Acct ch 1 - Study guides, Class notes & Summaries

Select the true statement: a. As volume increases fixed cost per unit remains constant. b. As volume increases variable cost per unit increases. c. As volume decreases fixed cost per unit increases. d. As volume increases variable cost per unit decreases. - ANSWER c. As volume decreases fixed cost per unit increases. The graph below depicts Dove Company's monthly warehouse rental cost. (Graph with straight horizontal line parallel to X axis) Based on the g...

ACCT 201 CH.1 CSULBsole proprietorship - correct answer A business owned by one person. shared control, tax advantages, increased skills and resources partnership - correct answer a business owned by two or more people. simple to set up and maintains control with owner corporation - correct answer A business that is owned by many investors. easier to transfer ownership and raise funds, no personal liability operating activity - correct answer Activity that creates cash inflows or outflo...

ACCT ASP Ch. 1 100% SOLUTION Which of the following users is not considered an internal user of accounting information? A. An employee B. A small business owner C. A manager D. A supplier - ANSWER D Which of the following users is not considered an external user of accounting information? A. The government B. A creditor C. An investor D. A manager - ANSWER D Which of the following is not accurate when it pertains to managerial accounting? A. Uses both financial accounting inform...

ACCT 201 CH.1 CSULB questions and answers verrified 2024

For each of the following independent cases A-D, compute the missing values: - A - COGM = TCMC+(BWIP-EWIP) B - BWIP = (COGM+EWIP)-TCMC C - TCMC = COGM+(EWIP-BWIP) D - EWIP = (TCMC+BWIP)-COGM Match each of the following characteristics that describe financial accounting, managerial accounting, both financial and managerial accounting, or neither financial nor managerial accounting. Financial accounting Managerial accounting Both financial and managerial accounting Neither financial no...

Acct ch. 1 100% SOLUTION The term "relevant range" as used in cost accounting means the range over which A. relevant costs are incurred. B. costs may fluctuate. C. cost relationships are valid. D. production may vary. - ANSWER C When cost relationships are linear, total variable prime costs will vary in proportion to changes in A. total overhead cost. B. production volume. C. total material cost. D. direct labor hours. - ANSWER B An example of a fixed cost is A. cost of electri...

ACCT 4a Ch 1 Dsm Exam With Correct Questions And Answers 2024

ACCT ASP Ch. 1 100% SOLUTION Which of the following users is not considered an internal user of accounting information? A. An employee B. A small business owner C. A manager D. A supplier - ANSWER D Which of the following users is not considered an external user of accounting information? A. The government B. A creditor C. An investor D. A manager - ANSWER D Which of the following is not accurate when it pertains to managerial accounting? A. Uses both financial accounting inform...

ACCT CH 11 100% SOLUTION Select the true statement: a. As volume increases fixed cost per unit remains constant. b. As volume increases variable cost per unit increases. c. As volume decreases fixed cost per unit increases. d. As volume increases variable cost per unit decreases. - ANSWER c. As volume decreases fixed cost per unit increases. The graph below depicts Dove Company's monthly warehouse rental cost. (Graph with straight horizontal line parallel to X axis) Based on the gra...

Acct ch. 1 100% SOLUTION The term "relevant range" as used in cost accounting means the range over which A. relevant costs are incurred. B. costs may fluctuate. C. cost relationships are valid. D. production may vary. - ANSWER C When cost relationships are linear, total variable prime costs will vary in proportion to changes in A. total overhead cost. B. production volume. C. total material cost. D. direct labor hours. - ANSWER B An example of a fixed cost is A. cost of electri...