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APSC 221 Midterm 1 Questions with complete solution 2024/2025 $13.49   Add to cart

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APSC 221 Midterm 1 Questions with complete solution 2024/2025

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  • APSC 221

APSC 221 Midterm 1 Questions with complete solution 2024/2025 APSC 221 Midterm 1 Fixed costs - correct answer Unaffected by changes in activity level over a feasible range of operations for the capacity or capability available Variable costs - correct answer Associated with an operation ...

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  • October 6, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • APSC 221
  • APSC 221
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APSC 221 Midterm 1
Fixed costs - correct answer ✔Unaffected by changes in activity level over a
feasible range of operations for the capacity or capability available


Variable costs - correct answer ✔Associated with an operation that varies
with the quantity of output or the measures of activity level


Incremental costs - correct answer ✔The additional cost that results from
increasing the output of a system
E.g. equipment cost for another production line


Direct costs - correct answer ✔Can be reasonably measured and allocated
to a specific output or work activity


Indirect costs - correct answer ✔Difficult to attribute or allocate to a specific
output or work activity (aka overhead or burden)
E.g. general office supplies and equipment, electricity, property taxes,
supervision


Cash cost - correct answer ✔payment of cash an an associated cash flow


Book cost - correct answer ✔Does not involve a cash transaction and is
reflected in the accounting system.


Sunk cost - correct answer ✔Has occurred in the past and has no relevance
to estimates of future costs and revenues related to an alternative course of
action

, Opportunity cost - correct answer ✔Incurred because of the used of limited
resources such that the opportunity to use those resources for monetary
advantage in an alternative use is foregone


Life cycle cost - correct answer ✔summation of all the costs related to a
product, structure or service during its lifesplan


price-demand relationship - correct answer ✔is linear


revenue vs. demand - correct answer ✔is parabolic


cost and revenue categories - correct answer ✔- Capital investment (fixed
and working)
- Labour costs
- Material costs
- Maintenance costs
- Property taxes and insurance
- Overhead costs
- Disposal costs
- Revenues
- Quality (and scrap) costs
- Market (or salvage) values


order of magnitudes estimate - correct answer ✔used in the planning and
initial evaluation stage of a project


semi-detailed/budget estimates - correct answer ✔used in the preliminary or
conceptual design stage of a project

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