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…

Answered: Cost classifications used for…

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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Similar questions

simple cost analysis method to identify fixed costs and variable costs in a linear cost function is ........ method
A work sheet for Juanita’s Consulting for the month ended June 30, 20-- is shown. There were no additional investments made by the owner during the month. Juanita’s Consulting Worksheet For Month Ended June 30, 20-- 1 TRIAL BALANCE TRIAL BALANCE ADJUSTMENTS ADJUSTMENTS ADJUSTED TRIAL BALANCE ADJUSTED TRIAL BALANCE INCOME STATEMENT INCOME STATEMENT BALANCE SHEET BALANCE SHEET 2 ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 3 Cash 5,285.00 5,285.00 5,285.00 4 Accounts Receivable 1,075.00 1,075.00 1,075.00 5 Supplies 750.00 (a) 250.00 500.00 500.00 6 Prepaid Insurance 500.00 (b) 100.00 400.00 400.00 7 Office Equipment 2,200.00 2,200.00 2,200.00 8 Accumulated Depreciation-Office…
Differential costs are synonymous with: Select one: a. variable costs b. relevant costs c. irrelevant costs d. sunk costs
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
Which one is Variable cost Select one: a. salaries b. Direct material c. Rent d. Insurance

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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.