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    This document provides a summary of key cost accounting and management terminology across four main topics: terminology, cost allocation, cost-volume-profit analysis, and decision making. It outlines important concepts like fixed and variable costs, cost drivers, opportunity costs, and cost allocation methods. Formulas for break-even analysis and calculation of contribution margin are referenced. Decision making tools like budgets, variance analysis, and performance metrics are also summarized.

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    This document provides a summary of key cost accounting and management terminology across four main topics: terminology, cost allocation, cost-volume-profit analysis, and decision making. It outlines important concepts like fixed and variable costs, cost drivers, opportunity costs, and cost allocation methods. Formulas for break-even analysis and calculation of contribution margin are referenced. Decision making tools like budgets, variance analysis, and performance metrics are also summarized.

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    23 views2 pages

    Final Study Sheet

    Uploaded by

    seabreeze
    This document provides a summary of key cost accounting and management terminology across four main topics: terminology, cost allocation, cost-volume-profit analysis, and decision making. It outlines important concepts like fixed and variable costs, cost drivers, opportunity costs, and cost allocation methods. Formulas for break-even analysis and calculation of contribution margin are referenced. Decision making tools like budgets, variance analysis, and performance metrics are also summarized.

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    FINAL STUDY SHEET

    Terminology
    Planning/control
    Product/period cost
    Fixed/variable cost
    Relevant range
    Direct/indirect cost
    Prime/conversion cost
    Cost objective
    Cost driver
    Opportunity cost
    Sunk cost
    Allocate/assign/apply

    Cost Allocation
    Statement of cost of goods manufactured and sold
    Under/overapplied overhead
    Traditional costing
    ABC
    Service department

    Cost-Volume-Profit
    Contribution margin
    Break even in dollars and units
    Target net income
    Sales mix
    Variable costing/absorption costing
    Margin of safety
    Segmented income statement

    Decision Making
    Budgets/standards/variances
    Relevant costing (differential analysis)
    Performance evaluation (ROI, RI) (MCE)
    Responsibility accounting (cost center, profit center, investment center)
    Balanced scorecard
    Capital budgeting

    The following appendices are covered: chapters


    2B
    10A

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