Accounting: 3. Which of thefollowing is an example of afixed cost? A) Direct labor B)Utilities C) Sales commission D)Property taxes 4. Which of thefollowing statements is trueabout managerial accounting?A) It is only used by sm

The correct answer is D) Property taxes, because they are an expense that does not change with the…

Answered: Accounting: 3. Which of the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements is false? Multiple Choice In general, the term expense is used for managerial purposes, while the term cost refers to external financial reports. An opportunity cost is the benefit forgone by selecting one alternative over another. An outlay cost is a past, present, or future cash outflow. A cost is a sacrifice of resources.
Distinguish between manufacturing & non-manufacturing overhead (product versus period costs)2) Classify costs as prime costs or conversion costs3) Prepare a statement of cost of goods manufactured, clearly showing total manufacturing costs &total manufacturing costs to account for.4) Prepare an income statement for a manufacturing entity, clearly showing Cost of Goods Sold.5) Explain the difference between the income statements of a merchandiser & a manufacturer
38 - Which of the following accounts does not include a reflection account in cost accounts ? a) Marketing, Sales and Distribution Expenses B) Research and Development Expenses NS) Commission Expenses D) General and administrative expenses TO) Financing Expenses
1. What type of cost includes product ingredients and materials? a. fixed c. total b. revenue d. variable 2. What type of cost includes the rental of space? a. fixed c. total b. revenue d. variable 3. What type of cost is the product of the price and the quantity sold? a. fixed c. total b. revenue d. variable 4. What concept is being described when the business will neither earn a profit nor suffer a loss? a. break-even c. profit b. loss d. summit 5. What type of analysis shows equal revenue and total cost? a. break-even c. profit-loss b. cost of variable d. volume of sales Read the selection for questions 6-10. Junedyl is planning to run a coffee shop where he plans to sell each cup of coffee at 50.00. The ₱ fixed cost that is amounting to 40,000.00 includes all his expenses for the rent, wages, basic needs and others. ₱ So even if Junedyl will not be able to sell, he is still obliged to pay this amount. If it costs Junedyl an average of 10.00 for every cup of coffee which is allotted…
Question 4?
20. Select which of the following requires a separate measurement of cost. a.Number b.Activity c.Area d.Volume 21. Select the objective of cost accounting which helps the management in doing the business efficiently. a.Guide to business policy b.Cost control and reduction c.Determination of selling price d.Ascertainment of time
D
5
Costs estimations and cost predictions are two terms often used as management accountant that must master when estimating costs functions. Briefly differentiate between ‘cost estimation’ and ‘cost predictions.
1.An accounting system used to forecast earnings. 2.A costing method that determines the overhead and indirect costs of related products and services. Identify and explain the costing methods ..Explain the pros and cons of both methods.
Definition of Management Accounting along with any other relevant concepts and the relationship between management accounting and the costing technique used such as the traditional technique and ABC
The statement of financial position and the balance sheet are synonyms. Select one: a. False b. True Refers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer b. Financial Accounting c. Auditing d. Cost Accounting Accounting deals with quantifiable information. Select one: a. True b. False

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Accounting: 3. Which of the following is an example of a fixed cost? A) Direct labor B) Utilities C) Sales commission D) Property taxes 4. Which of the following statements is true about managerial accounting? A) It is only used by sm