Accounting 200 Exam 3 Final Exam
Questions and Already Passed
Answers.
Net sales formula - Answer Sales-sales return and allowences- sales discount=net sales
Gross Profit - Answer Net sales-COMS
Break even - Answer Fixed costs/unit CM
How many units we must sell to earn a profit of $0
High low - Answer (High cost-low cost)/(high volume-low volume)
Fixed Cost Total - Answer Total cost- (variable cost per unit)(units)
Standard cost formula - Answer Standard price * standard quantity
Direct materials variance - Answer Actual quantity(actual price-standard price)
Direct labor variance - Answer Standard price(actual quantity- standard quantity)
Direct labor rate variance - Answer Actual time( actual rate- standard rate)
Target costs - Answer Expected selling price - desired profit
Direct labor time variance - Answer Standard rate ( actual time- standard time)
Direct materials quantity variance - Answer Standard price ( actual quantity-standard quantity)
Actual cost - Answer Actual price * actual quantity
, Actual quantity - Answer Quantity the company actually used
Actual price - Answer Amount the company actually used
Standard cost - Answer Standard price * standard quantity
Total planned cost of the product
Standard quantity - Answer Quantity the company planned to use
Standard price - Answer Amount the company planned to use
Flexible - Answer Projected revenue and expenses for several possible activity levels
Static - Answer Projected revenue and expenses for only one level of activity
Zero-based budgeting - Answer Managers base budget on new figures each period
Fosters overspending - Answer An attitude of "spend it or lose it" for budgeted expenditures (a
drop in expenditures in one period will affect future period)
Fosters budgetary slack - Answer Managers tend to build low revenue growth and high
expenses into incremental budgets so they will always have favorable variances
Incremental budgeting - Answer Managers base budgets on revenue and expenses levels of
past periods with projected increases for the future periods
Continuous budgeting - Answer Budgets are projected for 12 months into the future. As each
month concludes another future month is added
Budget - Answer Financial plan written in advance of an operating period, planning
(projecting) for the future
Questions and Already Passed
Answers.
Net sales formula - Answer Sales-sales return and allowences- sales discount=net sales
Gross Profit - Answer Net sales-COMS
Break even - Answer Fixed costs/unit CM
How many units we must sell to earn a profit of $0
High low - Answer (High cost-low cost)/(high volume-low volume)
Fixed Cost Total - Answer Total cost- (variable cost per unit)(units)
Standard cost formula - Answer Standard price * standard quantity
Direct materials variance - Answer Actual quantity(actual price-standard price)
Direct labor variance - Answer Standard price(actual quantity- standard quantity)
Direct labor rate variance - Answer Actual time( actual rate- standard rate)
Target costs - Answer Expected selling price - desired profit
Direct labor time variance - Answer Standard rate ( actual time- standard time)
Direct materials quantity variance - Answer Standard price ( actual quantity-standard quantity)
Actual cost - Answer Actual price * actual quantity
, Actual quantity - Answer Quantity the company actually used
Actual price - Answer Amount the company actually used
Standard cost - Answer Standard price * standard quantity
Total planned cost of the product
Standard quantity - Answer Quantity the company planned to use
Standard price - Answer Amount the company planned to use
Flexible - Answer Projected revenue and expenses for several possible activity levels
Static - Answer Projected revenue and expenses for only one level of activity
Zero-based budgeting - Answer Managers base budget on new figures each period
Fosters overspending - Answer An attitude of "spend it or lose it" for budgeted expenditures (a
drop in expenditures in one period will affect future period)
Fosters budgetary slack - Answer Managers tend to build low revenue growth and high
expenses into incremental budgets so they will always have favorable variances
Incremental budgeting - Answer Managers base budgets on revenue and expenses levels of
past periods with projected increases for the future periods
Continuous budgeting - Answer Budgets are projected for 12 months into the future. As each
month concludes another future month is added
Budget - Answer Financial plan written in advance of an operating period, planning
(projecting) for the future
