Close Icon
Info
Warning
Danger

Accounting Expert Answers & Study Resources : Page 84

The vast field of accounting contributes to one of the largest subjects in our study resources. Accounting flashcards, homework answers for textbooks & other learning aids can increase your competency in this domain instantly. Become a top student with our support. Search Now…

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
Subjects icon
150245 Materials
0 Students Benefited

2.6   Questions 1) ________ is the excess of sales over the cost of goods sold. A) Gross margin B) Contribution-margin ratio C) Variable-cost ratio D) Contribution margin 2) Contribution margin is equal to ________. A) sales minus variable costs B) sales minus fixed costs C) sales minus variable production costs D) sales minus production costs 3) The following information is available.

Homework Answers
39 Views
  • 2.6   Questions 1) ________ the excess of sales over the cost
  • Accounting
Homework Answers
View Answer

21) Specialization by individuals in organizations is being replaced by decision-making by cross-functional teams. 22) One of a controller's responsibilities is risk management. 23) One of a treasurer's responsibilities is tax administration. 24) The controller is primarily concerned with a company's financial matters and the treasurer is concerned with a company's operating matters. 25).

Homework Answers
21 Views
  • 21) Specialization by individuals in organizations being replaced by decision-making
  • Accounting
Homework Answers
View Answer

21) Committed fixed costs can be altered by management if management decides that different levels of spending are desirable. 22) Companies can recover fixed capacity costs when demand falls during an economic downturn. 23) Discretionary fixed costs have direct relationships with levels of capacity or output activity. 24) Managers cannot eliminate discretionary fixed.

Homework Answers
31 Views
  • 21) Committed fixed costs can be altered by management if
  • Accounting
Homework Answers
View Answer

11) Managers apply two criteria to obtain accurate and useful cost functions.  These criteria are ________. A) plausibility and believability B) plausibility and reliability C) reliability and validity D) believability and plausibility 12) In relation to a cost function, the term reliability means ________. A) whether the costs and activities can be easily observed B) whether the.

Homework Answers
45 Views
  • 11) Managers apply two criteria to obtain accurate and useful
  • Accounting
Homework Answers
View Answer

4.8   Questions 1) ________ is the process of comparing products against the best industry standards. A) Activity-based costing B) Continuous process improvements C) Benchmarking D) GPK 2) A(n) ________ is the cost of an activity that cannot be eliminated without affecting a product's value to the customer. A) inventoriable cost B) unallocated cost C) value-added cost D) non-value-added cost 3) ________.

Homework Answers
18 Views
  • 4.8   Questions 1) ________ the process of comparing products against the
  • Accounting
Homework Answers
View Answer

1.5   Questions 1) Which credential is associated with independent auditors? A) CMA B) CPA C) CFP D) IMA 2) The largest U.S. association of professional accountants whose major interest is management accounting is the ________. A) American Institute of Certified Public Accountants B) American Institute of Certified Management Accountants C) Institute of Management Accountants D) American Institute of Management Accountants 3).

Homework Answers
10 Views
  • 1.5   Questions 1) Which credential associated with independent auditors? A) CMA B) CPA C)
  • Accounting
Homework Answers
View Answer

59) The EEE Company has obtained the following data: Month            Indirect Production Costs         Direct Labor Hours July$92,0954,900 August105,0565,480 September81,8023,700 October99,4004,400 November109,7946,000 December97,4043,900 Required: A) Using the high-low method, determine the cost function for the above data.  Round to two decimal places. B) If direct labor hours equal 10,000, what are the total expected indirect production costs? 60) AAA Electric Company used least squares.

Homework Answers
32 Views
  • 59) The EEE Company has obtained the following data: Month            Indirect Production
  • Accounting
Homework Answers
View Answer

1.6   Questions 1) Which of the following is a major factor causing changes in management accounting today? A) decreased global competition B) advances in technology C) shift to manufacturing-based economy D) expansion of the value chain 2) Which is NOT a service organization? A) Rainbow Dry Cleaners B) Law Firm of Cannon and Dunfy C) Shoreeast Real Estate Company D).

Homework Answers
14 Views
  • 1.6   Questions 1) Which of the following a major factor causing
  • Accounting
Homework Answers
View Answer

  4.1   Questions 1) What type of users need detailed cost information about products or services? A) creditors B) investors C) managers D) government regulators 2) What type of users need aggregate cost information about products or services? A) managers B) external users C) factory supervisors D) internal users 3) A cost management system provides ________. A) measures of inventory value and cost.

Homework Answers
27 Views
  •   4.1   Questions 1) What type of users need detailed cost information
  • Accounting
Homework Answers
View Answer

4.6   Questions 1) The computation for Cost of Goods Manufactured on the income statement is ________. (Assume there are no work-in-process inventories.) A) direct materials used plus direct production costs B) direct materials used plus direct labor plus indirect production costs C) direct materials used plus direct labor D) direct materials used plus direct labor.

Homework Answers
49 Views
  • 4.6   Questions 1) The computation for Cost of Goods Manufactured the
  • Accounting
Homework Answers
View Answer

19) A manufacturing company has identified several costs. Indicate whether each of the following costs is an Inventoriable cost(I) or a Period cost(P): ________ 1. depreciation on factory equipment ________ 2. depreciation on treasurer's desk ________ 3. direct materials ________ 4. factory supplies ________ 5. indirect labor ________ 6. repairs expense?factory ________ 7. office supplies ________ 8. advertising.

Homework Answers
23 Views
  • 19) A manufacturing company has identified several costs. Indicate whether
  • Accounting
Homework Answers
View Answer

28) Identify the following planned costs as: (A) purely variable costs (B) discretionary fixed costs (C) committed fixed costs (D) mixed costs (E) step costs ________ 1. Mortgage payment on factory building. ________ 2. Electricity used in operating equipment.  The utility company charges a base rate of $100 per month plus $0.10 per hour. ________ 3. A lump.

