Good luck with finals everyone

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Author:
Anonymous
ID:
270918
Filename:
Good luck with finals everyone
Updated:
2014-04-17 16:05:59
Tags:
finals
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Description:
It's dangerous to go alone (in accounting), take this.
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  1. What are the Direct Material Variances?
    • Total Material Variance (TMV):
    • (AQ * AP) - (SQ - SP)

    • Material Price Variance (MPV):
    • (AQ*AP) - (AQ*SP)

    • Material Quantity Variance (MQV):
    • (AQ*SP) - (SQ*SP)
  2. What are the Direct Labour Variances?
    • Total Labour Variance (TLV):
    • (AH * AR) - (SH - SH)

    • Labour Price Variance (LRV):
    • (AH*AR) - (AH*SR)

    • Labour Quantity Variance (LQV):
    • (AH*SR) - (SH*SR)
  3. What are the Variable Overhead Variances
    • 1) Variable Overhead Rate per Hour:
    • Variable Overhead/DL Hours

    • Spending Variance:
    • Incurred - (Direct Hours worked * VOH/Hour)

    • Usage Variance:
    • (Direct Hours worked * VOH/Hour) - (Produced * SR * VOH/Hour)

    • Budget Variance:
    • Spending + Usage
  4. How to calculate total overhead variance?
    Total Variable OH variance + Fixed OH spending Variance
  5. How can we calculate Break-even?
    In point:

    • Fixed Costs/Contribution margin
    • 1- (Variable cost/sales)

    • In $:
    • FC + VC

    • In units:
    • Break Even Point/Per Unit Selling Price
    • FC/Per unit CM
  6. How do we calculate Unit Sales to attain target profit?
    (Fixed Cost + Target Profit)/Unit CM
  7. How do we calculate Contribution Margin?
    1 - VC in %

    Sales - VC

    FC +Profit
  8. How do we calculate Margin of Safety?
    (Budgeted Sales - Break-Even sales)/Budgeted Sales
  9. How does Incremental Analysis look like foo
    • Total machine hours available
    • Machine hours required for x
    • Machine hours left
    • Supply contract
    • Balance remaining
    • //used to top up 90% on tract
    • Less: (10% * 250 * 4) for A20
    • Balance remaining
    • Number of MH per unit for A40

    Number of additional A40
  10. How does a cash disbursement budget look like?
  11. How does one get variable costing income from absorption costing?
    Net income + (number of units sold - number of units produced)
  12. How does one get throughput costing income from variable costing?
    Net income of absorption + (number of units sold - number of units produced * (DL + VMOH))
  13. Depict Absorption cost.


    Where COGS = (Fixed Manufacturing OH / produced) + Variable MOH (DM + DL + VOH)
  14. Depict Variable Costing
  15. Depict Throughput costing

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