Managerial exam review with brain break q's

Front

A statement that lists the assets, liabilities, and stockholders’ equity. It displays a company’s collateral, liquidity, and net worth.

Back

balance sheet

Front

The amount of sales required to cover all costs at which net income is zero.

Back

break-even-point

Front

The six steps companies complete when making a budget:

Back

budget process

Front

A comparison of a budgeted income statement to actual results.

Back

budget variance report

Front

All of the significant materials that are an integral part of the finished product.

Back

direct materials

Front

A debt ratio that measures a company’s financial leverage. It shows the proportion of debt to equity used in financing the company’s assets

Back

debt to equity ratio

Front

All of the costs required to manufacture a finished product that are not related to the direct materials or direct labor costs

Back

factory overhead

Front

Costs that remain constant regardless of a business’s activity.

Back

fixed cost

Front

What does GAAP stand for?

Back

generally accepted accounting principles

Front

The difference between the cost of the products sold and the net sales.

Back

Gross profit