5 Written Questions
5 Matching Questions
- Outlay costs
- Product life cycle
- Cost management system
- Finished goods
- a a past, present, or future cash flow.
- b product fully completed but not yet sold.
- c system to provide information about the costs of process, products, and services used and produced by an organization.
- d graph that plots costs against activity levels
- e time from initial research and development to the time that support to the customer ends
5 Multiple Choice Questions
- firm that produces jobs
- materials that can be identified directly with the product at reasonable cost
- exporting a product to another country at a price below domestic cost
- process of estimating revenues and costs of alternative actions available to decision makers and of comparing these estimates to the status quo
- labor that can be identified directly with the product at reasonable cost
5 True/False Questions
Constraint → a sacrifice of resources. The price of each item measures the sacrifice we must make to acquire it.
Assigning Costs Using First-in, First-Out (FIFO) Process Costing → A disadvantage of weighted average costing is that it mixes current period costs with the costs of product in beginning inventory, making it impossible for managers to know how much it cost to make a product THIS PERIOD.
T statistic → t is the value of the estimated coefficient, b, divided by its standard error
Price discrimination → practice of selling identical goods to different customers at different prices
Regression → statistical procedure to determine the relation between variables