exceeded the units produced, then income under direct costing will be higher than absorption costing income. A• True False B• True True
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I. In throughput costing, using SD cost, all variances including direct labor variances must be closed to Cost of sales if the said variances are immaterial.
II. When units sold exceeded the units produced, then income under direct costing will be higher than absorption costing income.
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- A favorable cost variance occurs when a. actual costs are the same as standard costs b. actual costs are more than standard costs c. standard costs are less than actual costs d. standard costs are more than actual costs Contribution margin is a. another term for volume in the "cost-volume-profit" analysis b. the same as sales revenue c. the excess of sales revenue over variable cost d. profit Which of the graphs in Figure 5-1 illustrates the nature of a mixed cost? a. Graph 2 b. Graph 4 c. Graph 1 d. Graph 3Which of the following statements related to cost estimation methods is true? O a. The low-high method is used to derive an estimated line of cost behavior by graphically connecting the two cost amounts identified with the highest and lowest volume levels. O b. The high-low method is the most accurate and reliable method to determine the cost behavior compared to scatter-graph plot and least-squares regression methods. O c. None of the given answers. O d. Only high-low method has a slope and an intercept. e. The most complex method of cost estimation is the high-low method.Which of the following items would be useful to management in deciding whether to investigate the cause of a reported standard cost variance? O Cost-volume-profit analysis. O Simultaneous equations. O Linear regression analysis. O Iso-profit lines. Indifference probability.
- R-squared is a measure of a. The spurious relationship between cost and activity b. The fxed cost component C The variable cost per unit activity d. How well the regression line accounts for the changes in the dependent variable4. Which margin is most useful in evaluating segment management?a) Segment marginb) Contribution marginc) Controllable contribution margind) ROA margin 5. The Contribution Margin can be calculated under the Absorption Costing method.a) Trueb) FalseIn the cost equation TC = F + VX, “V” is best described as the: Multiple Choice intercept of the cost equation. total costs that do not vary with changes in the activity level. activity level used to estimate the dependent variable. slope of the cost equation.
- Which of the following statements related to cost estimation methods is false? a. The least-squares regression method is the most accurate and reliable method to determine the cost behavior compared to scatter-graph plot and high-low methods. O b. The low-high method is used to derive an estimated line of cost behavior by graphically connecting the two cost amounts identified with the highest and lowest volume levels. O c. The most complex method of cost estimation is the high-low method. O d. None of the given answers. O e. The three methods determine a slope and an intercept.Which of the following statements related to cost estimation methods is true ? a . Only high -low method has a slope and an intercept . b. The scatter - graph method is used to derive an estimated line of cost behavior by graphically connecting the two cost amounts identified with the highest and lowest volume levels . c. The most complex method of cost estimation is the high - low method . d. The least -squares regression method is the most accurate and reliable method to determine the cost behavior compared to scatter -graph plot and high -low methods . e. None of the given answers1. Volume variance exists only under Group of answer choices a. Throughput costing b. Variable costing c. Full costing d. Direct costing
- When is the direct labor time variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard priceFirst: To achieve accurate costing, a high degree of correlation must exist between the cost driver and the actual consumption of the activity cost pool. Second: When overhead is properly assigned in ABC, it will usually decrease the unit cost of high-volume products. * a. Both statements are true b. Only the first statement is true c. Only the second statement is true d. Both statements are falseWhich of the following statements related to cost estimation methods is true? O a. The most complex method of cost estimation is the high-low method. O b. The high-low method is the most accurate and reliable method to determine the cost behavior compared to scatter-graph plot and least-squares regression methods. O c. The low-high method is used to derive an estimated line of cost behavior by graphically connecting the two cost amounts identified with the highest and lowest volume levels. O d. Only high-low method has a slope and an intercept. O . None of the given answers.