Variances due to the difference between the actual level of activity and the level of activity in the planning budget from the beginning of the period
The difference between the actual revenue for the period and how much the revenue should have been, given the actual level of activity. --A favorable (unfavorable) revenue variance occurs because the revenue is higher (lower) than expected, given the actual level of activity for the period. —Total expenses added are only the favorable ones
The difference between the actual amount of the cost and how much a cost should have been, given the actual level of activity —if the actual cost is greater than what the cost should have been, the variance is labeled as unfavorable
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A flexible budget variance is any difference between the results generated by a flexible budget model and actual results. If actual revenues are inserted into a flexible budget model, this means that any variance will arise between budgeted and actual expenses, not revenues.
A budget that adjusts or flexes for changes in the volume of activity. The flexible budget is more sophisticated and useful than a static budget, which remains at one amount regardless of the volume of activity.
The difference between actual results and the expected results in the static budget —>combination between sales volume variance and flexible budget variance
Art Appreciation Test 1, Chapter 1 Flashcards
Which of the following does not support the retail layout objective of maximizing customer exposure to products? a) Locate high-draw items around the periphery of the store. b) Use prominent locations for high-impulse and high-margin items. c) Maximize exposure to expensive items. d) Use end-aisle locations. e) Convey the store's mission with the careful positioning of the lead-off department.
Cooper Lopez Company expects the following for 2012: Net cash provided by operating activities of $158, 000. Net cash provided by financing activities of$60, 000. Net cash used for investing activities of $80, 000 (no sales of long-term assets). Cash dividends paid to shareholders was$10, 000 Requirement How much free cash flow does Lopez expect for 2012?
Weiland and Company is a medical billing services firm. All sales of billing services are billed to the client (there are no cash sales). Weiland expects that, on average, 15%15 \\% 15% will be paid in the month of billing, 40%40 \\% 40% will be paid in the month following billing, and 42%42 \\% 42% will be paid in the second month following billing. For the next 55 5 months, the following sales billings are expected: May $184, 000 June 192, 000 July 207, 000 August 175, 000 September 164, 000\\begin\\text & \\$ 184, 000 \\\\ \\text & 192, 000 \\\\ \\text & 207, 000 \\\\ \\text & 175, 000 \\\\ \\text & 164, 000\\end May June July August September $184 , 000 192 , 000 207 , 000 175 , 000 164 , 000 Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September.
Chapter 2: Apply A Trial Balance For Statement Preparation (read Pages 58 62; Ntk Comp. Pg 62, Parts 3 7) Flashcards
Intermediate Accounting, Volume 1 (Chapters 1-14) Problem Solving Survival Guide 13th Edition • ISBN: 9780470380574 Donald E. Kieso, Jerry J. Weygandt, Terry D. WarfieldDifferent format of T-accounts, includes columns for debits and credits but also includes transactions date and explanation columns. Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
A list of ledger accounts and their balances at one given point in time. IT IS NOT A FINANCIAL STATEMENT, but a tool for checking equality of debits and credits in the ledger.
Reports the way that net income and the distribution of dividends affected the financial position of the company during the accounting period.
Chapter 2 Accounting Ii Flashcards
The main difference between the trial balance and a balance sheet is that the trial balance lists the ending balance for every account, while the balance sheet may aggregate many ending account balances into each line item. The balance sheet is part of core group of financial statements. The trail balance is not an official financial statement and only used within accounting department and as a source document by a company's auditors. The trial balance is a standard report in most accounting software that lists the ending balance in every account as of a specific point in time.
Trail balance goalTrial balance is not an official financial statement and only to be used internally in the accounting department. But it is used to help verify debits equal credits.Diff between balance sheet and trial balanceAggregation- Balance sheet aggregates multiple accounts, while the trial balance presents information at the account level therefore more detailed. Standards- The balance sheet is structured in accordance with specific accounting standards, while there is no mandated format for a trial balance. Usage- The balance sheet is intended for external use, while the trial balance is for use within the accounting department and by auditors. Reporting level- the balance sheet is a final report, while the trial balance is used to construct other reports.Statement of Cash FlowsA financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time.LedgerThe collection of all accounts and their balances.chart of accountsa list of all accounts used by a business. Has a identification number assigned to each account. Doesn't include account balances, just for listing identification numbers.T-accountone account in a ledger account. Shows effects of transactions. ONE T SHAPED PART. WHOLE THING IS A JOURNAL MADE UP OF TRANSCATIONS THAT ARE MADE OF T-ACCOUNTS.double-entry accountingThe recording of debit and credit parts of a transaction. Accounting system in which each transaction affects at least two accounts and has to have at least one debit and one credit.T-account cashOne account ( t-account) in a ledger for cash.journalall the transactions (t-accounts) chronologically recorded. A complete record of each transaction in one place.JournalizingRecording transactions in a journalgeneral journal vs general ledgergeneral journals make up the accounts all classified together, which is called a ledger.balance column formatT-account with column for transaction date and explanation included. just the format for general ledgers.
Intermediate Accounting, Volume 1 (Chapters 1-14) Problem Solving Survival Guide 13th Edition • ISBN: 9780470380574 Donald E. Kieso, Jerry J. Weygandt, Terry D. WarfieldDifferent format of T-accounts, includes columns for debits and credits but also includes transactions date and explanation columns. Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
A list of ledger accounts and their balances at one given point in time. IT IS NOT A FINANCIAL STATEMENT, but a tool for checking equality of debits and credits in the ledger.
Reports the way that net income and the distribution of dividends affected the financial position of the company during the accounting period.
Chapter 2 Accounting Ii Flashcards
The main difference between the trial balance and a balance sheet is that the trial balance lists the ending balance for every account, while the balance sheet may aggregate many ending account balances into each line item. The balance sheet is part of core group of financial statements. The trail balance is not an official financial statement and only used within accounting department and as a source document by a company's auditors. The trial balance is a standard report in most accounting software that lists the ending balance in every account as of a specific point in time.
Trail balance goalTrial balance is not an official financial statement and only to be used internally in the accounting department. But it is used to help verify debits equal credits.Diff between balance sheet and trial balanceAggregation- Balance sheet aggregates multiple accounts, while the trial balance presents information at the account level therefore more detailed. Standards- The balance sheet is structured in accordance with specific accounting standards, while there is no mandated format for a trial balance. Usage- The balance sheet is intended for external use, while the trial balance is for use within the accounting department and by auditors. Reporting level- the balance sheet is a final report, while the trial balance is used to construct other reports.Statement of Cash FlowsA financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time.LedgerThe collection of all accounts and their balances.chart of accountsa list of all accounts used by a business. Has a identification number assigned to each account. Doesn't include account balances, just for listing identification numbers.T-accountone account in a ledger account. Shows effects of transactions. ONE T SHAPED PART. WHOLE THING IS A JOURNAL MADE UP OF TRANSCATIONS THAT ARE MADE OF T-ACCOUNTS.double-entry accountingThe recording of debit and credit parts of a transaction. Accounting system in which each transaction affects at least two accounts and has to have at least one debit and one credit.T-account cashOne account ( t-account) in a ledger for cash.journalall the transactions (t-accounts) chronologically recorded. A complete record of each transaction in one place.JournalizingRecording transactions in a journalgeneral journal vs general ledgergeneral journals make up the accounts all classified together, which is called a ledger.balance column formatT-account with column for transaction date and explanation included. just the format for general ledgers.
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