8242260-ACC-310F-Exam-1-Flashcards
To ensure the best experience,general,and the budgeted balance sheet participative budgeting a budgeting process that involves the input and negotiation of several layers of management planning the managment process of identifying and quantifying goals of the organization sales forecast expected sales for future periods; a key to the budgeting process single period budget a budget that has been prepared only once prior to the budget period standard cost a unit budget allowance for a cost component of a product or avctivity top-down budgeting a budgeting approach that implies little or no input from lower levels of mgmt zero-based budgeting a budgeting process that involves justifying resource requirements based on an analysis and prioritization of unit objectives without reference to prior period budget allowances order of budgets Sales,cash flows
from operating,investing,+ accounts receivable,please update your browser. Learn more ACC 310F Exam 1 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Created by CCCoyle CH 1,the cash budget,- dividends,- treasury stock Budgeted balance sheet sheet Assets = Liabilities + Assets If net income < dividends owners equity decreases if you reduce rental rates additional profit can be made by increasing amount of equipment rented renting a bill board for advertising fixed cost if an individual asset increases then there could be an equal decrease in another asset production budget requires estimated unit sales and desired ending inventory sales budget is significant because all other budgets depend on it ice melting at lemonade stand is example of variable cost self serve pickles ketchup at burger place overhead cost
3 $ cup purchased would show up as $ 3 Inventory loan repayment to creditor decrease liability,- accumulated depreciation (Liabilities) + Other Accrued Liabilities Operating expenses Income statement (Expenses) - Operating expenses,- cash ( Liabilities) accounts payable Operating expenses Balance sheet ( Assets ) -Cash,COGS budget,and losses for a period of time liabilities probably future sacrifices of economic benefits losses decreases in net assets from incidental transctions that are not expenses or distributions to owners net assets the difference between assets and liabilities ( Owners equity) net income the excess of revenues and gains over expenses and losses for a fiscal period net sales gross sales,less sales discounts and sales returns and allowances net work owners equity/ net assets opporunity cost income forgone because an opportunity to pursue
income was not pursued owners' equity the equity of the entity's owners in the assets of the entity paid- in- capital the amount invested in the entity by the owners retained earnings cumulative net income that has not been distributed to the owners of a corp. as dividends revenues inflows of cash or increases in other assets statement of cash flows financial statement that explains why cash cahnged during a fiscal period,3,14 Terms in this set (99) Financial Accounting refers to the process that results in the preparation and reporting of financial statement for an entity,revenues,theoperating expense budget,direct labor,rendering services,decrease cash YOU MIGHT ALSO LIKE... Financial Accounting & Reporting (FAR) | CPA Exam SurgentCPAReview $8.99 STUDY GUIDE Foundations of accounting 46 Terms jubenful Accounting 7468 Finals 33 Terms
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Inc.,and admin expenses product cost inventoriable costs including raw mwaterials,process or service costs direct cost directly related to a product or activity,sometimes called a rolling budget discretionary cost a cost that can be raised or lowered in the short run ideal standard a standard cost or a production standard that assume ideal operating conditions and maximum efficiency at all times master budget an operating pan comprising the sales forecat( revenue budget),addl paid-in capital,the income statement budget,gains,retained earnings and other elements of owners' equity statement of operations income statement return on investment (ROI) amount of return/ amount of investment risk relates to the range of poss outcomes from an activity break-even point the amount of revenue required to haven neither operating profit nor operating loss contribution margin the difference
between the revenues and variable costs contribution margin format an income statement format in which variable costs are subtracted from reveneues to show CM from which fized costs are subtracted to determine operating income cost behavior pattern id o fwhether a cost is fized or variable cost- volume- profit analysis analysis of the impact on profit of volume and cost changes using knowledge about the behavior patter of the costs involved fixed cost a cost that does not change in total as the level of activity changes within the relevant range margin of safety the amount by which current sales exceed break-even sales providing a relative measure of risk before an operating loss would be incurred semi-variable cost a cost that has both fixed and cariable elements- mixed
cost variable cost a cost that changes in total as the volume of activity changes absorption costing a product costing method by which both variable and fized manufacturing costs are included in product costs activity-based costing the process of accumulating manufacturing overhead costs by production suppor activity ex machine setup activity based management use of activity-based costing information by managers to support the decision making process cost accounting a subset of managerial accting that relates to teh accumulation and determination of product,cash budget,liabilities,+/- other accrued liabilities Cash budget investing (Assets) +/- Cash,operating expense budget,or carrying out other activities that constitute the entity's major operations gains increases in net assetes from incidental transactions that are not revenues or investments by owners gross profit net sales less of cost of goods sold income statement the financial statement that summarizes the entity's revenues,12,2