Abc costing - Study guides, Study notes & Summaries

WGU D101 Cost and Managerial Accounting Exam Questions and Answers 2024. What is a price taker? - ANSWER A company that has to accept the price that the market sets for a good. They have no influence over setting the price. What is a price maker? - ANSWER a firm possessing the power to set the price within the market. They still need to track all costs in order to make sure they are making an adequate return. What is the major purpose and use of job order costing? a. To create a system th...

1. ________ gathers, summarizes, and reports on the financial impact of changes to business operations. a. Managerial accounting b. Planning c. Directing d. Controlling a. Managerial accounting 2. Which of the following certifications is issued by the IMA? a. CISA b. CFP c. CMA d. CPA c. CMA 3. Which of following statements is true? a. Managerial accounting focuses on historical transactions. b. Financial accounting focuses on future data. c. Management accounting focuses on...

ETS MFT BUSINESS EXAM The principal difference between variable costing and absorption costing centers on: a) whether variable manufacturing costs should be included as product costs b) whether fixed manufacturing costs should be included as product costs c) whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs d) none of these. General Bikes is debating which marketing research options to employ. The traditional p...

Absorption costing - Answer A costing method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in unit product costs. Activity - Answer An event that causes the consumption of overhead resources in an organization. Activity base - Answer A measure of whatever causes the incurrence of a variable cost. For example, the total cost of surgical gloves in a hospital will increase as the number of surgeries increa...

Test Bank for Fundamental Managerial Accounting Concepts 10e 10th Edition by Thomas Edmonds, Christopher Edmonds and Mark Edmonds and Philip Olds. ISBN-13: 0682 Full Chapters test bank included with Instant Download Chapter 1 Management Accounting and Corporate GovernanceChapter 2 Cost Behavior, Operating Leverage, and Profitability Analysis Chapter 3 Analysis of Cost, Volume, and Pricing to Increase Profitability Chapter 4 Cost Accumulation, Tracing, and Allocation Chapter 5 Cost Management in ...

Why is cost accounting so important in health care? correct answer: Though costs have such a minor role in deermining prices, cost accounting is very important in a healthcare organization. Because reimbursment is predetermined, managment must focus primarily on finding ways tomanage cosgts, so cost accougtning is critical. Cost information is uselful to a variety of key decisionmakers in a healthcare organization. Different concepts of cost are required for different purposes. Thefore it is im...

Arbot Co. manufactures appliances at three manufacturing facilities in the United States. Each location has a plant manager who oversees the manufacturing process for that location. Segmented income statements are prepared for each plant and for each product manufactured in the plant. The salary of each plant manager is a: - Answer-traceable fixed cost to the plant and a common fixed cost for the individual product lines made in the plant SPS Products has two divisions—Catalog Sales and O...

What are the 3+1 stages of absorption costing? correct answer: 1. Allocation 2. Apportionment 3. Absorption = Production Cost 4. Under/over = Non prod OH Why would you use Absorption Costing? correct answer: Valuing Inventory Pricing Decisions Establishing profitability What are pros and cons of absorption and marginal costing? correct answer: *Absorption* -Avoids varying profits if sales are seasonal -Consistent with accounting standards -Recognises Long Run variable costs -...

WGU C483 - Principles of Management Accommodation A style of dealing with conflict involving cooperation on behalf of the other party but not being assertive about one's own interests Accountability The expectation that employees will perform a job, take corrective action when necessary, and report upward on the status and quality of their performance Accounting audits Procedures used to verify accounting reports and statements Acquisition One firm buying another Activi...

WGU d196 Test Questions and Answers All Correct Why is the concept of relevant range important to a manager? - Answer-Outside the relevant range, the variable cost per unit can change Which statement correctly describes applied manufacturing overhead? - Answer-The amount of manufacturing overhead that is assigned to the goods produced What is the label given to the quantity computed as estimated overhead costs divided by estimated level of activity? - Answer-Predetermined overhead rate ...