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Accounting Expert Answers & Study Resources : Page 212

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Learning Objective 7-2 1) The strategic decision designed to build long-run relationships with customers based on stable and predictable prices is ________. A) mid-run pricing B) cost-run pricing C) some-run pricing D) short-run pricing E) long-run pricing 2) To set long-run prices, managers calculate the ________ -cost of producing and selling a product. A) full B) small C) partial D) initial E).

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  • Learning Objective 7-2 1) The strategic decision designed to build long-run
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Learning Objective 7-6 1) The reporting and assessment of revenues earned from customers and the costs incurred to earn those revenues is: A) price discount. B) whale curve. C) price markups. D) customer-cost hierarchy. E) customer-profitability analysis. 2) The reduction in selling price below list selling price to encourage customers to purchase more quantities is: A) price discount. B).

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  • Learning Objective 7-6 1) The reporting and assessment of revenues earned
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Learning Objective 7-8 1) The practice of charging different customers different prices for the same product or service is: A) job costing. B) product costing. C) price discrimination. D) product life-cycle. E) customer life-cycle. 2) Insensitivity of demand to price changes is called: A) price discrimination. B) demand inelasticity. C) predatory pricing. D) peak-load pricing. E) collusive pricing. 3) The practice of charging.

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  • Learning Objective 7-8 1) The practice of charging different customers different
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Learning Objective 5-6 1) The juncture in a joint-production process when two or more products become separately identifiable is known as: A) the common point. B) the spinoff point. C) the splitoff point. D) the production point. E) the manufacturing point. 2) The costs of a production process that yields multiple products simultaneously are: A) zero costs. B) joint.

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  • Learning Objective 5-6 1) The juncture in a joint-production process when
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Learning Objective 6-3 1) The costing system that refines a costing system by identifying individual activities as the fundamental cost object is ________. A) cost hierarchy B) cost-allocation base C) refined-costing system D) activity-based costing system E) manager-based costing system 2) Determining costs of activity pools requires assigning costs accumulated in various account classifications to each of.

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Learning Objective 6-2 1) The costing system that reduces the use of broad averages for assigning the cost of resources to cost objects is the ________. A) job-costing system B) process-costing system C) product-costing system D) market-costing system E) refined-costing system 2) The growing demand for customized products, which has led managers to ________ the variety of.

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  • Learning Objective 6-2 1) The costing system that reduces the use
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Learning Objective 8-7 1) Managerial accountants believe that one component of an ideal database contains: A) incorrect cost classifications. B) misplaced decimal points in the data. C) fixed costs allocated as if they were variable costs. D) extreme values not used to calculate the cost functions. E) accurate measurements of independent variables and dependent variables. 2) Which.

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  • Learning Objective 8-7 1) Managerial accountants believe that one component of
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Learning Objective 6-4 1) Which of the following is not a level in the cost hierarchy? A) Batch-level costs. B) Input-level unit costs. C) Output-unit level costs. D) Product-sustaining costs. E) Facility-sustaining costs. 2) Which of the following are costs of activities performed on each individual unit of a product or service? A) Batch-level costs. B) Input unit-level costs. C).

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  • Learning Objective 6-4 1) Which of the following not a level
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Learning Objective 6-7 1) The method of management decision making that uses activity-based costing information to improve customer satisfaction and profitability is ________. A) job-cost management B) action-cost management C) project-cost management D) product-cost management E) activity-based management 2) Which of the following is not a decision that managerial accountants seek when they use activity-based management? A) Decisions.

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  • Learning Objective 6-7 1) The method of management decision making that
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Learning Objective 8-6 1) The method that relies on analyzing physical relationships between cost drivers and costs is ________. A) conference B) quantitative C) account analysis D) regression analysis E) industrial engineering 2) The methods that use subjective assessments to choose a cost driver and to estimate the fixed and variable components of the cost function are: A).

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  • Learning Objective 8-6 1) The method that relies analyzing physical relationships
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Learning Objective 9-1 1) A formal method of making a choice that might involve both quantitative and qualitative analysis is ________. A) sunk costs B) stockout costs C) carrying costs D) decision model E) economic order 2) Decision models include: A) only high-low analysis. B) only regression analysis. C) only qualitative analysis. D) only quantitative analysis. E) quantitative and qualitative analysis. 3) In.

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  • Learning Objective 9-1 1) A formal method of making a choice
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Learning Objective 7-7 1) ________ spans the time from initial R&D on a product to when customer service and support is no longer offered for that product. A) Product life cycle B) Life-cycle budgeting C) Life-cycle costing D) Customer life-cycle costs E) Price discrimination 2) ________ tracks and accumulates business function costs across the entire value chain.

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  • Learning Objective 7-7 1) ________ spans the time from initial R&D
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Learning Objective 6-5 1) In indirect cost pools, administrative costs are ________. A) direct costs B) batch-level costs C) output unit-level costs D) product-sustaining costs E) facility-sustaining costs 2) In indirect cost pools, design costs are ________. A) batch-level costs B) output unit-level costs C) product-sustaining costs D) direct costs E) facility-sustaining costs 3) In indirect cost pools, shipment setup costs are ________. A).

