8543488-ACC-310F-Exam
ACC 310F Part 1 37 Terms thugarwal ACC 310F Exam 1 Vocab 30 Terms donnaannquinlan ACC 310F Test 1 Equations 5 Terms ippendots ACC310F 41 Terms mjpina ; Subjects Arts and Humanities Languages Math Science Social Science Other Features Quizlet Live Quizlet Learn Diagrams Flashcards Mobile Help Sign up Help Center Honor Code Community Guidelines Students Teachers About Company Press Careers Advertise Privacy Ad and Cookie 2785 Quizlet Inc.,etc) Variable Costs (in relation to LT) -Recipe -Buying in bulk -Cost of Goods Sold (lost) - COGS Fixed Costs (in relation to LT) -Rent -Advertising Uses of CM Model -CVP Analysis -Break-even -CM Ratio -Margin of Safety -Operating leverage -Sales Mix Marketing Research (MarketPlace) -Customer needs and uses -Price willing to pay -Market size Performance Evaluation (MarketPlace) Balanced Scoredcard Master Budget included the future operating plans of a company
expressed in financial terms and is made up of individual detailed budges such as -Sales Budget (also called sales forecast)- most challenging part of the budget to develop accurately because the organization has little/no control over a number of facts that influence revenue producing activities (ex- state of economy,advertising,administrative and other operating expenses are determined; these expenses are budgeted accordingly -Income statement budget -Cash Budget- much like a budgeted statement of cash flows but with a relatively short time frame -Balance sheet budget Marketplace refers to budgets= pro forms and sales budget= demand projection Standard Cost essentially a budget for the production costs of a single unit including the quantity of input (such as materials and labor) as well as the cost of that input (ex- dollar amount that should be paid for materials and labor) Committed Expenses
Rent and insurance Discretionary Expenses things you like but do not have to spend money on Net Profit Margin It measures how much out of every dollar of sales a company actually keeps in earnings Gross Profit Margin revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings. YOU MIGHT ALSO LIKE... Introduction to Business | Gaspar,labor wages,Advertising,Capacity,and assemble or package the product Overhead (OH) costs which are necessary for the manufacture of the product but in an indirect or non-traceable way Ex: factory utilities,headquarter facility,maintenance and housekeeping costs (both materials and labors),indirect materials for the product,advertising,supplied used in production,recording and summarizing transactions and other economic events Financial Statements are the end result of the accounting cycle
and show a summary of all of the entity's transactions and other economic events Income Statement Balance Sheet Statement of Owner's Equity Statement of Cash Flows Income Statement (also referred to as Profit and Loss Statement or Statement of Operations) summarizes a company's revenues and expenses and its purpose is to depict the results of activities that have occurred during a period of time Balance Sheet (also referred to as Statement of Financial Position) summarizes a company's assets,competitor's actions and seasonal demands) -Purchases or production budget- includes inventory budget estimates -Operating expense budget- cost behavior patterns of selling,delivering/producing goods and rendering services **Expenses do not include distribution to owners known as dividends or withdrawals Transactions are economic interchanges between entities Ex: a sale/ purchase or a receipt of cash by a borrower and the payment of cash by
a lender Bookkeeping is a set of procedures for recognizing,operate or control raw material conversion equipment,merchandise,Bierman,the settlement of which may result in the transfer or use of assets. A liability is any amount a company OWES Ex: include debts or IOUs Owner's Equity is ownership right of of the owners of the entity in the assets that remain after deducting the liabilities. Divided into categories: Capital and Retained Earnings Capital is also referred to paid in Capital Revenues (also referred to as Sales) represent the dollar amount of merchandise or services sold to customers Revenue is the dollar amount a company has sold Ex: selling a product/ service to a customer Expenses (also referred to as Costs) represent the dollar amount of assets consumed (or liabilities incurred) or services used in the process of generating revenues Expense is
the dollar amount of things a company has spent on Ex: wages,please update your browser. Learn more ACC 310F Exam #1 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Created by alexguiam Terms in this set (38) Accounting the process of identifying,sale commissions and warranty costs Fixed Cost (FC) are costs that do NOT change (in total) in relation to changes in production or activity levels Ex: supervisor's salar,investing activities and financing activities Operating activities include: cash inflows and outflows related to the production and sale of products or services Investing activities include: cash inflows and outflows related to buying or selling long-term assets Financing activities include: cash inflows and outflows related to the entity's owners or long-term creditors such as a bank Accounting Cycle Transactions,depreciation expense for the factory building and production equipment and compensation of
production managers and supervisors Period Cost (PC) costs incurred by the company which do not relate to the production of inventory but instead relate to the administration of the company or costs related to selling the product Ex: advertising,Arreola-Risa AcademicMediaPremium $12.99 STUDY GUIDE ACC 310F - Foundations of Accounting 2785 Terms ickjui ACC 2785 Chapter 6 19 Terms stephens_k accounting final part 2 30 Terms shaina2468b OTHER SETS BY THIS CREATOR Wills&Estates Final 92 Terms alexguiam Ch 3 - Markets,general,measuring and communicating economic information about an organization for the purpose of making decisions and informed judgements Assets are a resources owned by the entity as a result of past transactions from which future economic benefits are expected to flow to the entity. An asset is anything a company OWNS Ex: include cash,ACC 310F Exam #1 Flashcards | Quizlet
Search Create Log in Sign up Log in Sign up Oh no! It looks like your browser needs an update. To ensure the best experience,Smith,no current market values or replacement costs -Use of estimates -Comparability Management Planning and Control Cycle -Strategic,bookkeeping and financial statements Dividends what a company pays back to its shareholders out of its profits Limitations of Financial Statements -No qualitative variables -Generally,factory rent,Hise,selling expenses and interest expense Variable Cost (VC) are costs that do change (in total) in relation to changes in production or activity levels Ex: manufacturing,liabilities and owner's equity and its purpose is to depict the organization's financial position at a specific point in time Statement of Owner's Equity shows the details of owner's equity and explains the changes that occurred during the period Statement of Cash Flows shows the entity's sources and uses of cash related to operating activities