Question bank paper: cost accounting course: bcom (semester iv) mcqs 1 the basic objective of cost accounting is a) recording of cost b) reporting of cost c) cost control d) earningprofit 2 standard d) continuous or mass production industries 9 integrated accounting system is beneficial because. Lo 91 explain why economic costs include both explicit (revealed and expressed) costs and implicit (present but not obvious) costs lo 92 relate the law of diminishing returns to a firm's short-run production costs lo 93 describe the distinctions between fixed and variable costs and among total, average, and marginal. Associate production project manager: alison eusden this book is one of six test banks, each carefully crafted to be part of the most complete the test banks and so keeping this promise: ♢ dr b n ghosh of eastern mediterranean uni- versity in north cyprus dr ghosh found several errors and i. Chapter 5 test bank - download as word doc (doc), pdf file (pdf), text file ( txt) or read online. Title: test bank for cost accounting 14th edition by horngren, author: makelen3345, name: test bank for cost accounting 14th edition by horngren, length: 67 pages, page: 1 answer: true diff: 1 terms: cost objective: 1 aacsb: reflective thinking 13) a cost object is always either a product or a service. Test bank of cost accounting 14th edition by charles t horngren, srikant m datar, madhav v rajan, chapter - 9 - inventory costing and capacity thinking 6) variable costing: a) expenses administrative costs as cost of goods sold b) treats direct manufacturing costs as a product cost c) includes fixed.
B) the cost of producing a product primary users of financial accounting are external users such as investors, banks, regulators, and suppliers 2 design, ( 3) production, (4) marketing, (5) distribution, or (6) customer service item: a cost of samples mailed to promote sales of a new product b labor cost of workers in the. D fixed cost answer: a total cost type: m difficulty: 1 section: 131 6 profit is defined as a net revenue minus depreciation b total revenue minus total the average cost of production for each unit of output produced was $100 zach took $500,000 out of the bank and used it to start his new cookie business. Relating to costs incurred by departments, processes separately or per unit cost of product lines, or cost to outside agencies such as banks, government, insurance companies and trade associations 11 each such unit consists of a department or a sub-department or item of equipment or , machinery or.
In this lesson, sunk costs are defined and evaluated in the context of company decision making concepts are illustrated product costs in accounting: definition & examples mixed costs: definition & ftce general knowledge test (gk) (826): english language skills subtest practice & study guide texmat master. What is the total cost of the effort a company uses a machine to make two different products how much of the cost of the machine belongs to each product an item-by-item basis, using obvious cost drivers such as tonnes of newsprint con- how service department costs are allocated to production departments. Chapter 04 - firm production, cost, and revenue 4-1 chapter 04 firm production, cost, and revenue multiple choice questions 1 a key assumption about the way firms behave is that they a minimize costs b maximize profit c maximize market share d maximize revenue 2 a graph that maps output against the input.
Product costs overhead costs 11 multiple choice: all manufacturing costs that are assi question all manufacturing costs that are assigned to completed (but unsold) products should be classified as answer materials inventory costs cost of goods sold work in process inventory costs finished goods inventory costs 12. Clil written test on: revenue, costs, profit & break even be linked to a product whereas indirect costs, such as rent, cannot be linked directly to a product the total cost is the amount of money spent by a firm on producing a given level of output total costs are made up of fixed costs (fc) and variable costs (vc. The ingredients included in a manufactured food product are referred to as the ______ direct materials 2 the wages of employees working on a manufacturer's assembly line are part of the product cost known as ______ direct labor 3 a manufactured product has three inventoriable costs: direct materials, direct labor,. View test prep - test bank from econom 4351 at missouri (mizzou) chapter 6 production 1) a production function defines the output that can be produced a) at the lowest cost, given the inputs.
Principles of microeconomics test bank professors, please email if the sales tax was 5 percent on this product, how much revenue did the government raise when bryan bought his arch supports a reduced production costs for steel have no effect on the supply of steel 3 when oil companies expect the. To download more slides, ebook, solutions and test bank, visit http:// downloadslideblogspotcom chapter the manager and management accounting see the front. D costs of factory service departments that have been allocated to the production department principles of cost accounting vanderbeck 16th edition test bank principles of cost accounting vanderbeck 16th edition test bank 11 the primary task of process costing is to allocate total cost between: a units. Product cost refers to the costs used to create a product these costs include direct labor, direct materials, consumable production supplies, and factory overhead product cost can also be considered the cost of the labor required to deliver a service to a customer in the latter case, product cost should.
Link download full: test bank for cost accounting 15th edition by horngren c) the salary of a maintenance supervisor in a multiproduct manufacturing plant product b is the cost object answer: direct costs are costs that can be traced easily to the product manufactured or the service rendered.
Covered i question bank (with answer/solution) producers behavior and supply very short answer type questions (1 mark) 1 how does fall in total product affect marginal product 2 which cost curve is parallel to ox- axis why 3 what do you mean by fixed factors of production 4 what is meant by market period. 1-6 the three major elements of product costs in a manufacturing company are direct materials, direct labor, and manufacturing overhead 1-7 a cost item variable fixed 1 the costs of turn signal switches used at the general motors saginaw, michigan, plant x x 2 interest expense on cbs's long-term debt x x 3. Practice problems for midterm 2: elasticity answer key test bank - chapter six + taxes, removed by publisher's request production and costs answer key production and costs - ii answer key test bank - chapter ten, removed by publisher's request test bank - chapter eleven, removed by publisher's request.