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Cost Accounting Flashcards

Cost Accounting Flashcards
Master CVP, Variances & Budgeting

Free flashcards for cost accounting—job costing, process costing, CVP analysis, variance analysis, and budgeting. Generate cards from your accounting lectures or use our curated examples.

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What are the best cost accounting flashcards?

The best cost accounting flashcards cover: (1) Job costing vs. process costing systems, (2) Cost-Volume-Profit (CVP) analysis and break-even calculations, (3) Variance analysis—materials, labor, and overhead variances, (4) Activity-Based Costing (ABC), (5) Budgeting—master budgets, flexible budgets, standard costing, (6) Decision-making tools—relevant costs, special orders, make-or-buy decisions.

Essential Cost Accounting Topics:

  • Cost behavior & classification
  • Job order & process costing
  • CVP analysis & break-even
  • Standard costing & variances
  • Activity-based costing (ABC)
  • Master & flexible budgets
  • Relevant costs & decisions
  • Transfer pricing

Sample Cost Accounting Flashcards

Preview cards covering key formulas and concepts for managerial accounting

Front

What is the contribution margin formula?

Back

Contribution Margin = Sales Revenue - Variable Costs. Per unit: Selling Price - Variable Cost per Unit. Used in CVP analysis to determine how much each unit sold contributes to covering fixed costs and generating profit.

Front

Define job order costing vs. process costing

Back

Job Order: Costs assigned to specific jobs/batches (custom products, construction). Process: Costs averaged over large quantities of identical units (chemicals, beverages). Key difference: specificity of cost tracking.

Front

What is a favorable vs. unfavorable variance?

Back

Favorable: Actual costs < Standard costs (or actual revenue > standard). Unfavorable: Actual costs > Standard costs. Note: In some contexts, favorable isn't always 'good' (e.g., using cheaper materials may hurt quality).

Front

Calculate break-even point in units

Back

Break-even Units = Fixed Costs ÷ Contribution Margin per Unit. Example: $100,000 fixed costs, $25 CM/unit = 4,000 units. At break-even, total contribution margin exactly covers fixed costs.

Front

What is Activity-Based Costing (ABC)?

Back

Costing method that assigns overhead costs based on activities that drive costs, not just volume. Steps: (1) Identify activities, (2) Assign costs to activity pools, (3) Determine cost drivers, (4) Calculate rates, (5) Allocate to products. More accurate than traditional volume-based allocation.

Front

Explain the direct materials price variance

Back

DM Price Variance = (Actual Price - Standard Price) × Actual Quantity Purchased. Measures efficiency of purchasing department. Favorable if actual price < standard. Causes: market conditions, bulk discounts, supplier negotiations, quality differences.

Generate Cards from Your Lectures

How to Create Cost Accounting Flashcards

Turn your accounting lectures into study-ready flashcards in 3 steps

1

Upload Your Lecture

Record your cost accounting or managerial accounting lecture. Works with any course level or textbook.

2

AI Generates Flashcards

Our AI identifies formulas, concepts, costing methods, and numerical examples. Creates cards automatically.

3

Study & Export

Review with spaced repetition or export to Anki/Quizlet. Ace your accounting exams.

Why Cost Accounting Students Need Flashcards

Cost accounting combines conceptual understanding with quantitative analysis. You need to know both the theory behind variance analysis AND how to calculate a materials price variance. Flashcards bridge this gap effectively.

Key Areas for Flashcard Focus

  • Formulas: Break-even, contribution margin, all variance formulas, overhead application rates
  • Concepts: Cost behavior patterns, relevant vs. sunk costs, controllable vs. noncontrollable
  • Methods: Job costing steps, process costing with FIFO/weighted average, ABC implementation
  • Decisions: Make-or-buy analysis, special order pricing, product mix with constraints

Organizing Your Cost Accounting Deck

  1. Cost Basics: Behavior, classification, terminology (30-40 cards)
  2. Costing Systems: Job order, process, ABC (40-50 cards)
  3. CVP Analysis: Break-even, target profit, margin of safety (25-35 cards)
  4. Variance Analysis: Materials, labor, overhead variances (35-45 cards)
  5. Budgeting: Master budget components, flexible budgets (30-40 cards)

Cost Accounting Flashcards FAQ

What are the best cost accounting flashcards?▼

The best cover costing systems, CVP analysis, variance analysis, ABC, and budgeting. LectureScribe generates cards from your specific accounting lectures.

How do I memorize cost accounting formulas?▼

Create flashcards with formula on front, explanation on back. Practice with numerical examples and use spaced repetition. Group related formulas together.

What topics should I make flashcards for?▼

Essential: Cost behavior, job/process costing, CVP analysis, standard costing, variances, ABC, budgeting, and relevant cost decisions.

Can I create flashcards from my accounting lectures?▼

Yes! LectureScribe transcribes and generates flashcards automatically, recognizing accounting terminology and formulas.

How many flashcards do I need?▼

Typically 40-50 for formulas/concepts, 30-40 for costing methods, 40-50 for variances/budgeting. Total: 110-140 cards per course.

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