Accounting 526 - Study guides, Class notes & Summaries

Accounting 526 Midterm Questions & answers

change in proportion to changes in volume (ex: as volume increases, total variable cost increases); cost per unit remains constant - ANSWERSvariable cost total cost stays the same when volume changes/increases; cost per unit decreases when volume increases - ANSWERSfixed cost a mathematical equation used to predict total cost at various level volume; only valid within the relevant range - ANSWERScost equation Formula for cost equation? - ANSWERSY = v(x) + f Y= total mixed cost V= vari...

Accounting 526 Final Exam Questions & Answers 100% Verified!! focuses on the effect of alternative courses of action on the relevant revenues and costs - ANSWERSIncremental Analysis amount of increase or decrease in revenue expected from a course of action as compared with an alternative - ANSWERSRelevant Revenue amount of increase or decrease in cost that is expected from a course of action as compared with an alternative - ANSWERSRelevant Cost cost that have been incurred in the pa...

Accounting 526 Final Exam 2024 Questions & Answers(Rated A+) focuses on the effect of alternative courses of action on the relevant revenues and costs - ANSWERSIncremental Analysis amount of increase or decrease in revenue expected from a course of action as compared with an alternative - ANSWERSRelevant Revenue amount of increase or decrease in cost that is expected from a course of action as compared with an alternative - ANSWERSRelevant Cost cost that have been incurred in the pas...

Which of the following would not require an adjustment to net income under the indirect method? - ANSWERSPurchase of land Visual Manufacturing produces two types of cameras: 35mm and digital. The cameras are produced using one continuous process. Four activities involved in the production have been identified as: machining, setups, receiving, and packing. Resource drivers have been used to assign costs to each activity. The overhead activities, their costs, and the other related data are as f...

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Accounting 526 Questions & Answers 100Production costs do not include - ANSWERSAll of these are production costs (DM, Fixed manufacturing overhead, DL and variable manufacturing overhead) The costs of a job are accounted for on the - ANSWERSJob-order cost sheet ___ activities are unnecessary activities. - ANSWERSNonvalue added A(n) ___ ratio measures the proportion of an activity consumed by a product - ANSWERSconsumption Which managerial activity is concerned with the formulation of...

True or False: Managerial accounting is the provision of accounting for a company's external users. - ANSWERSfalse True or False: Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the responsibilities of managerial accountants. - ANSWERStrue True or False: Managerial accounting follows the same rules as financial accounting. - ANSWERSfalse True or False: Managerial accountants...

Accounting 526 Midterm with complete solution