Supplemental Terms and Concepts Chap 6, 7, 8, 9, & 21 plus KWK Chap 7 (1)

Supplemental Terms and Concepts Chap 6, 7, 8, 9, & 21 plus KWK Chap 7 (1)

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Accounting 320 Supplemental Terms and Concepts for Final Exam (HDR Chapters 6 through 9, 21, KWK Chap 7 and Financial Calculator) Static budget versus Flexible budget Static budget – P lanning (static) budget based on projected activity Flexible budget – Planning (static) budget updated for actual activity Responsibility Accounting – allocating accounting information to those people who are accountable for controlling it Controllable versus Non-controllable costs – ability of the manager to influence the specified cost Benchmarking : continuous process of comparing the company’s results to the best levels of performance outside the company e.g. a competitor or and an industry standard Variances: Be able to calculate the eight DM, DL, VOH, and FOH variances using the standard cost template a) rate or price variances – what was paid b) efficiency or budget variances – what was used c) volume variance – a. calculation variance – applies fixed costs as if they were variable costs b. reflects the difference between the standard activity base achieved and the standard activity based used in calculating the predetermined fixed overhead rate d) variances - compares actual to standard or budgeted e)
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern