QUESTION 1 Which of the following activities would not be..
QUESTION 1 Which of the following activities would not be… QUESTION 1Which of the following activities would not be considered a value-added activity? a. Production b. Marketing c. Accounting d. Distribution5 points QUESTION 2(CMA adapted) Cost drivers are: a. Activites that cause costs to increase as the activity increases. b. Accounting techniques and practices used to control costs. c. Accounting reimbursements used to evaluate whether performance is proceeding according to plan. d. A mechanical basis, such as machine hours, computer tme, or factory square footage, used to assign costs to activities.5 points QUESTION 3The just-in-time (JIT) method of production focuses on (select the correct answer): a. Increasing sales revenue. b. Reducing inventories. c. Increasing customer service. d. Reducing operating expenses.5 points QUESTION 4The costing method that first assigns costs to activities and then assigns them to products based on the products’ consumption of activities is called (select the correct answer): a. Lean accounting. b. Responsibility centers. c. Activity-based costing. d. Budgeting.5 points QUESTION 5Which of the following accounts would be a period cost rather than a product cost? a. Depreciation on manufacturing machinery. b. Maintenance on factory machines. c. Production manager’s salary. d. Freight out.5 points QUESTION 6The beginning Work-in-Process inventory plus the total of the manufacturing costs equals (select the correct answer): a. Total finished goods during the period. b. Cost of goods sold for the period. c. Total work-in-process during the period. d. Cost of goods manufactured for the period.5 points QUESTION 7Property taxes on the manufacturing facility are an element of (select the correct answers): Conversion CostPeriod Costa.NoNob.NoYesc.YesNod.YesYes a. Option A b. Option B c. Option C d. Option D5 points QUESTION 8Which of the following should be considered part of a manufacturing company’s direct labor cost? a. Factory supervisor’s salary. b. Forklift operator’s hourly wages. c. Employer-paid health insurance on factory assembler’s wages. d. Cost of idle time.5 points QUESTION 9The beginning Work-in-Process inventory plus the total of the manufacturing costs equals: a. Total finished goods during the period. b. Cost of goods sold for the period. c. Total work-in-process during the period. d. Cost of goods manufactured for the period.5 points QUESTION 10Cost-volume-profit (CVP) analysis is a simple but powerful tool to assist management in making operating decisions. Which of the following does not represent a potential use of CVP analysis? a. Ability to compute the break-even point. b. Ability to determine optimal sales volumes. c. Aids in evaluating tax planning alternatives. d. Aids in determining optimal pricing policies.5 points QUESTION 11The amount by which a company’s sales can decline before losses are incurred is called the: a. Contribution margin ratio. b. Degree of operating leverage. c. Profit loss. d. Margin of safety.5 points QUESTION 12At the break-even point, the total contribution margin equals total: (CPA adapted) a. Variable costs. b. Sales. c. Selling and administrative costs. d. Fixed costs.5 points QUESTION 13Differential costs are: (CMA adapted) a. The difference in total costs that result from selecting one choice instead of another. b. The profit foregone by selecting one choice instead of another. c. A cost that continues to be incurred in the absence of activity. d. A cost common to all choices in questions and not clearly allocable to any of them.5 points QUESTION 14Which of the following costs are irrelevant for a special order that will allow an organization to utilize some of its present idle capacity? a. Direct materials. b. Indirect materials. c. Variable overhead. d. Unavoidable fixed overhead.5 points QUESTION 15If there is excess capacity, the minimum acceptable price for a special order must cover: a. Only variable costs associated with the special order. b. Variable and fixed manufacturing costs associated with the special order. c. Variable and incremental fixed costs associated with the special order. d. Variable costs and incremental fixed costs associated with the special order, plus the contribution margin usually earned on regular units.5 points QUESTION 16Which of the following costs would continue to be incurred even if a segment is eliminated? a. Direct fixed expenses. b. Variable cost of goods sold. c. Common fixed costs. d. Variable selling and adinistrative expenses.5 points QUESTION 17Exporting a product to another country at a price below domestic cost is known as: a. Dumping. b. Target pricing. c. Peak-load pricing. d. Price fixing.5 points QUESTION 18A manager is trying to estimate the manufacturing costs of a new product. The company makes several other products that utilize some of the same manufacturing procedures as the new product. Which cost estimation method would be the best method to determine the total cost of manufacturing the new product? a. Engineering estimates. b. Regression analysis. c. Account analysis. d. Scattergraph.5 points QUESTION 19Engineering cost estimates are usually based on operating conditions that are considered: a. Optimal. b. Practical. c. Attainable. d. Historical.5 points QUESTION 20The term “relevant range” as used in cost accounting means the range over which: a. Relevant costs are incurred. b. Costs may fluctuate. c. Cost relationships are valid. d. Cost data is available.Accounting Business Cost Accounting ACCOUNTING BUS4064
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