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5 Written questions

5 Matching questions

  1. Period costs
  2. Cost structure
  3. equivalent units
  4. Margin of safety percentage
  5. sales activity variance
  1. a proportion of an organization's fixed and variable costs to its total costs
  2. b costs recognized for financial reporting when incurred.
  3. c the excess of projected or actual sales over the break even volume expressed as a percentage of actual sales volume
  4. d difference between operating profit in the master budget and operating profit in the flexible budget that arises because the actual number of units sold is different from the budgeted number; also known as sales volume variance
  5. e number of complete physical units to which units in inventories are equal in terms of work done to date. A number of physical units multiplied by the estimated percentage that an "average" unit in inventory is "complete" with respect to the individual resource.

5 Multiple choice questions

  1. sales price minus variable costs per unit
  2. x term, or predictor, on the right hand side of a regression equation
  3. t is the value of the estimated coefficient, b, divided by its standard error
  4. complex job that often takes months or years to complete and requires the work of many different departments, divisions or subcontractors
  5. collection of costs to be assigned in the cost objects

5 True/False questions

  1. Peak load pricingpractice of setting prices highest when the quantity demanded for the product approaches capacity

          

  2. How to make cost information more useful for managersprovide information to help managers make better decisions.

          

  3. Engineering estimatecost estimate based on measurement and pricing of the work involved in a task

          

  4. Variable costscosts that change in direct proportion with a change in volume within the relevant range of activity

          

  5. Cost objectcomplex job that often takes months or years to complete and requires the work of many different departments, divisions or subcontractors