Untitled Quiz

Analyzing, interpreting, and presenting financial information to support management decisions and planning.

Recording business transactions and preparing financial statements (income statement, balance sheet) for a specific period.

Determining costs for different business activities and operations.

Evaluating the efficiency of activities, subunits, and employees in an organization.

Using financial information to make choices that benefit the organization.

Developing strategies and tracking progress towards goals.

Events that affect a company's financial position, like sales, expenses, or cash flows.

Reports summarizing a company's financial position (balance sheet) and performance (income statement).

Costs related to manufacturing goods.

Business costs not related to manufacturing such as administration, sales.

Costs easily traced to a specific cost unit or center.

Costs not easily traced to a specific cost unit or center.

Expected costs at a given output level under normal conditions.

Costs not expected at a given output level.

Inventoriable costs that are recorded as cost of goods sold when sold

Costs not included in inventory, expensed immediately.

Costs of materials used in production, including raw materials, spare parts, and packaging.

Salary and wages paid to employees involved in production.

All other costs associated with producing and selling products or services.

Categorizing expenses into different types, such as manufacturing, product, sunk, variable, direct, and indirect costs.

Anything to which costs are to be assigned for a specific purpose.

Costs associated with the actual process of producing a good or service.

Costs associated with selling a good or service.

Costs that can be easily traced to a specific cost object.

A financial analysis method that expresses each line item on a financial statement (like an income statement or balance sheet) as a percentage of a base figure (like revenue or total assets). This allows for comparisons between companies of different sizes.

A financial analysis that compares financial statement items over multiple periods, showing trends in items over time.

A financial statement where all items are expressed as a percentage of revenue, allowing for easier comparisons of companies regardless of size.

The process of examining financial data to evaluate a company's performance and suggest ways for improvement.

Comparing price indexes of different years can be inaccurate since price indices change over time.

Interpreting financial statements can vary based on an analyst's personal knowledge and perspective, potentially leading to different conclusions.

Analyzing a company's financial statements from only one year provides limited insight, and is most useful when compared to other years or other companies.

Each balance sheet item is expressed as a percentage of total assets.

Costs involved in creating a product, categorized into direct materials, direct labor, and manufacturing overhead.

Materials directly used in the product, easily traceable to it.

Labor costs easily traceable to specific products.

Manufacturing costs not directly traceable to products (e.g., indirect materials, rent).

Costs that can be easily and conveniently traced to a cost object (product).

Costs that cannot be easily traced to a specific cost object (product).

Categorizing costs based on different purposes, be it financial reports or decision making.

The thing for which costs are being determined (often a product, service, or department).

How costs change in relation to changes in production or sales volume.

Costs that do not change with the level of production or sales.

Costs that change directly in proportion to changes in production or sales.

Costs that have both fixed and variable components.

The range of output or sales over which a cost behavior pattern remains the same.

Technique used to determine if a process is functioning within acceptable limits.

Costs incurred to check for defective products before delivery.

Costs related to defects found before delivery to customers.