Cost Accounting Practice Tests, Flashcards & More | Varsity Tutors

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Master Cost Accounting

98

TOPICS

11

SECTIONS

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98 skills · 2,012 questions

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98 core skills 100% total weight

01

Budget Variances with Flexible Budgets

02

Performance Reports

03

Preparing Flexible Budgets

04

Static vs. Flexible Budgets

05

Budgeted Financial Statements

06

07

Operating Budgets

08

Sales & Production Budgets

09

Selling & Administrative Budgets

10

Backflush Costing & JIT

11

Operation Costing

12

Throughput Costing

13

Assigning Costs to Jobs

14

Job Cost Computation

15

Job-Order Costing Entries

16

Predetermined Overhead Rate (POR)

17

Under/Overapplied Overhead

18

Cost Per Equivalent Unit

19

Equivalent Units (Weighted-Average)

20

FIFO vs. Weighted-Average

21

Process Costing Overview

22

Process Costing Production Report

23

Process Costing: Cost Assignment

24

Cost Behavior & Relevant Range

25

Cost Functions & Drivers

26

High-Low Method

27

Separating Mixed Costs

28

Break-Even Point

29

Contribution Margin

30

CVP Sensitivity Analysis

31

CVP with Sales Mix

32

Margin of Safety

33

Operating Leverage

34

35

CM Per Constraint Unit

36

Identifying Constraints

37

Throughput & Bottleneck Decisions

38

Drop/Keep Decisions

39

Further Processing Decisions

40

Make-or-Buy Decisions

41

Qualitative Factors in Decisions

42

Relevant vs. Irrelevant Costs

43

Special Order Decisions

44

Cost Behavior Classification

45

Cost Categories for Decisions

46

Cost Classification by Function

47

Cost Objects, Pools & Drivers

48

Direct vs. Indirect Costs

49

Manufacturing vs. Nonmanufacturing

50

Product vs. Period Costs

51

Manufacturing Cost Flow Entries

52

Schedule of COGM

53

Schedule of COGS

54

Tracing Cost Flows

55

ABC Activities & Drivers

56

ABC Activity Rates & Assignment

57

Interpreting ABC Results

58

Traditional vs. ABC Costing

59

Direct Method Allocation

60

Reciprocal Method

61

Step-Down Method Allocation

62

Allocation Base Consequences

63

Departmental Overhead Rates

64

Plantwide Overhead Rate

65

Economic Value Added (EVA)

66

Residual Income (RI)

67

Return on Investment (ROI)

68

Controllable vs. Noncontrollable Costs

69

Responsibility Center Reports

70

Responsibility Centers

71

Cost-Plus Pricing

72

Life-Cycle Costing

73

Target Costing & Value Engineering

74

Cross-Subsidization Risk

75

Customer Profitability Analysis

76

Product-Line Profitability

77

Budget Gaming & Cost Distortion

78

Ethical Issues in Costing

79

Professional Skepticism & Documentation

80

Joint Costs vs. Further Processing

81

Joint Costs: Physical Units

82

Joint Costs: Sales Value

83

Net Realizable Value Method

84

Service Cost Allocation

85

Service Cost Structures

86

Service Pricing & Capacity

87

Direct Labor Efficiency Variance

88

Direct Labor Rate Variance

89

Interpreting DL Variances

90

Direct Materials Price Variance

91

Direct Materials Quantity Variance

92

Interpreting DM Variances

93

Fixed Overhead Variances

94

Interpreting Overhead Variances

95

Variable Overhead Variances

96

Practical vs. Ideal Standards

97

Standard Cost Per Unit

98

Standard Quantities & Prices