Managerial Accounting: Chapter Three: Joborder Costing

Perpetual inventory system – Cogs kept on a daily basis, instead of periodically
What are non- current assets comprised of? – 1) Fixed- Assets
2) Other Assets
Retained Earnings Equation – Ending Retained Earnings = Beginning Retained Earnings + Net Income − Dividends Declared
fiscal year – a year in the life of a business, may or may not coincide with the calendar year
keep the accounts – die Buchhaltung machen
Which of the following describes the contribution margin per unit?
a.
The amount of the company's selling price left over after recovering its fixed cost per unit
b.
The amount of the company's selling price available to help recover its fixed costs and then earn a profit
c.
The amount by which the company's net income will decrease if it sells one more unit of product than the breakeven volume
d.
The amount by which the company's variable cost per unit exceeds its selling price per unit of product
e.
All of the above describe the contribution margin per unit – b.
The amount of the company's selling price available to help recover its fixed costs and then earn a profit
Customer Refund Procedure – • Ralph
• Option 7
• CC refund is account #2249
• Put ticket number in document number
• Hit F10
• Type in CC number and hit enter
Posting – the process of recording information in the ledger is called
The primary substances of which all other things are composed are ________.
Opening an Account – Writing an account title and number on the heading of an account
debit – The left side of an account.
cost structure – the relative proportion of fixed, variable, and mixed costs in an organization.
dividends – earnings of a corporation distributed to the owners of a corporation. NOT an expense
The primаry substаnces оf which аll оther things are cоmposed are ________.
Unacceptable units of production that are discarded or sold for reduced prices are referred to as:
a. reworked units
b. spoilage
c. scrap
d. defective units – b. spoilage
Stockholders – The owners of a corporation; also called shareholders.
The control features of a bank account do not include
A. having bank auditors verify the correctness of the bank balance per books.
B. minimizing the amount of cash that must be kept on hand.
C. providing a double record of all bank transactions.
D. safeguarding cash by using a bank as a depository. – A
Profitability Analysis. – Provides evidence concerning the earnings potential of a company and how effectively the firm is being managed.
80. Financial reporting objectives do not include providing information:
A. Useful to investors and creditors in making decisions.
B. To determine market values, assess profit potential, and evaluate management.
C. Helpful to investors in predicting cash flows.
D. That tells about a company's economic resources and claims to those resources – B. To determine market values, assess profit potential, and evaluate management.

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