1 For which service business is job ordercosting the appropriate costing method touse?An oil fracking company extracting oilfrom a variety of oil fields leased to thecompany by a state.○ A farm feeding, raising, and sendingmany rabbits to a wholesaler for domesticresale purposes.○ A law practice that serves a variety ofcustomers having differing levels of legalneeds and requirements.○ An income tax preparation accountingpractice preparing individual income taxreturns for clients having income less than$50,000.

Detailed explanation: Why other choices are incorrect?1. An oil fracking company:Extraction of oil…

Answered: 1 For which service business is job…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter5: Product And Service Costing: Job-order System

Section: Chapter Questions

Problem 6E

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You are employed as a Chartered Certified Accountant in an insurance company. You are completing starting your own business. In considering whether or not to start your own business, your current salary level would be Select one: a. An opportunity cost b. A sunk cost C. An irrelevant cost d. An incremental cost
Please answer if it is TRUE or FALSE.
State whether the type of Mgt. Services given below is ( R ) related to acctg. and finance or ( NR ) not related to acctg. and finance. Write the letter of your choice on the blanks provided. _________1. Cost determination alternatives in collective bargaining contract. ______2. Job evaluation and salary administration. ______3. Cost analysis of major investment decision. ______4. Marketing OR sales forecast. ______5. Studies related to financial aspect of pension plan ______6. Long range planning. ______7. Setting up or improvement in internal control. ______8. Technical and marketing aspect of project feasibility studies. ______9. Analysis of financial statements. _____10. Production planning, scheduling, and control _____11. Evaluation of capital stock of companies for merger or sale purposes. _____12. Operations research _____13. Financial analysis of project feasibility studies _____14. Plant layout studies. _____15. Design, installation or review of budgetary…
Which of the following is not related to Opportunity costs? a. Salary given up to start a business b. Rental Income given up when you live in a house you own. c. fixed costs to be incurred when you accept a special request from an existing client. d. None of the choices
which of the following expenses is properly reported on commissions and fees line of Schedule C amounts paid for services and not included on other lines of Schedlue c Comensation paid to independent contractors labor costs for fabricating raw materials into a finished product Preparation of tax forms related to the business
For the following descriptions, state whether the cost is controllable or uncontrollable by responsibility center managers. A. advertising for a merchandiser B. corporate income taxes C. office supplies for a merchandiser D. donations to the Salvation Army E. insurance for delivery vehicles
Identify who, in the labor market, would be considered in demand of and in supply of labor: A. Demand B. Supply ? 1. GoldsGym is hiring several personal trainers ? v 2. Claire, a chemical engineer, is looking for a job in the oil and gas industry ? ✓ 3. BestHotel is hiring a new front desk employee
Which one of the following is not an example of a discretionary cost. The salary of the chlef financial officer ob The cost of annual end of year celebration Oc The salary of the marketing manager d. None of the given answers e. The cost of employee training program S PAGE Windows
None
You are trying to decide whether to take a job after you graduate or go onto graduate school. Consider the following questions as you make your decision. A. Which of these costs, for the most part, would be relevant (R), and which would be irrelevant (IR)? Cost of your Undergraduate education Salary with an undergraduate degree Salary with both an undergraduate degree and a graduate degree Rent Car Insurance Graduate school tuition and fees Food costs Moving expenses B. Which of these costs could have a differential amount that is relevant/irrelevant, depending upon the location and or policies of your new job?
Which one of the following increases the labour costs to an entity? Select one: O A. Productivity bonus O B. Employee deduction for trade union membership O C. Income tax O D. Employee contribution to pension fund Clear my choice
Cost allocation is often the centerpiece of conflict that is resolved in court cases. The litigation usually involves the dispute over how costs are allocated to a product or product line that is of interest to the plaintiff. This is particularly an issue when a company produces some products or services for a price-competitive market while other products or services are produced for a governmental unit on a cost-plus or reimbursement basis. Nursing Care Inc., or NCI, operates both a small nursing home and retirement home. There is a single kitchen used to provide meals to both the nursing home and retirement home, meaning labor costs and utilities costs of the kitchen are shared by the two homes. There is also a centralized cleaning department that provides the cleaning services for both homes as well as the kitchen. The nursing home serves only indigent patients who are on Medicaid. The state Department of Health and Family Services (DHFS) reimburses NCI at Medicaid-approved cost…

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