USF ACG2071 EXAM 2 STUDY GUIDE UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

USF ACG2071 EXAM 2 STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS

Question:
1. Variable Costs
Answer:
Costs that are incurred for every unit of volume

Question:
2. Total variable cost = Variable cost per unit of activity x Volume of activity
Answer:
Total variable costs change in direct proportion to changes in volume ^^

Question:
3. (Hi/Low Method) Variable cost per unit =
Answer:
Change in costs / Change in volume

Question:
4. (Hi/Low Method) Total fixed costs =
Answer:
Total mixed (operating) cost [find using hi] - Total variable costs [hi x variable cost per unit]

Question:
5. (Hi/Low Method) Total variable costs =
Answer:
Variable cost per unit x Units

Question:
6. (Hi/Low Method) Variable cost =
Answer:
Change in cost / Change in volume

Question:
7. (Hi/Low Method) Total operating costs =
Answer:
Variable cost per unit x Units + Fixed costs

Question:
8. (Variable Costing) Income Statement
Answer:
Sales Revenue = Less Variable Expenses: Variable COGS Variable Operating Expenses Contribution
margin = Less Fixed expenses: Fixed MOH Fixed Op. Expenses Operating Income ===

, Question:
9. Contribution Margin =
Answer:
Sales Rev - VarCOGS - VarOpExp

Question:
10. Variable Costs of Goods Sold (COGS) =
Answer:
Total variable costs per unit x # units sold

Question:
11. Fixed Manufacturing Costs per Unit =
Answer:
Fixed MOH / # Units Manu.

Question:
12. (Absorption Costing) Income Statement
Answer:
Sales Revenue = Less: COGS Gross Profit: Less: Operating Expenses Operating Income ===

Question:
13. Total operating expenses (Absorption Costing) =
Answer:
(#units sold x Variable Op Exp per Unit Sold) + Fixed Op Exp

Question:
14. COGS (Absorption costing) =
Answer:
(Total variable (manu.) costs per unit + Fixed Manu costs per unit) x (#unit sold)

Question:
15. Operating expenses on Income Statement (Absorption costing)
Answer:
Indirect costs (such as sales commission) x #units sold + Fixed Op Exp

Question:
16. Determining cost equation from Excel regression
Answer:
y = $ (x-var co)x + (x-int)

Question:
17. Total fixed costs =
Answer:
Total manufacturing costs - Total variable costs