ACCT3001 Additional Questions 2024

11. Choose the scope of cost accounting that is primarily prepared for different level of management. a.Cost accounting b.Cost reports c.Cost analysis d.Cost comparison   12. according to which method of pricing, issues are made with the current market price. a.First in first out b.Simple average c.Weighted average d.Last in first out

В. Explain the following: Product costs and Period costs and one example of each. Distinguish clearly between Financial Accounting and Management Accounting under 3 (THREE) different factors, which are: i. Stakeholders, ii. Time frame and iii. Regulations. С. Before calculating costs we need to understand how different costs behave. In cost accounting we typically classify costs by three types of behaviour: Fixed costs - costs which don't change as the activity level changes Variable costs - costs which change in direct proportion to changes in the activity level Semi-variable costs- costs which have both fixed and variable elements. Explain the purpose classifying costs into the behavior patterns. D.

question 1 cost accounting  choose from the choices

Chapter 21: Cost Behavior and Cost-Volume-Profit Analysis Requirement 1: Please explain variable, fixed, and mixed costs. and provide one example of each.

Problem 6 Listed below are several costs incurred by the loan department of J P Morgan and Chase Bank. For each cost, indicate which of the following classification best describe the cost. More than one classification may apply to the same cost item. Cost classification Controllable by the loan department Uncontrollable by the loan department Direct cost of the loan department Indirect cost of the loan department а. b. C. d. е. Differential cost Marginal cost g. Opportunity cost f. h. Sunk cost i. Out-of-pocket cost Cost items Salary of the loan department manager Salary of a loan department clerk Cost of office supplies used in the loan department Cost of the department's personal computer purchased by the department manager last year. Cost of general advertising by the bank, which is allocated to the loan department. Revenue that the loan department would have generated for the bank if a branch loan office had been located downtown instead of in the next province. Difference in the…

Which one is Variable cost Select one: a. salaries b. Direct material c. Rent d. Insurance

QUESTION 2 Identify on which financial statement these costs originally appear. Period Costs ✓ Product Costs A. Income Statement B. Balance Sheet

Explain the following basic principles in cost management:a. profitsb. life cycle costsc. tangible cost and benefitsd. intangible costs and benefitse. direct and indirect costsf. reserves

QUESTION 40 Cost AccountingChoose the answer from the choices

Case 1-26 (Algo) Cost Classification and Cost Behavior [LO1-1, LO1-2, LO1-3, LO1-4] The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of 4,100 sets per year. Annual cost data at full capacity follow: Direct labor Advertising Factory supervision Property taxes, factory building Sales commissions Insurance, factory Depreciation, administrative office equipment Lease cost, factory equipment Indirect materials, factory Depreciation, factory building Administrative office supplies (billing) Administrative office salaries Direct materials used (wood, bolts, etc.) Utilities, factory $ 89,000 $ 104,000 $ 66,000 $ 22,000 $ 58,000 6,000 2,000 $ $ 12,000 $ 16,000 $ 102,000 $ Required 1 Required 2 Required 3 3,000 $ 106,000 $ 434,000 $ 46,000 Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two…

Question 2 Managers must classify all costs as either product costs or period costs to: Measure operating income for an accounting period. Predict future costs at an expected level of activity. O Assign costs to operating segments. Choose between alternative courses of action.

What is cost-efficiency according to:  1. Profit Projection 2. Cost estimates

Question Content Area Which of the following graphs in Figure 1 illustrates the behavior of a total variable cost?

Question 6.1                                                                                                         For each item listed, select the appropriate purpose of cost allocation from the list below. A purpose may be used more than once. A - To provide information for economic decisions B - To motivate managers and other employees C - To measure income and assets for reports to external parties D - To justify costs or compute reimbursement amounts   Required To encourage simpler product design To cost inventories for reporting on a company's tax return To encourage the sales department to focus on high-margin products To evaluate a make or buy decision To cost inventories for the balance sheet To decide whether to add or delete a product line To decide on an appropriate selling price for a special-order product To cost a product at a fair price for government contracts

1. Multiple-Choice Question - FIFO When using FIFO, A) Identical costs go to the balance sheet and the income statement. B) Management uses average costs to assign to the balance sheet and the income statement. C) Older costs go to the income statement; newer costs go to the balance sheet. D) Older costs go to the balance sheet; newer costs go to the income statement. Explain for the answer chosen please.