Study Guide quiz 1 cost acct.docx - Study Guide Quiz#1 Review Cost Accounting 2211 Exam 1 Review sheet Learning units 1-4 This is a general review and

Study Guide quiz 1 cost acct.docx - Study Guide Quiz#1...

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Study Guide: Quiz #1 Review Cost Accounting 2211 Exam 1 Review sheet Learning units 1-4 This is a general review and may not be all inclusive. Chapter 1 Managerial accounting vs. Financial accounting Cost accounting Decision Making Process Controller’s function Cost Benefit Approach Value chain Five steps in decision making Chapter 2—Cost terms and purposes Actual cost Budgeted cost Cost object Direct cost Indirect cost Fixed costs Variable costs Mixed costs Relevant range Cost driver Cost behavior Product Costs Period Costs Cost of goods sold for a manufacturer Cost of goods sold for a merchandiser Chapter 3 CVP Explain the features of the cost volume profit analysis per number sold unit 20 Revenue $50 Selling price Per unit $ 1,000.00 Variable costs $30 Variable cost Per unit $ 600.00 Contribution margin $20 CM Per unit $ 400.00 Fixed cost $ 400.00 Operating Income $ 0.00 Contribution margin = total revenue – total variable costs 400= 1000-600 Contribution margin per unit = selling price per unit – variable cost per unit
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20= 50-30
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