Fixed costs depend on the:Select one:a. amount of resources acquiredb. amount of resources usedc. volume of salesd. volume of productionWhich of the following types of information are used in management accounting?Select one:a. financial informationb. information focused on the long termc. nonfinancial informationd. All of these answers are correctThe production component of the value chain refers detailed planning, engineering, and testing of products andprocesses.Select one:TrueFalseThe general term used to identify both the tracing and the allocation of accumulated costs to a cost object is:Select one:a. conversion costingb. cost assignmentc. cost tracingd. cost accumulation.Period costs:Select one:a. are treated as expenses in the period they are incurredb. are directly traceable to productsc. are also referred to as manufacturing overhead costsd. include direct laborPeriod costs:Select one:a. are treated as expenses in the period they are incurredb. are directly traceable to productsc. are also referred to as manufacturing overhead costsd. include direct laborThe collection of accounting data in some organized way is:Select one:a. cost assignmentb. cost tracingc. conversion costingd. cost accumulationThe most likely cost driver of direct labor costs is the:Select one:a. number of production hoursb. number of machine setups for the productc. number of machine hoursd. number of miles driven

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Fixed costs depend on the: Select one: a. amount of resources acquired b. amount of resources used c. volume of sales d. volume of production

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5E: From the choices presented in parentheses, choose the appropriate term for completing each of the...

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Similar questions

Explain the components of the total cost equation and describe how each of the components can be used by management for decision-making.
From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: a. A product, sales territory, department, or activity to which costs are traced is called a (direct cost, cost object). b. Advertising costs are usually viewed as (period, product) costs. c. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs. d. Feedback is often used to (improve, direct) operations. e. A sacrifice made to obtain some benefit is a (cost, expense). f. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory). g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.
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Describe the product life cycle. How do unit-level costs behave in relation to the product life cycle? Batch-level costs? Product-level costs? Facility-level costs?
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