Chapter 6: Master Budgeting and Responsibility Accounting
Essay question on overview of master budget
A budget is a quantitative expression of a proposed plan of action by management for a
specified period, and an aid to coordinating what needs to be done
Cost AccountingReview Sheet for Midterm #2
Review all quizzes. Most problems on the exam will be similar to the quizzes. There could be a problem or two that
may not have been a quiz but it was something we went over or was on the homework. The remaining
Chapter 18: Spoilage, Rework, and Scrap
What is spoilage? Is it avoidable? If so, how? Does this relate to cost/benefit?
Spoilage: units of production, either fully or partially completed, that do not meet the
specifications required by customers for good
Formula List for Midterm #2:
Midterm #2 Covers:
Cost Volume Profit Analysis
Master Budgeting and Responsibility Accounting Review
Inventory Costing and Capacity Analysis
Determining How Costs Behave
Spoilage, Rework and Scrap
Cost Volume Profit Analy
Cramer Stapler Company
Cost of Goods Manufactured Schedule
For month ending January 31
Less: End Inv
Direct materials used
Direct manufacturing labor
Cost Accounting Syllabus
University of San Francisco
MW 8:35-10:20 am Malloy Hall LL6
Dr. John Koeplin, S.J.
Office Hours: Mondays 10:45 am to 11:45am and by appointment
Office: Loyola House, Jesuit Residence on
Cost-volume-profit analysis assumes all EXCEPT
a. all costs are variable or fixed.
b. units manufactured equal units sold.
c. total variable costs remain the same over the relevant range.
d. total fixed costs remain the
Chapter 3 Review: Cost Volume Profit Analysis
Why is CVP important?
CVP or Cost Volume Profit serves as a valuable tool for managers. CVP analysis provides
a simple system of calculations that mangers use to estimate the financial effects of a
Chapter 9: Inventory Costing and Capacity Analysis
Be able to prepare income statements (including costs of goods sold) for both absorption
costing (gross margin approach) and variable costing (contribution margin format). Have
understanding of what diffe
Chapter 10: Determining How Costs Behave
Cost Function: is a mathematical representation of how a cost changes with changes in
the level of an activity relating to that cost.
Types of Costs:
Variable Costs: costs that change in total in relation to some
AN INTRODUCTION TO COST TERMS AND PURPOSES
2-17 Direct, indirect, fixed, and variable costs.
1. Yeastdirect, variable
Packaging materialsdirect (or could be indirect if small and not traced to each unit), variable