Standard costs may be used by: a. universities. b. governmental agencies. c. charitable organizations. d. all of these.
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- Identify a particular support function of a college (the library, for example). Discuss possible allocation bases that might be used to allocate costs in the function to programs (degrees) or students.Matching Following are a number of key terms and concepts introduced in thechapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–12). Note thatnot all key terms and concepts will be used. Answers are provided at the end of thischapter.a. Cost–volume–profit analysisb. Cost formulac. Contribution margind. Contribution margin formatincome statemente. Linearity assumptionf. Contribution margin ratiog. Operating leverageh. Sales mixi. Break-even pointj. High–low techniquek. Managerial accountingl. Management processm. Variable costn. Fixed costo. Relevant rangep. Mixed (semivariable) costq. Cost behavior pattern____ 1. The proportion of total sales represented by various products or categoriesof products.____ 2. The difference between revenues and variable costs.____ 3. The concept that operating income changes proportionately more than revenues for any given change in revenues.____ 4. The…Attending college involves incurring many costs. Select the example of a college cost that could be assigned to each of the following classifications. a. Sunk cost b. Discretionary cost c. Committed cost d. Opportunity cost e. Differential cost f. Allocated cost
- Classify the following fixed costs as normally being either committed or discretionary:f. Management development and training.Distinguish between program service expenses and supporting service expenses.Match each of the following type of responsibility centers with what all they are accountable for. Cost Center Profit Center Investment Center Revenue Center
- Distinguish between a profit center and an investment center. Draw a diagram illustrating the relationship between cost, profit, and investment centers.Which of the following costs is relevant for decision-making? A. Sunk cost B. Fixed cost C. Opportunity cost D. Historical costWhich of statements about the contribution income statement is correct? Group of answer choices Costs are classified as being either product or period. Costs are classified as being either fixed or variable. It is required by GAAP. It is intended for external users.
- Give examples of various costs Attending college involves incurring many costs. Give an example of a college cost that could be assigned to each of the following classifications. Explain your reason for assigning each cost to the classification. Sunk cost. Discretionary cost. Committed cost. Opportunity cost. Differential cost. Allocated cost.Which type of income statements, Contribution Format or Traditional Format should be used to identify relevant costs? Please provide explanation for your answer. Then provide an example including two income statements based on absorption and variable costing, respectively, to support your explanation.A cost objective is the: O reason for allocating the cost O product, service, or department that is to receive the allocation O basis on which costs are allocated O relative benefit received from using a resource
