Answered: Question 2: It is usually seems as cost…

Question 2: It is usually seems as cost accounting cover the financial accounting problems as: Evaluation of alternative while buying Problem of price assessment

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 6PA: Using the information from BDS Enterprises, prepare the income statement to include all costs, but...

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Select all the items that are not relevant for decision making from the list below: A. Loss in gross margin B. Direct advertising C. General advertising D. Rent E. Depreciation: Store fixtures F. Depreciation: Delivery equipment G. Store management salaries H. General office salaries I. General office - other J. Insurance K. Utilities L. Employment taxes
4. (A) Which of the following transactions would cause net income for the period to be understated and explain why your answer is correct – feel free to make-up numbers to help your explanation? a. Misclassifying period cost and considering it product cost b. Misclassifying product cost and considering it period cost c. All of the above d. None of the above EXPLAINATION:
The statement of financial position and the balance sheet are synonyms. Select one: a. False b. True Refers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer b. Financial Accounting c. Auditing d. Cost Accounting Accounting deals with quantifiable information. Select one: a. True b. False
Which of these is not an objective of Cost Accounting? O a. Ascertainment of Cost O b. Cost Control and Cost reduction O c. Determination of Selling Price O d. Assisting Shareholders in decision making A MOS Jump to... 74% LC ..ais F1
Direction: Read carefully and answer the questions below. Encircle the letter of the correct answer. 1. Which of the following is an example of a variable cost? а. interest b. ingredients с. insurance d. lease 2. What type of cost varies depending on the quantity of products being produced? а. fixed b. net sales с. total d. variable 3. Which among the following concepts is usually seen on the top item in an income statement from which all costs and expenses is subtracted to arrive at net income? a. fixed cost b. net sales с. total cost d. variable cost 4. When do we obtain the break-even point? When the fixed cost is equal to the total cost When the total cost is equal to the variable cost When the variable cost is equal to the fixed cost d. When the number of units of goods sold covers the all the costs а. b. с. 5. Which of the following is NOT true? а. The fixed cost does not vary over time. b. The total cost is the sum of the fixed cost and the variable cost. с. The total cost is…
Reviewing cost behaviour patterns over time from the accounting records and using that review to predict future costs best describes: O Regression analysis O Scatter plots O Analysis at the account level O Two-point methods
Cost accounting is used as a means of fixing a selling price. Select one: True False
1. Multiple-Choice Question - FIFO When using FIFO, A) Identical costs go to the balance sheet and the income statement. B) Management uses average costs to assign to the balance sheet and the income statement. C) Older costs go to the income statement; newer costs go to the balance sheet. D) Older costs go to the balance sheet; newer costs go to the income statement. Explain for the answer chosen please.
Which of the following statements is/are FALSE: I. Because of the prudence convention, inventories are expensed in the income statement as cost of goods sold when they are sold, and not when they are bought in by the business and paid for. II. Investment property does not get depreciated, unless it is measured at cost. III. In the statement of comprehensive income, costs can be analysed according to function or nature. Costs analysed according to function are classified into the following categories: distribution & selling costs; administrative expenses; other operating expenses (or income). IV. A complete set of financial statements consists of the statement of financial position, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows. V. Following the acquisition of an item of property, plant and equipment, subsequent expenditure for this item that will extend the asset's useful life and increase the asset's capacity is capitalised.…
Which product costs appear on the balance sheet?a. goods that are partially completed at end of periodb. goods that are unsold at end of periodc. goods of merchandising business onlyd. A and B are correct
(Multiple Choice) A multi-step income statement ________. A. separates cost of goods sold from operating expenses B. considers interest revenue an operating activity C. is another name for a simple income statement D. combines cost of goods sold and operating expenses
inventories at the lower of cost and net realizable value? Added to cost b. Ignored Deducted in arriving at NRV C. i Deducted in arriving at cost 3. How should prompt payment discount be dealt with when valuing inventories at LCNRV? a Added to cost b. Ignored C. Deducted in arriving at NRV d. Deducted from cost , How should sales staff commission be dealt with when valuing inventories at LCNRV? a. Added to cost b. Ignored c. Deducted in arriving at NRV d. Deducted from cost 4 How should import duties be dealt with when valuing inventories at LCNRV? a. Added to cost b. Ignored C. Deducted in arriving at NRV d. Deducted from cost 5. Net realizable value is defined as a. Current replacement cost ". Estimated selling price less estimated cost to complete and estimated cost of disposal * Expected selling price less expected cost to complete and expected cost of disposal d. Fair value less cost of disposal