Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
20.1
**Exercises** Listed as follows are nine technical accounting terms introduced in this chapter: - Variable costs - Relevant range - Break-even point - Fixed costs - Economies of scale - Sales mix - Contribution margin - Semivariable costs - 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 correctly 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. c. The span over which output is likely to vary and assumptions about cost behavior generally remain valid. d. Sales revenue less variable costs and expenses. e. Unit sales price minus variable cost per unit. f. The reduction in unit cost achieved from a higher level of output. g. Costs that respond to changes in sales volume by less than a proportionate amount. h. Operating income less variable costs. i. The relative proportion of various products' sales. *End of transcription.*
Transcribed Image Text:**Exercises** Listed as follows are nine technical accounting terms introduced in this chapter: - Variable costs - Relevant range - Break-even point - Fixed costs - Economies of scale - Sales mix - Contribution margin - Semivariable costs - 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 correctly 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. c. The span over which output is likely to vary and assumptions about cost behavior generally remain valid. d. Sales revenue less variable costs and expenses. e. Unit sales price minus variable cost per unit. f. The reduction in unit cost achieved from a higher level of output. g. Costs that respond to changes in sales volume by less than a proportionate amount. h. Operating income less variable costs. i. The relative proportion of various products' sales. *End of transcription.*
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS