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Lecture Accounting principles (8E): Chapter 22 - Coby Harmon

After completing this chapter you should be able to: Distinguish between variable and fixed costs, explain the significance of the relevant range, explain the concept of mixed costs, list the five components of cost-volume-profit analysis, indicate what contribution margin is and how it can be expressed,.and other contents. | CHAPTER 22 COST - VOLUME - PROFIT Accounting Principles, Eighth Edition Study Objectives Distinguish between variable and fixed costs. Explain the significance of the relevant range. Explain the concept of mixed costs. List the five components of cost-volume-profit analysis. Indicate what contribution margin is and how it can be expressed Identify the three ways to determine the break-even point. 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Study Objectives Give the formulas for determining sales required to earn target net income Define margin of safety, and give the formulas for computing it. Describe the essential features of a cost-volume-profit income statement. 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Preview of Chapter To manage any business, you must understand: How costs respond to changes in sales volume and The effect of costs and revenues on profit To understand cost-volume-profit (CVP), you must know how costs behave 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial . | CHAPTER 22 COST - VOLUME - PROFIT Accounting Principles, Eighth Edition Study Objectives Distinguish between variable and fixed costs. Explain the significance of the relevant range. Explain the concept of mixed costs. List the five components of cost-volume-profit analysis. Indicate what contribution margin is and how it can be expressed Identify the three ways to determine the break-even point. 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Study Objectives Give the formulas for determining sales required to earn target net income Define margin of .