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ACC. Ex2

Accounting exam two review

QuestionAnswer
Why are inventory values calculated using variable costing instead of absorption costing be less? Variable costing will not include fixed production in inventories.
Which Costing method is required under GAAP? Variable or Absorption? Absorption
If the number of units produced in a period is larger than units sold, under absorption costing will income be higher or lower than using variable costing? Higher.
What is the main difference between variable and absorption costing? Absorption costing includes fixed factory overhead in product costs.
How to find Operating income under absorption costing? Gross Profit- Selling and Admin expenses
How to find operating income under Variable Costing? Contribution margin-Fixed Costs
What is gross profit (ab) Sales-COGS
What order do the budgets get prepared in? Sales, Production, Direct materials budget.
What is a materials price variance? A variance that reveals the difference between standard price for materials purchased and amounts actually paid for those materials. Difference * # of inputs purchased.
when is a variance favorable? When the actual cost incurred is less than the standard cost
When is a variance unfavorable? When the actual cost incurred is more than the standard.
Where is a manager only responsible for sales? Revenue center
Where is a manager responsible for sales and profit? Profit Center
Profit margin is? Operating Income/ sales
Turnover is calculated by? Sales/ average operating assets(beg. assets+end. assets)/2
Residual Income calculated by? Investment centers Profit-( capital * rate)
What is budgetary slack? When managers purposely underestimates revenues or overestimates costs.
Flow of Costs? raw materials, work in process, finished goods inventory and cost of goods sold
Created by: 511052957
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