A100 Exam 1
1. managerial accounting detailed plans and continuous reports for internal decision
makers
2. financial accounting periodic financial statements and related disclosures for exter-
nal decision makers
3. single step income statement Revenue - Expenses = Net Income/Loss
formula
4. multi step income statement sales
formula - costs of goods sold
= gross profit
- operating expenses
= net income/loss
5. period costs outside the factory and not related to inventory - immediately
expressed and NEVER apart of inventory
6. variable costs in total varies with volume but stays the same per unit
7. fixed costs in total stays the same but varies per unit
8. behavior of total variable costs increases
when production increases
9. behavior of variable costs per stays the same
unit when production increas-
es
10. behavior of total variable costs decreases
when production decreases
11. stays the same
1/4
1. managerial accounting detailed plans and continuous reports for internal decision
makers
2. financial accounting periodic financial statements and related disclosures for exter-
nal decision makers
3. single step income statement Revenue - Expenses = Net Income/Loss
formula
4. multi step income statement sales
formula - costs of goods sold
= gross profit
- operating expenses
= net income/loss
5. period costs outside the factory and not related to inventory - immediately
expressed and NEVER apart of inventory
6. variable costs in total varies with volume but stays the same per unit
7. fixed costs in total stays the same but varies per unit
8. behavior of total variable costs increases
when production increases
9. behavior of variable costs per stays the same
unit when production increas-
es
10. behavior of total variable costs decreases
when production decreases
11. stays the same
1/4
