Managerial Accounting Chapter 2: Managerial Accounting And Cost Concepts

Asset, Balance Sheet, Debit, Permanent – Accounts
What is Equity? – Contributed Capital and retained earnings
P.R. – Posting references to check the same data on both the General Journal and General ledger.
The breakeven-point is the sales volume where:
a.
Variable costs equal variable revenues.
b.
Fixed costs equal total revenues.
c.
Total contribution margin equals fixed costs
d.
Total revenues equal variable costs. – c.
Total contribution margin equals fixed costs
in the red – when company makes a loss
Current assets – Assets that a company expects to convert to cash or use up within one year.
debits – increases to assets and expenses
The people on my work project team call me aside and share that they are unhappy with the work of the team leader. They share that they feel I know more than the leaders and they like my style of interacting with them more than the team leader's. What is happening in this team?
Confirmatory value – confirms or changes prior evaluations
Common-sized income statement – each account is expressed as a percentage of the value of sales
Management accounting – Overall management of the business, particularly the financial management through the preparation of budgets
The peоple оn my wоrk project teаm cаll me аside and share that they are unhappy with the work of the team leader. They share that they feel I know more than the leaders and they like my style of interacting with them more than the team leader's. What is happening in this team?
Remuneration – 'A' of business income
There is never an efficiency variance for fixed costs. – True
Cash Flow – explains expenditures and income

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