Term
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Definition
| does not change in total dollars when volume changes; changes on a per unit basis |
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Term
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Definition
| changes in the total dollars as volume changes; on a per unit basis stays the same |
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Term
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Definition
| part fixed, part variable |
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Term
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Definition
| cost that will disapear if the company discontinues a particular product |
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Term
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Definition
| cost continued to be incurred despite the discontinuance of a particular product or process |
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Term
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Definition
| incurred as a result of a long-term decision |
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Term
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Definition
| one that can be changed in the short term |
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Term
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Definition
| cost that differs between alternatives |
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Term
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Definition
| income forgone by NOT choosing the other alternative |
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Term
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Definition
| money paid in the past and cannot be reversed |
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Term
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Definition
| "inventorial" costs assets cost |
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Term
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Definition
| expenses in a given time period |
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Term
| breakeven point (concept) |
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Definition
| the amount of sales needed in order to show exactly 0 profit or loss |
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Term
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Definition
| fixed cost/[(sales-variable costs)/sales] |
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Term
| contribution margin ratio |
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Definition
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Term
| contribution margin formula |
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Definition
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Term
| BE point formula in units |
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Definition
| fix cost /(sales-variable/units) |
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Term
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Definition
| the amount of sales each unit is responsible for manking profit |
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Term
| components of the master budget |
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Definition
sales/ revenue budget
purchase/ production budget
operating expense budget
income statement budget
cash budget
balance sheet budget |
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Term
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Definition
| budget versus actual results |
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Term
| raw matierial price variance |
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Definition
| |(actual price)-(standard price budgeted) x actual quantity |
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Term
| raw material efficiency variance |
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Definition
| |( actual quantity)-(standard or budgeted quantity)x standard price |
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Term
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Definition
| (actual rate- standard rate) X actual hours |
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Term
| labor efficiency varience |
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Definition
| (acutal hours- standard(budgeted) hours) X standard rate |
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Term
| assets: increase with ___ & decrease with ____ |
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Definition
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Term
| owner equity: increases w/ ____, decreases with ____ |
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Definition
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Term
| liabilities: increase w/ ____, decrease w/ ____ |
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Definition
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Term
| revenues: increase w/___; decrease w/____ |
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Definition
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Term
| expenses: increased w/__; decrease w/___ |
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Definition
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Term
| cash accounts: increased w/__; decreased w/ __ |
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Definition
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Term
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Definition
| inventory cost-flow assumption that the first costs in to inventory ready for sale to customers |
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Term
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Definition
| inventory cost-flow assumption that the last costs in to inventory are the first costs out to cost of goods |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
taxable or not:
capital gains and losses |
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Definition
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Term
taxable or not:
debt cancellation |
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Definition
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Term
taxable or not:
employee benifits |
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Definition
| taxable! if discriminatory |
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Term
taxable or not:
gains from illegal activity |
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Definition
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Term
taxable or not:
gambling winnings |
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Definition
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Term
taxable or not:
scholarships |
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Definition
| taxable! if not used for tution or books/ supplies |
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Term
taxable or not:
social security benifits |
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Definition
| may be taxable! 0%-85% taxable 15%-100% tax free |
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Term
taxable or not:
unemployment compensation |
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Definition
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Term
taxable or not:
child support |
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Definition
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Term
taxable or not:
damages for personal PHYSICAL injuries |
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Definition
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Term
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Definition
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Term
taxable or not:
inheritance |
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Definition
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Term
taxable or not:
municiple bond interest |
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Definition
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