Acc 211 Exam 3 - Missouri State University – Thornton Practice Questions and Answers
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Course
Missouri 2024/2025
Institution
Missouri 2024/2025
Acc 211 Exam 3 - Missouri State University –
Thornton Practice Questions and Answers
What are the steps in the decision making model? - Ans:-1. Recognize and define the problem
2. Identify alternatives as possible solutions to the problem
3. Identify the costs and benefits associated with eac...
- these orders can be attractive, especially when the firm is operating below its maximum productive
capacity
Keep or drop decisions - Ans:✔✔-requires that managers identify and consider only the relevant
information of the business segment question
What is a segment? - Ans:✔✔-a subunit of a company that a separate performance report is created
from other areas
- Ex: a particular product or service line or geographic sales region
- segmented reports prepared on a variable-costing basis are important because they provide managers
with this valuable information
Why is identifying the relevant information necessary? - Ans:✔✔-for making effective keep or drop
decisions
What are constraints? - Ans:✔✔-Every firm faces limited resources and limited demand for each product
Ex: limitations of raw materials, limitations of skilled labor, limited demand for each product
Target costing - Ans:✔✔-a method of determining the cost of a product or service based on the price
(target price) that customers are willing to pay
What do budgets do? - Ans:✔✔-help management
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