221 Final Cheat Sheet - Chapter 1 4 Stages of cost systems...

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Chapter 1:  4 Stages of cost systems : broken, financial reporting driven, customized (stand alone), integrated Chapter 3     :    Op. Leverage: describes effects of fixed costs on O.I. CVP  analysis: looks at total revenues, total costs and O.I. as changes occur in output, price, costs…sets prices Margin of Safety:  Difference b/t budgeted and breakeven sales  Break-even Rev:  FC/CM% Chapter 7 Static Budget:  master budget. Based on level of output planned at start of budget period. Flexible Budget:  adjusted after change  in actual condition—based on actual output level Level 3 analysis:  Price Variance (AQ  ×  AP)  -  (AQ  ×  SP) =  AQ (AP  -  SP) Efficiency Variance (AQ  ×  SP)  -  (SQ  ×  SP) =   SP (AQ  -  SQ) Chapter 9     :   Throughput costing  treats all costs  except  those related to direct materials as period costs. Only direct materials are inventoriable.  Chapter 10 Cost Estimation Approaches: 
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