LSU ACCT 2101 EXAM 4 LATEST 2024 VERSION QUESTIONS WITH REVISED AND UPDATED ANSWERS
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Course
LSU ACCT 2101
Institution
LSU ACCT 2101
LSU ACCT 2101 EXAM 4 LATEST 2024 VERSION QUESTIONS WITH REVISED AND UPDATED ANSWERS
Process Cost System - Answer-Costing system used by companies that make homogeneous products or services.
Job Order Cost System - Answer-Costing system used by companies that make unique products or provide spe...
LSU ACCT 2101 EXAM 4 LATEST
2024 VERSION QUESTIONS WITH
REVISED AND UPDATED ANSWERS
Process Cost System - Answer-Costing system used by companies that make
homogeneous products or services.
Job Order Cost System - Answer-Costing system used by companies that make unique
products or provide specialty services.
Job Cost Sheet - Answer-Document used to record all of the costs of producing a
particular job or servicing a specific customer.
Cost Behavior - Answer-Description of how total costs change when some measure of
activity changes.
Relevant Range - Answer-Range of activity over which assumptions about cost
behavior are expected to hold true.
Step Costs - Answer-Costs that are fixed over some range of activity and then increase
in a step-like fashion when a capacity limit is reached.
Scattergraph - Answer-Graph of the relationship between two variables, such as total
cost (y) and activity level (x).
Least Squares Regression Method - Answer-Statistical method used to analyze mixed
costs. It defines the best fitting line as the one that minimizes the sum of squared error.
Cost-Volume-Profit Analysis - Answer-Analysis that focuses on relationships among
revenue, volume and mix of units sold, variable and fixed costs, and profit.
Contribution Margin per Unit - Answer-
Contribution Margin Ratio - Answer-Ratio that tells managers how much contribution
margin is generated by each dollar of sales revenue. Computed as contribution margin
divided by sales revenue.
Breakeven Point Analysis - Answer-A form of cost-volume-profit analysis that
determines the level of sales (in units or dollars) needed to break even, or earn zero
profit.
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