Cost classifications used for predicting cost behavior include:Multiple ChoiceVariable cost and fixed cost.Direct cost and indirect cost.Product cost and period cost.Relevant cost and irrelevant cost.< Prev4 of 8Next >

Variable costs are the costs that varies with the change in output but per unit variable cost…

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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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Variable costing can also be referred to as: Select one: a. Internal costing b. Cost-plus costing c. Absorption costing d. Marginal costing
1. Why are indirect costs not directly traced to cost objects in the same way as direct costs? 2. Define cost tracing, cost allocation, allocation base and cost driver. 3. Distinguish between arbitrary and cause-and-effect allocations. 4. Explain how cost information differs for profit measurement/inventory valuation requirements compared with decision-making requirements. 5. Explain why cost systems should differ in terms of their level of sophistication.
In CPV analysis/ marginal costing, the term contribution is used. What does Contribution mean to you?
The cost that is used for the benefit of many cost objects and cannot be easily related to any specific cost object: Select one: O a. Fixed cost O b. Indirect cost O c. Direct cost d. Variable cost
Describe income statement under variable costing.
Which type of income statements, Contribution Format or Traditional Format should be used to identify relevant costs? Please provide explanation for your answer. Then provide an example including two income statements based on absorption and variable costing, respectively, to support your explanation.
*Question:** Which method is commonly used in accounting to compare actual costs with standard costs and analyze variances? a) Activity - based costing b) Absorption costing c) Standard costing d) Marginal costing
A cost that has characteristics of both a variable cost and a fixed cost is called a Oa. variable/fixed cost Ob. sunk cost Oc. discretionary cost Od, mixed cost
Define the terms Cost Costing Cost Accounting Cost Accountancy Management Accounting Financial Accounting Product vs Period Cost Manufacturing vs Non-Manufacturing Direct vs Indirect Cost Opportunity cost Sunk cost Differential cost Prime cost Conversion Cost

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Cost classifications used for predicting cost behavior include: Multiple Choice Variable cost and fixed cost. Direct cost and indirect cost. Product cost and period cost. O Relevant cost and irrelevant cost.