Homework Answers
29 Views
  • 28) Identify the following planned costs as: (A) purely variable costs (B)
  • Accounting
Homework Answers
View Answer

4.4   Questions 1) Which purpose of cost allocation usually dominates most business situations? A) to justify costs or obtain reimbursement B) to compute income and asset valuations for financial reporting C) to give feedback for performance evaluation D) to predict the economic effects of strategic and operational control decisions 2) Which is NOT a purpose of.

Homework Answers
35 Views
  • 4.4   Questions 1) Which purpose of cost allocation usually dominates most
  • Accounting
Homework Answers
View Answer

11) In a manufacturing company, unsold, partially complete products are called work-in-process inventory. 12) In a manufacturing company, product costs appear on either the balance sheet or income statement, but not both. 13) Period costs become expenses during a future period. 14) A merchandising company has raw materials inventory. 15) For a merchandising firm,.

Homework Answers
21 Views
  • 11) In a manufacturing company, unsold, partially complete products called
  • Accounting
Homework Answers
View Answer

31) The equation for the income statement is: 32) Wildwood Corporation produces one product.  Total fixed costs are $500,000. The unit selling price is $68.50 and the unit variable cost is $50.95. Required: A) Compute the contribution margin per unit. B) Compute the contribution-margin ratio. C) Compute the break-even point in units. D) Compute the break-even volume.

Homework Answers
44 Views
  • 31) The equation for the income statement is: 32) Wildwood Corporation
  • Accounting
Homework Answers
View Answer

3.4   Questions 1) Activity analysis is used to ________. A) identify relevant costs for decision making B) classify costs C) identify an appropriate cost driver D) predict future costs 2) The process of identifying appropriate cost drivers and their effects on the costs of making a product or providing a service is called ________. A) account analysis B).

Homework Answers
34 Views
  • 3.4   Questions 1) Activity analysis used to ________. A) identify relevant costs
  • Accounting
Homework Answers
View Answer

2.4   Questions 1) The horizontal axis on the cost-volume-profit graph is the ________. A) dollars of cost B) sales volume in units C) dollars of revenue D) net income 2) The vertical axis on the cost-volume-profit graph is the ________. A) dollars of cost B) sales volume in units C) dollars of revenue D) dollars of cost and revenue 3) Which.

Homework Answers
39 Views
  • 2.4   Questions 1) The horizontal axis the cost-volume-profit graph the ________. A)
  • Accounting
Homework Answers
View Answer

21) Presented below is the production data for six months of the year showing the mixed costs incurred by Brooklyn Company. Month               Cost             Units July$7,5004,000 August11,2509,500 September11,5009,000 October11,70010,500 November13,50012,000 December12,85010,000 Brooklyn Company uses the high-low method to analyze mixed costs.  The predicted total cost at an operating level of 10,000 units is ________. A) $11,725 B) $11,800 C) $12,000 D) $12,500 22) The high-low method.

Homework Answers
19 Views
  • 21) Presented below the production data for six months of
  • Accounting
Homework Answers
View Answer

2.8   Questions 1) Company TTT has the following information available: Total fixed costs$84,000 Targeted after-tax net income$18,000 Contribution margin per unit$6.20 Tax rate40% How many units must be sold to achieve the targeted after-tax net income? A) 14,223 B) 17,853 C) 18,387 D) 21,504 2) The Forever Memories Company has the following information available: Targeted after-tax net income$67,500 Total fixed costs$370,000 Contribution margin per.

Homework Answers
31 Views
  • 2.8   Questions 1) Company TTT has the following information available: Total fixed
  • Accounting
Homework Answers
View Answer

2.7   Questions 1) ________ is the relative proportions or combinations of quantities of different products that comprise total sales. A) Sales mix B) Constant mix C) Fluctuating mix D) Variable cost ratio 2) Assume the following facts for two products, Zip and Zap: Zip        Zap           Sales mix3 units1 unit Selling price per unit$21.60$28.80 Variable costs per unit$14.40$16.80 If total fixed costs.

Homework Answers
75 Views
  • 2.7   Questions 1) ________ the relative proportions or combinations of quantities
  • Accounting
Homework Answers
View Answer

11) According to the IMA's Statement of Ethical Professional Practice, the standard of credibility requires ________. A) mitigating actual conflicts of interest B) maintaining an appropriate level of professional expertise by continually developing knowledge and skills C) communicating information fairly and objectively D) performing professional duties in accordance with relevant laws, regulations and technical.

Homework Answers
17 Views
  • 11) According to the IMA's Statement of Ethical Professional Practice,
  • Accounting
Homework Answers
View Answer

1.7   Questions 1) Which company has NOT engaged in accounting fraud in the past ten years? A) Enron B) Tyco C) Adelphia D) Smucker Quality Beverages Inc. 2) What do Certified Management Accountants and Certified Public Accountants have in common? A) Both groups are licensed to practice by state licensing agencies. B) Both groups follow codes of conduct. C).

Homework Answers
13 Views
  • 1.7   Questions 1) Which company has NOT engaged in accounting fraud
  • Accounting
Homework Answers
View Answer

4.2   Questions 1) What types of firms need cost accounting? A) manufacturing firms and service organizations B) service organizations and nonprofit organizations C) manufacturing firms and nonprofit organizations D) manufacturing firms, service organizations, and nonprofit organizations 2) Which statement is FALSE? A) A cost may be defined as a sacrifice or giving up of resources for a.

Homework Answers
27 Views
  • 4.2   Questions 1) What types of firms need cost accounting? A) manufacturing
  • Accounting
Homework Answers
View Answer

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*