ACCOUNTING 212 CHAPTER 4 EXAM PRACTICE QUESTIONS AND CORRECT ANSWERS ,ALL VERIFIED AND GRADED A+|LATEST UPDATE
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ACCOUNTING 212 CHAPTER 4
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ACCOUNTING 212 CHAPTER 4
ACCOUNTING 212 CHAPTER 4 EXAM PRACTICE QUESTIONS AND CORRECT ANSWERS ,ALL VERIFIED AND GRADED A+
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volume based cost system - ANSWER-cost driver is related to the volume of units produced
activity based costing - ANSWER-alt way to assign indirect costs t...
product level activities - ANSWER-✔perform for a specific product/type of service
batch level activities - ANSWER-✔performed for a group/unit all at once
ex of product level activity - ANSWER-✔designing new product, creating prototype,
safety tests
ex of batch level activity - ANSWER-✔reprogramming robotics, performing quality
control
, on volume based cost driver - ANSWER-✔cost driver that isnt strictly related to the
# of units produced
ex of non volume based cost driver - ANSWER-✔# of batches, set up time, # of
quality inspections
most ABCs include both ____________ based and __________________ based cost
drivers - ANSWER-✔volume & non volume
activity rate= - ANSWER-✔Total Activity Cost / Total Cost Driver
activity proportion= - ANSWER-✔cost driver for each product / total cost driver for
all products combines
ex of facility/university level activity - ANSWER-✔classrooms, library, computer lab,
university admin, sports teams, campus security
ex of product/service level activity (in a school) - ANSWER-✔degree program,
specific courses
ex of batch/group level activity (in a school) - ANSWER-✔large lectures
ex of unit/customer level activity (in a school) - ANSWER-✔grading exams, advising,
registering students
activity based management (ABM) - ANSWER-✔encompasses all action managers
take to improve operations/reduct costs
benchmarking - ANSWER-✔compare the cost of performing key activities w/ other
firms
benchmarking is used to... - ANSWER-✔identify areas a company is ahead/behind in
the competition
value added activity - ANSWER-✔enhances the perceived value of product
non value added activity - ANSWER-✔if eliminated, wouldnt reduce the value of the
product
ex of Non-Value-Added Activities - ANSWER-✔storing units in inventory, moving
location of parts, expediting orders
just in time (JIT) - ANSWER-✔eliminate non value added activities, reduce cost,
improve quality
JIT is a _______ system. - ANSWER-✔demand-pull
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