventory
  8. Costs that a manager does not have the power to determine or strongly influence.
    Uncontrollable costs
  9. costing method that includes only variable manufacturing costs direct materials, direct labor, and variable manufacturing overhead;in unit product costs;.
    Variable costing (also called direct or marginal costing)
  10. Budget system based on expected activities.
    Activity-based budgeting (ABB)
  11. Formal statement of future plans, usually expressed in monetary terms.
  12. Accounting report that presents predicted amounts of the company's assets, liabilities, and equity balances as of the end of the budget period.
    Budgeted balance sheet
  13. Accounting report that presents predicted amounts of the company's revenues and expenses for the budget period.
    Budgeted income statement
  14. Process of planning future business actions and expressing them as formal plans.
  15. Plan that lists dollar amounts to be both received from disposal of plant assets and spent to purchase plant assets.
    Capital expenditures budget
  16. Plan that shows expected cash inflows and outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans.
    Cash budget
  17. Practice of preparing budgets for a selected number of future periods and revising those budgets as each period is completed.
    Continuous budgeting
  18. Plan that shows predicted operating expenses not included in the selling expenses budget.
    General and administrative expense budget
  19. Plan that shows the predicted costs for direct materials, direct labor, and overhead to be incurred in manufacturing units in the production budget.
    Manufacturing budget
  20. Comprehensive business plan that includes specific plans for expected sales, product units to be produced, merchandise (or materials) to be purchased, expenses to be incurred, plant assets to be purchased, and amounts of cash to be borrowed or loans to be repaid, as well as a budgeted income statement and balance sheet.
    Master budget
  21. Plan that shows the units or costs of merchandise to be purchased by a merchandising company during the budget period.
    Merchandise purchases budget
  22. Plan that shows the units to be produced each period.
    Production budget
  23. New set of budgets a firm adds for the next period (with revisions) to replace the ones that have lapsed.
    Rolling budgets
  24. Quantity of inventory or materials over the minimum needed to satisfy budgeted demand.
    Safety stock
  25. Plan showing the units of goods to be sold or services to be provided; the starting point in the budgeting process for most departments.
    Sales budget
  26. Plan that lists the types and amounts of selling expenses expected in the budget period.
    Selling expense budget