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  • Learning Objective 6-5 1) In indirect cost pools, administrative costs ________. A)
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20) Rachel and Joey went to dinner and incurred the following costs: Joey's total dinner cost:$30.00 Rachel's total dinner cost:$21.00 Required: Compute the average cost of dinner. If they each pay the average cost of dinner, calculate the amount of Rachel's cross-subsidization to Joey. 21) What should managerial accountants understand when prices of their products.

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  • 20) Rachel and Joey went to dinner and incurred the
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Learning Objective 9-4 1) The decisions managers make about which products to sell and in what quantities are: A) qualitative factors. B) contribution margins. C) product-mix decisions. D) contribution margin per unit. E) computer-related operating costs. 2) Which of the following is not true about product-mix decisions? A) Decisions have long-run focus. B) Decisions have short-run focus. C) Managers maximize.

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  • Learning Objective 9-4 1) The decisions managers make about which products
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Learning Objective 9-2 1) Relevant costs are ________. A) past costs only B) expected future costs C) qualitative factors only D) quantitative factors only E) one-time-only costs 2) We define relevant revenues as ________. A) sunk costs B) theory of constraints C) product-mix decisions D) expected future revenues E) past costs in decisions making 3) Past costs are historical costs, and ________. A) constraints.

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  • Learning Objective 9-2 1) Relevant costs ________. A) past costs only B) expected
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Learning Objective 7-3 1) The estimated price for a product or service that customers are willing to pay is: A) target price. B) listing price. C) selling price. D) strategic price. E) consumer price. 2) Market-based pricing starts with: A) target price. B) listing price. C) selling price. D) strategic price. E) consumer price. 3) To earn the target return on capital, the.

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  • Learning Objective 7-3 1) The estimated price for a product or
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Learning Objective 9-3 1) ________ is purchasing goods and services from outside vendors. A) Insourcing B) Outsourcing C) Incremental cost D) Full cost of product E) Business function cost 2) Producing the same goods or providing the same services within an organization is called ________. A) outsourcing B) insourcing C) incremental cost D) full cost of product E) business function costs 3) Decisions.

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  • Learning Objective 9-3 1) ________ purchasing goods and services from outside
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12) What are the first three categories of the customer-cost hierarchy? Why do managers want to analyze customer-level indirect costs? 13) Customer-Profitability Analysis for Consumer Banking Clients Retail Customer Code Customer-Level Operating Income Customer Revenue Customer- Level Operating Income Divided by Revenue Cumulative Customer-Level Operating Income   (1) (2) (3) (4) A $5,000,000 $25,000,000 ? $5,000,000 D 3,795,000 28,000,000 ? 7,500,000 C 2,250,000 15,000,000 ? 8,250,000 B 2,650,000 7,200,000 ? 9,100,000   13,695,000 75,200,000 ? 29,850,000 Required: Compute the Customer-Level Operating Income. .

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  • 12) What the first three categories of the customer-cost hierarchy?
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Learning Objective 8-4 1) Which of the following estimation methods estimates cost functions by analyzing the relationship between inputs and outputs in physical terms? A) Industrial Engineering Method. B) Conference Method. C) Account Analysis Method. D) Quantitative Analysis Method. E) Mixed Approach Method. 2) Which of the following estimation methods is used by managers to estimate cost.

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  • Learning Objective 8-4 1) Which of the following estimation methods estimates
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Learning Objective 6-1 1) The costing system that broadly averages or spreads the cost of resources uniformly to cost objects when individual products or services use those resources in nonuniform ways is ________. A) direct costing B) service costing C) indirect costing D) variable-rate costing E) peanut-butter costing 2) Peanut-butter costing ________. A) is not used to spread.

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  • Learning Objective 6-1 1) The costing system that broadly averages or
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7) The costs that influence prices a company can charge for its products is: A) product life-cycle costing. B) life-cycle budgeting. C) customer life-cycle costs. D) life-cycle costing. E) price discrimination. 8) In life-cycle budgeting, managers estimate the revenues and business function costs across the entire value chain from a product's initial R&D to its final.

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  • 7) The costs that influence prices a company can charge
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11) The Lawn Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the production of 10,000 units of this part are as follows: Direct materials$80,000 Direct labor120,000 Variable factory overhead50,000 Fixed factory overhead140,000 Total costs$390,000 The managerial accountant reported that $50,000 of the fixed factory overhead.

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  • 11) The Lawn Corporation produces a part that used in
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13) The managers at Wicker Basket Manufacturing Mart need to determine the contribution margin per machine-hour and the contribution margin per machine-hour to determine the product that maximizes the total contribution margin, and to determine which product to produce and sell. Standard BasketDeluxe Basket Contribution margin per unit$270$260 Machine-hours required to produce one.

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  • 13) The managers at Wicker Basket Manufacturing Mart need to
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