True or False: In managerial accounting, to say that a cost is "fixed" means that it...
True or False: In managerial accounting, to say that a cost is "fixed" means that it does not change from one period to the next.
Homework Answers
Answer: False
.
To say that a cost is "fixed" means that it does not change with an increase or decrease in the amount of goods produced / sold (or) services provided.
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True or False: In managerial accounting, to say that a cost is
"fixed" means that it...
Fixed Factory and Variable Factory Overhead Cost : A. True or False / Fixed factory overhead changes...
Fixed Factory and Variable Factory Overhead Cost : A. True or False / Fixed factory overhead changes in total over the relevant range, based on production. B.True or False / Fixed factory overhead per unit does not change over the relevant range. C. True or False / Variable factory overhead does change in total over the relevant range. D. True or False / Activity based costing is used to allocate overhead cost pools based on single basis such as direct labor hours or machine...
Investors primarily use managerial accounting information for decision-making purposes. True False
Investors primarily use managerial accounting information for decision-making purposes. True False
true or false Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on...
true or false
Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on providing historical financial information to outside shareholders and creditors. 2. A process costing system is used by companies that produce similar or identical units of product including 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. A company that uses process costing may use several Work-in-Process Inventory accounts 3....
True or False: Cost behavior is the most important characteristic of costs for managerial decision making....
True or False: Cost behavior is the most important characteristic of costs for managerial decision making. True or False: The quality of the cost equation depends on collecting appropriate data.
True or False: In general, the term expense is used for managerial purposes, while the term...
True or False: In general, the term expense is used for managerial purposes, while the term cost refers to external financial reports. True or False: an opportunity cost is the benefit forgone by selecting one alternative over another.
Please indicate whether the following statements are true or false by circling a T or an...
Please indicate whether the following statements are true or false by circling a T or an F (true or false) 1. Direct and indirect materials may both come from the same source [ ] [ ] 2. Factory overhead includes the cost of selling and advertising the product [ ] [ ] 3. Fixed costs remain constant in total, the average fixed costs becomes progressively smaller as the level of activity increases [ ] [ ] 4....
5) (20 points) For each statement, say if it is True, False, or Uncertain. (Not if...
5) (20 points) For each statement, say if it is True, False, or Uncertain. (Not if you are uncertain, but if the statement cannot be determined to be true or false.) AND, briefly explain and support your answer. a) Adam Smith, in The Wealth of Nations, argued that everyone should pay the same amount in taxes, like a flat tax b) By removing a 50 cent per gallon excise tax on gasoline, consumers would see a decrease of 50 cents...
True or False TF 1. Managerial accounting focuses on the accounting tools managers use to run...
True or False
TF 1. Managerial accounting focuses on the accounting tools managers use to run a business. TF 2. The part of the management process that analyzes actual performance versus planned performance is called decision making. TF 3. Assembling components is not part of the operating process. TF 4. Direct costs can be traced directly to the manufactured product. 5. Insurance on property is part of factory overhead. TF TF 6. Conversion costs consist of direct materials and direct...
22. Which of the following statements is (are) true? 1). An asset is a cost that...
22. Which of the following statements is (are) true? 1). An asset is a cost that will be matched with revenues in a future accounting period 2). Opportunity costs are recorded as intangible assets in the current accounting period A. Only (1) is true. B. Only (2) is true C. Both (1) and (2) are true23. Which of the following statements is (are) false? (1). In general, the term expense is used for managerial purposes, while the term cost refers external financial reports. (2). An opportunity cost...
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is...
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is prepared for external users. 2) Managerial accounting information is a legal requirement. 3) The structure of managerial accounting practice is relatively flexible. 4) There are structured standards of acceptability for managerial accounting. b. Which of the following statements is incorrect with regard to a manufacturing firm? 1) Inventoriable costs include only prime costs. 2) Inventoriable costs include prime costs and manufacturing overhead costs. 3)...
true or false
Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on providing historical financial information to outside shareholders and creditors. 2. A process costing system is used by companies that produce similar or identical units of product including 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. A company that uses process costing may use several Work-in-Process Inventory accounts 3....
5) (20 points) For each statement, say if it is True, False, or Uncertain. (Not if you are uncertain, but if the statement cannot be determined to be true or false.) AND, briefly explain and support your answer. a) Adam Smith, in The Wealth of Nations, argued that everyone should pay the same amount in taxes, like a flat tax b) By removing a 50 cent per gallon excise tax on gasoline, consumers would see a decrease of 50 cents...
True or False
TF 1. Managerial accounting focuses on the accounting tools managers use to run a business. TF 2. The part of the management process that analyzes actual performance versus planned performance is called decision making. TF 3. Assembling components is not part of the operating process. TF 4. Direct costs can be traced directly to the manufactured product. 5. Insurance on property is part of factory overhead. TF TF 6. Conversion costs consist of direct materials and direct...
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