Exercises connect Listed as follows are nine technical accounting terms introduced in this chapter. Variable costs Relevant range Contribution margin Break-even point Fixed costs Semivariable costs Economies of scale Sales mix Unit contribution margin Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not cor- rectly describe any of the terms. a. The level of sales at which revenue exactly equals costs and expenses. b. Costs that remain unchanged despite changes in sales volume. The span over which output is likely to vary and assumptions about cost behavior generally remain valid. с. Sales revenue less variable costs and expenses. unit. d. per е. Unit sales price minus variable cost f. The reduction in unit cost achieved from a higher level of output. Costs that respond to changes in sales volume by less than a proportionate amount. g. h. Operating income less variable costs.

Exercises connect Listed as follows are nine technical accounting terms introduced in this chapter. Variable costs Relevant range Contribution margin Break-even point Fixed costs Semivariable costs Economies of scale Sales mix Unit contribution margin Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not cor- rectly describe any of the terms. a. The level of sales at which revenue exactly equals costs and expenses. b. Costs that remain unchanged despite changes in sales volume. The span over which output is likely to vary and assumptions about cost behavior generally remain valid. с. Sales revenue less variable costs and expenses. unit. d. per е. Unit sales price minus variable cost f. The reduction in unit cost achieved from a higher level of output. Costs that respond to changes in sales volume by less than a proportionate amount. g. h. Operating income less variable costs.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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