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Accounting Final Review
Terms in this set (12)
Which of the following statements represents a similarity between financial and managerial
Both draw upon data from an organizations basic accounting system
Which of the following is not an objective of managerial accounting?
Cost minimization and profit maximization
Which of the following is responsible for raising capital and safeguarding the organizations assets?
Managerial Accounting focuses primarily on the needs of...
managers internal to the organization
Variable costs are costs that:
In total vary directly with changes in activity level
Total costs are $140,000 when 10,000 units are produced. Variable costs are $4 per unit. What is the total cost when 8,000 units are produced?
What happens to the accuracy of total fixed costs and variable costs when we move outside of the variable range
Fixed costs are costs that:
Increase on a per unit basis as activity decreases
fixed costs spread across fewer units
Which of the following methods of cost estimation fits a cost line using exactly two points?
In regression analysis, the fixed cost component is represented by what variable on the regression analysis output?
variable cost per unit formula using high-low method
y2=highest total cost
y1=lowest total cost
x2=highest level of activity
x1=lowest level of activity
total fixed costs formula using the high-low method
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