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Accounting review sheet. Variable Cost Behavior When Activity: When Activity:
Increases Decreases Total Variable Cost Increases Decreases ...
accounting review. ... will be to define and understand the basics of accounting, determine
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of financial management (11th Ed.) – Chapter 2: Review of Accounting. ...
Submitted by bshiplet on April 25, 2007
Category: Miscellaneous
Words: 3350 | Pages: 14
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Variable Cost Behavior When Activity: When Activity:
Increases Decreases
Total Variable Cost Increases Decreases
Variable Cost/ Unit Stays Same Stays Same
Fixed Cost Behavior When Activity When
Activity
Increases Decreases
Total Fixed Cost Stays Same Stays Same
Fixed Cost per Unit Decreases Increases
Contribution Margin = Revenue - Variable Costs
Average Cost per Unit = Total Cost / Number of Units
Magnitude of = Contribution Margin
Operating Leverage Net Income
Break even volume in units= Fixed Cost / CM per unit ©¦ ~Contribution Margin Ratio= CM / Sales ©¦ ~Break Even Point= Fixed Cost / CM Ratio or Selling Price/Units*# Units Sold = [(VC/Unit*# Unit Sold) + Fixed Cost] ©¦ ~To find how many units must be sold: Fixed Cost + Target Profit/ CM ©¦ ~Profit= CM ¨C FC ©¦ ~Margin of Safety= (Budgeted Sales ¨C Break Even Sales)/ Budgeted Sales
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Profit (Net Income) = Sales ¨C Variable Costs ¨C Fixed Costs Operating Leverage = CM / NI
Contribution Margin = Sales ¨C Variable Costs Gross Margin = Sales ¨C COGS
Contribution Margin Ratio = CM / Sales
*Ratio represents portion of Sales to cover Fixed Costs* High/Low Method = (High Cost ¨C Low Cost) / (High Units ¨C Low Units) = VC per unit
Margin of Safety = (Budgeted Sales ¨C Break Even Sales) / Budgeted Sales Break Even = FC / CM
Net Income = Sales ¨C COGS ¨C All other Expenses Purchases = Sales + EI ¨C Beginning Inventory
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Horizontal Analysis ¨C study of the behavior of individual financial statement items over several...
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