6. Under variable costing, fixed manufacturing overhead costs would be classified as: a. Product costs. b. Period costs. c. Selling costs. d. Inventory costs.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![6. Under variable costing, fixed manufacturing overhead costs would be classified as:
a. Product costs.
b. Period costs.
c. Selling costs.
d. Inventory costs.
7. A 10% internal rate of return (IRR) on a proposed capital investment indicates all of the following except:
a. The economic rate of return on the project is expected to be 10%.
b. Use of a 10% discount rate would result in an estimated project NPV of zero.
c. A positive net present value (NPV) if the company required rate of return is less than 10%.
d. The project would be "accepted" if the company required rate of return is greater than 10%.
8. Any system of compensation:
a. May encourage unethical behavior.
b. Should be designed by top management.
c. Must be approved by the auditor.
d. Must include bonuses.
9. A firm with a declining market share percentage may still earn a higher operating income if the:
a. Market as a whole is declining.
b. Market as a whole is stable.
c. Market as a whole is shifting.
d. Market as a whole is growing.
10. The manager acting independently in such a way as to simultaneously achieve top management's
objectives is exhibiting:
a. Performance evaluation.
b. Operational control.
c. Goal congruence.
d. Management control.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F91a1897c-6376-41f7-9c6e-a56c1adb050a%2F0162e779-06d9-4182-b700-ad6880755967%2Fuxyjgtb_processed.jpeg&w=3840&q=75)
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