Appendix 3A PPT

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20 Terms

1

Cost Behaviour

The way in which a cost reacts to changes in the level of activity.

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2

Variable Costing

A costing method that assigns only variable manufacturing costs to products, treating fixed manufacturing overhead as a period cost.

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3

Absorption Costing

A costing method that assigns all manufacturing costs, including fixed manufacturing overhead, to products.

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4

Contribution Margin Income Statement

An income statement format that separates variable and fixed costs to show contribution margin.

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5

High-Low Method

A technique used to estimate variable and fixed costs based on the highest and lowest levels of activity.

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6

Regression Analysis

A statistical method used to analyze the relationship between variables and predict costs based on data.

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7

Account Analysis

An approach to analyzing cost behavior by classifying costs as variable, fixed, or mixed.

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8

Learning Objectives

Goals to be achieved by the end of a chapter, encompassing key skills and knowledge.

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9

Segment Reporting

Reporting financial results for different divisions or segments within a company to utilize contribution margin analysis.

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10

Contribution Margin

Sales revenue minus variable costs, important for assessing profitability.

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11

Variable Costing Income Statement (Short COGS Section)

An income statement format that includes only variable COGS, showing contribution margin and operating income.

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12

Variable Costing Income Statement (Long COGS Section)

An income statement format that details all variable costs, including detailed COGS, leading to contribution margin.

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13

Absorption Costing Income Statement (Short COGS Section)

An income statement format that includes all manufacturing costs in COGS, leading to gross profit.

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14

Absorption Costing Income Statement (Long COGS Section)

An income statement format that details all manufacturing costs, both fixed and variable, in COGS for a comprehensive view.

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15

Operating Income Comparison

The analysis of operating income under variable costing versus absorption costing, revealing differences due to fixed overhead treatment.

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16

Reconciliation of Variable and Absorption Income

The process of identifying the differences in income between variable and absorption costing, typically due to fixed overhead allocation.

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17

Beginning Inventory Calculation (Variable Costing)

Calculation of inventory value at the beginning of the period using only variable manufacturing costs.

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18

Ending Inventory Calculation (Variable Costing)

Calculation of inventory value at the end of the period based on variable costs.

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19

Beginning Inventory Calculation (Absorption Costing)

Calculation of inventory value at the beginning of the period including both fixed and variable manufacturing costs.

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20

Ending Inventory Calculation (Absorption Costing)

Calculation of the inventory value at the end of the period under absorption costing, factoring in all manufacturing costs.

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