Acct 2101, Top Exam Questions and answers, 100% Accurate. Rated A+ A

Acct 2101, Top Exam Questions and answers, 100% Accurate. Rated A+ Accounting area focused on providing information to assist business owner and managers in making business decisions--Managerial Accounting standards of conduct for judging right from wrong, honest from dishonest, and fair from unfair--Ethics focuses on three factors that affect the accounting reporting environment – opportunity, incentives, and character--Sarbanes Oxley Act of 2002 costs that can be traced to the object--direct cost costs that cannot be traced to the object or that are not worth the effort of tracing--indirect costs costs that change, in total, in direct proportion to changes in activity levels--variable costs costs that stay the same, in total, regardless of activity level--fixed costs have both a fixed and variable component--mixed costs represent all of the costs associated with producing or manufacturing a physical product--manufacturing costs includes all of the manufacturing costs other than direct materials and direct labor incurred to produce a physical product--Manufacturing overhead the costs associated with running the business and selling the product as opposed to manufacturing the product--non–manufacturing costs that are assigned to the product as it is being manufactured; they are counted as inventory until the product is actually sold--product/inventoriable costs non manufacturing costs expensed in the period incurred--period costs has the potential to influence a decision--relevant cost will not influence a decision--irrelevant cost costs that have already been incurred; irrelevant for decision making--sunk cost direct materials and direct labor because at one time they were considered "primary" costs--prime costs costs incurred to convert direct materials into a finished product--conversion costs used by companies that make standardized or homogenous products or services--process cost system is used in companies that offer customized or unique products and services--job order cost system provides a detailed record of the costs incurred to complete a specific job--job cost sheet describes the way total cost behaves, or changes, when some measure of activity changes--cost behavior the range of activity over which we expect our assumptions about cost behavior to hold true--relevant range fixed over a range of activity and then increase in a step–like fashion--step costs shows total cost plotted on the vertical axis and a measure of activity, or cost driver, plotted on the horizontal axis--scattergraph a statistical technique for finding the best fitting line based on historical data--least squares regression method a decision–making tool that focuses on the relationship among the volume and mix of units sold, prices, variable costs, fixed costs, and profit.--cost–volume–profit (CVP) analysis tells us how much each unit sold contributes toward fixed costs and profit--unit contribution margin Contribution Margin Ratio--contribution margin/sales price break even sales--total fixed costs/contribution margin ratio (%) an extension of break–even analysis that allows managers to determine the number of units or total sales revenue needed to earn a target profit--target profit analysis the difference between actual or budgeted sales and the break–even point--margin of safety refers to how a company uses variable costs versus fixed costs to perform its operation--cost structure measures the extent to which fixed costs are used to operate the business--degree of operating leverage provides useful information for management to maker decisions--managerial accounting