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BUS 371 - Chapter 3 Terms
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- 1Applied OverheadThe dollar amount of overhead assigned to Work in Process inventory using the activity measure that was selected to develop the overhead rate
- 2Under-applied overheadOccurs when the overhead applied to Work in Process inventory is less than the actual overhead cost
- 3Over-applied overheadOccurs when the overhead applied to Work in Process inventory is more than actual overhead cost
- 4Theoretical CapacityThe estimated maximum potential activity for a specified time
- 5Practical CapacityReducing theoretical capacity by ongoing, regular operating interruptions (such as holidays, downtime, and start-up time)
- 6Normal CapacityConsideration of historical and estimated future production levels and the cyclical fluctuations
- 7Expected CapacityA short-run concept that represents the firm's anticipated activity level for the coming period based on projected product demand
- 8High-low MethodAnalyzes a mixed cost by first selecting the highest and lowest levels of activity in a data set if these two points are within the relevant range
- 9OutliersNon-representative or abnormal observations
- 10Flexible budgetA planning document that presents expected variable and fixed costs at different activity levels
- 11Absorption Costing/ Full CostingTreats the costs of all manufacturing components (direct material, direct labor, variable overhead, and fixed overhead) as inventoriable, or product, costs in accordance with GAAP
- 12Functional ClassificationA group of costs that were incurred for the same principal purpose
- 13Variable Costing/ Direct CostingA cost accumulation method that includes only direct material, direct labor, and variable overhead as product costs
- 14Product Contribution MarginSales minus variable cost of goods sold
- 15Contribution MarginThe difference between total revenues and total variable expenses
- 16Volume VarianceReflects the monetary impact of a difference between the budgeted capacity used to determine the predetermined fixed overhead rate and the actual capacity at which the company opperated
- 17Phantom ProfitsTemporary absorption costing profits caused by producing more inventory than is sold
- 18Least Squares Regression AnalysisA statistical technique that analyzes the relationship between independent (causal) and dependent (effect) variables
- 19Dependent VariableUnknown variable
- 20Independent VariableKnown value
- 21Simple RegressionUses one independent variable to predict the dependent variable based on the formula for a straight line: y = a + bX
- 22Multiple RegressionTwo or more independent variables are used to predict the dependent variable
- 23Regression LineAny line that goes through the means (or averages) of the independent and dependent variables in a set of observations
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- BUS 371 - Chapter 3 Terms
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- Ms. Cassie Weitzenkamp, CPA, MPA
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