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

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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Which of the following best describes a variable cost? A cost that: a. Represents a fixed proportion of total costs b. Has a direct relationship with outputc. Is sometimes also known as an indirect cos d. Falls on average, as output increases.
Which of the following costs change in total directly and proportionately with respect to the changes in volume of activities within a relevant range? Group of answer choices Total production costs Fixed costs Variable costs Mixed costs
Malmo, Inc. manufactures travel locks. The budgeted selling price is $12 per lock, the variable cost is $6 per lock, and budgeted fixed costs are $14,000 per month. Prepare a flexible budget for output levels of 3,000 locks and 10,000 locks for the month ended April 30, 2018. Malmo, Inc. Flexible Budget For the Month Ended April 30, 2018 Budget Amounts Per Unit Units 3,000 10,000
When output volume increases, do fixed costs per unit increase, decrease, or stay the same within the relevant range of activity? Explain.
A cost which changes in proportion to changes in volume of activity is called a: * a. fixed cost b. controllable cost c. variable cost d. opportunity cost
Which of the following statements is CORRECT with respect to fixed costs per unit? Select one: A. They will decrease as production decreases. B. They will remain the same as production levels change. C. They will increase as production increases. D. They will increase as production decreases.
Atlanta Systems produces two different products, Product A, which sells for $450 per unit, and Product B, which sells for $800 per unit, using three different activities: Design, which uses Engineering Hours as an activity driver; Machining, which uses machine hours as an activity driver; and Inspection, which uses number of batches as an activity driver. The cost of each activity and usage of the activity drivers are as follows: Usage by Product A Usage by Product B Cost Design (Engineering Hours) Machining (Machine Hours) Inspection (Batches) $ 190,000 $1,800,000 $ 108 142 2,160 2,840 160,000 42 38 8 Atlanta manufactures 12,500 units of Product A and 10,200 units of Product B per month. Each unit of Product A uses $100 of direct materials and $45 of direct labor, while each unit of Product B uşes $140 of direct materials and $75 of direct labor.
Which cost accounting method assumes that the cost of production is driven by the number of units produced? A. Activity-Based Costing (ABC)B. Standard CostingC. Absorption CostingD. Variable Costing
When using the high-low method to estimate costs, the formula “Change in Cost divided by Change in Units” (or “Change in Total Cost divided by Change in Activity Level”) is used to estimate the: Fixed cost per unit Mixed cost per unit Profit per unit Indirect cost per unit Variable cost per unit Differential cost per unit Opportunity cost per unit
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In incremental analysis, the only costs to be considered are O relevant costs. sunk costs. O variable costs. O manufacturing costs.
4. In a typical cost formula a. Fixed costs are per unit and variable costs are per unit b. Fixed costs are per unit and variable costs are in total c. Fixed costs are in total and variable costs are in total Fixed costs are in total and variable costs are per unit