Find Cost account answer Standard costs:a. are imposed by governmental agencies.b. are predetermined units costs which companies use as measures ofperformance.c. can be used by manufacturing companies but not by service or not-for-profit companies.d. all of these.

Standard costs are predetermined estimates of the costs of producing goods or services, and they are…

Answered: Standard costs: a. are imposed by…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 2EA: For the following descriptions state whether the cost is controllable or uncontrollable by...

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Internal costs that are charged to the segments of a business are called_______. A. controllable costs B. variable costs C. fixed costs D. allocated costs
Which of the following is NOT a period cost? Select one: O a. manufacturing costs. Ob general and administrative costs. Oc marketing costs. Od. research and development costs. Which of the following is NOT one of the questions management accountants might attempt to help answer in the formulation of strategy? Select one: a. What substitute products exist in the marketplace? Ob. Who are our most important customers? Does the strategy comply with GAAP (Generally Accepted Accounting Principles)? Od. Will adequate cash be available to implement the strategy?
The income statement of a service-sector firm reports: both period and inventoriable costs a O inventoriable costs only .b O period costs only .R period and inventoriable costs but at different times; the reporting varies dO
Which of the following entities can use cost-volume-profit (CVP) analysis? Multiple Choice Not-for-profit organizations, but not service firms. Not-for-profit organizations, service firms, and manufacturers. Service firms, but not organizations that are not-for-profit. Manufacturing firms, but not service firms.
Indirect and common costs often make up a significant portion of the cost of a product. All of the following are reasons for indirect cost allocation to cost objects except to Multiple Choice reduce total costs identified with products. measure income and assets for external reporting purposes. justify costs for reimbursement purposes. provide information for economic decision making.
Differential costs represent – Group of answer choices the costs which is shown in the balance sheet but not expensed in the income statement until the sale of the products. The differences in costs among different departments of an organization. the amount of increase or decrease in costs from a particular course of action when compared to its alternatives the difference between controllable costs and non-controllable costs.
Different meanings of product costs. There are at least 3 different purposes for which we measure product costs. They are (1) pricing and product mix decisions, (2) determining the appropriate charge for a government contract, and (3) for preparing nancial statements for external reporting following Generally Accepted Accounting Principles. On the following table, indicate whether the indicated cost would be included or excluded for the particular purpose. If your answer is not denitive (include or exclude), provide a short explanation of why.
What is a segment of an organization? Give a few examples of segments of Walmart Corporation. What costs are assigned to a segment under the contribution approach? Distinguish between a traceable fixed cost and a common fixed cost. Explain how the contribution margin is different from the segment margin. Why aren't common fixed costs allocated to segments under the contribution approach?
1 To decide on an appropriate selling price for a special-order product” is an example of which cost allocation. Select one: a.To motivate managers and other employees b. To provide information for economic decisions c. To justify costs or compute reimbursement amounts d. To measure income and assets for reports to external parties
Which of the following is NOT an objective of determining product costs for manufacturing firms? A) To determine selling prices B) to reduce operating leverage C) to make decisions D) to do financial reporting
19) For internal decision-making purposes, many companies use the income statement using the approach. For extemal reporting, most companies use the income statement using the approach. A) full costing: variable costing C) absorption; contribution B) contribution; absorption D) absorption; absorption
Which of the following is not a reason for banks to use activity- based costing? C a. to determine profitability of services provided Ob. to determine service quality c. to determine the amounts charged to customers for services provided Od. all of the above

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Standard costs: a. are imposed by governmental agencies. b. are predetermined units costs which companies use as measures of performance. c. can be used by manufacturing companies but not by service or not-for- profit companies. d. all of these.