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    Final Study Sheet

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    seabreeze
    This document provides a summary of key cost accounting and management terminology across four main topics: terminology, cost allocation, cost-volume-profit analysis, and decision making. It outlines important concepts like fixed and variable costs, cost drivers, opportunity costs, and cost allocation methods. Formulas for break-even analysis and calculation of contribution margin are referenced. Decision making tools like budgets, variance analysis, and performance metrics are also summarized.

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    Final Study Sheet

    Uploaded by

    seabreeze
    35 views2 pages
    This document provides a summary of key cost accounting and management terminology across four main topics: terminology, cost allocation, cost-volume-profit analysis, and decision making. It outlines important concepts like fixed and variable costs, cost drivers, opportunity costs, and cost allocation methods. Formulas for break-even analysis and calculation of contribution margin are referenced. Decision making tools like budgets, variance analysis, and performance metrics are also summarized.

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    This document provides a summary of key cost accounting and management terminology across four main topics: terminology, cost allocation, cost-volume-profit analysis, and decision making. It outlines important concepts like fixed and variable costs, cost drivers, opportunity costs, and cost allocation methods. Formulas for break-even analysis and calculation of contribution margin are referenced. Decision making tools like budgets, variance analysis, and performance metrics are also summarized.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    35 views2 pages

    Final Study Sheet

    Uploaded by

    seabreeze
    This document provides a summary of key cost accounting and management terminology across four main topics: terminology, cost allocation, cost-volume-profit analysis, and decision making. It outlines important concepts like fixed and variable costs, cost drivers, opportunity costs, and cost allocation methods. Formulas for break-even analysis and calculation of contribution margin are referenced. Decision making tools like budgets, variance analysis, and performance metrics are also summarized.

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    FINAL STUDY SHEET

    Terminology
    Planning/control
    Product/period cost
    Fixed/variable cost
    Relevant range
    Direct/indirect cost
    Prime/conversion cost
    Cost objective
    Cost driver
    Opportunity cost
    Sunk cost
    Allocate/assign/apply

    Cost Allocation
    Statement of cost of goods manufactured and sold
    Under/overapplied overhead
    Traditional costing
    ABC
    Service department

    Cost-Volume-Profit
    Contribution margin
    Break even in dollars and units
    Target net income
    Sales mix
    Variable costing/absorption costing
    Margin of safety
    Segmented income statement

    Decision Making
    Budgets/standards/variances
    Relevant costing (differential analysis)
    Performance evaluation (ROI, RI) (MCE)
    Responsibility accounting (cost center, profit center, investment center)
    Balanced scorecard
    Capital budgeting

    The following appendices are covered: chapters


    2B
    10A

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