The model whose goal is to eliminate waste while satisfying the - 15748

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1.    The least-squares regression method is:
Answer
 
    A graphical method to identify cost behavior.
 
    An algebraic method to identify cost behavior.
 
    A statistical method to identify cost behavior.
 
    The only identify cost estimation method allowed by GAAP.
 
    A cost estimation method that only uses the two extreme values.
1 points
Question 2
1.    A firm sells two products, A and B. For every unit of A the firm sells, two units of B are sold. The firm's total fixed costs are $1,612,000. Selling prices and cost information for both products follow: What is the firm's break-even point in units of A and B?
Answer
 
    31,000 of A and 31,000 of B.
 
    31,000 of A and 62,000 of B.
 
    10,333 of A and 20,667 of B.
 
    36,167 of A and 72,333 of B.
 
    62,000 of A and 31,000 of B.
1 points
Question 3
1.    At Flint Company's break-even point of 9,000 units, fixed costs are $180,000 and variable costs are $540,000 in total. The unit sales price is:
Answer
 
    $20
 
    $40
 
    $60
 
    $80
 
    $100
1 points
Question 4
1.    The sales level at which a company neither earns a profit nor incurs a loss is the:
Answer
 
    Relevant range.
 
    Margin of safety.
 
    Step-wise variable level.
 
    Break-even point.
 
    Contribution margin.
1 points
Question 5
1.    A company wishes to earn a pretax income equal to 35% of total fixed costs. Its product sells for $50.75 per unit. Total fixed costs equal $156,800 and variable costs per unit are $32.50. How many units must this company sell to meet its goal? (Round answer to complete units.)
Answer
 
    11,599
 
    8,592
 
    4,171
 
    6,513
 
    11,047
1 points
Question 6
1.    A cost that changes in total proportionately to changes in volume of activity is a(n):
Answer
 
    Differential cost.
 
    Fixed cost.
 
    Incremental cost.
 
    Variable cost.
 
    Product cost.
1 points
Question 7
1.    Tanner Inc. has incurred the following overhead costs over a 6 week period: Calculate the approximate fixed cost component of Tanner's overhead costs using the high-low method.
Answer
 
    $408.
 
    $470.
 
    $258.
 
    $250.
 
    $542.
1 points
Question 8
1.    Flexibility of practice when applied to managerial accounting means that:
Answer
 
    The information must be presented in electronic format so that it is easily changed.
 
    Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for.
 
    The managerial accountants need to be on call twenty-four hours a day.
 
    The design of a company's managerial accounting system largely depends on the nature of the business and the arrangement of the internal operations of the company.
 
    Managers must be flexible with information provided in varying forms and using inconsistent measures.
1 points
Question 9
1.    Which of the following costs would not be classified as factory overhead?
Answer
 
    Property taxes on maintenance machinery.
 
    Expired insurance on factory equipment.
 
    Wages of the factory janitor.
 
    Metal doorknobs used on wood cabinets produced.
 
    Small tools used in production.
1 points
Question 10
1.    Classifying costs by behavior involves:
Answer
 
    Identifying fixed cost and variable cost.
 
    Identifying cost of goods sold and operating costs.
 
    Identifying all costs.
 
    Identifying costs in a physical manner.
 
    Identifying both quantitative and qualitative cost factors.
1 points
Question 11
1.    Which of the following is not a characteristic of all fraud?
Answer
 
    It is done to provide direct or indirect benefit to the employee.
 
    It violates the employee's duties to his employer.
 
    It costs the employer money.
 
    It is secret.
 
    Can be intentional or unintentional.
1 points
Question 12
1.    The following information is available for Talking Toys, Inc. for the current year: The total cost of goods manufactured for the year was:
Answer
 
    $13,000
 
    $44,500
 
    $57,500
 
    $94,500.
 
    $52,000
1 points
Question 13
1.    Total manufacturing costs incurred during the year do not include:
Answer
 
    Direct materials used.
 
    Factory supplies used.
 
    Goods in process inventory, beginning balance.
 
    Direct labor.
 
    Depreciation of machinery.
1 points
Question 14
1.    The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is:
Answer
 
    Total quality management.
 
    Managerial accounting.
 
    Customer orientation.
 
    Continuous improvement.
 
    Lean business model.
1 points
Question 15
1.    Labor costs that are clearly associated with specific units or batches of product because the labor is used to convert raw materials into finished products called are:
Answer
 
    Sunk labor.
 
    Direct labor.
 
    Indirect labor.
 
    Finished labor.
 
    Supervisory labor.

                                       

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