Shared Flashcard Set

Details

Exam 1 Preparation
Brewer Chapters 1-4
7
Accounting
Undergraduate 2
10/03/2012

Additional Accounting Flashcards

 


 

Cards

Term

 

Proper Cost of Goods Manufactured Schedule

Definition
[image]
Term


Synomym for Coefficient of Correlation 

What range is accetpable?

Definition
[image]
Term

 

Synomym for Coefficient of Determination

What is an acceptable Range?

Definition
[image]
Term

 

Name 3 Cost Classification Types

Which is the best?

Why?

Definition


1.  High-Low Method

2.  Scattergraph Method

3.  Regression

Best: Regression Method

Why:

a. Includes all the data

b. Easy to determine if the coefficients are good predictors of  mixed costs or not. 

Term

 

Format for Contribution Income Statement

Definition
[image]
Term

 

 

Define Contribution Margin

Definition

 

 

 Sales

-(Variable Costs)

Contribution Margin

Term

 

Format of Contribution Income Statement

Definition

Sales

(Variable Costs)

Contribution Margin

(Fixed Costs)

Operating Income

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