2024 – Question 1 1 Job costing entails Points 1 tracking the

 

Question 1. 1.

 Job costing entails _____________________. (Points : 1)

        tracking the costs of an employment search

        development of a tracking system to match costs to jobs

        estimating the price of raw materials that may be needed to complete a customer job

        none of the items listed here

 

 

Question 2. 2.

 Job costing __________________________. (Points : 1)

        is only used when manufacturing a product

        cannot be used for a service business since no product is created

        can be utilized in a variety of business types

        cannot be utilized when manufacturing a product

 

 

Question 3. 3.

Which of the following would typically use a process costing system? (Points : 1)

        More than one of these listed.

        Paint

        Glass

        Custom built home

 

 

Question 4. 4.

The Equivalent units concept general applies to ___________________. (Points : 1)

        job order costing

        process costing

        ABC costing

        none of the items listed here

 

 

Question 5. 5.

ABC is a costing model that _______________________. (Points : 1)

        is simple and inexpensive to use

        is rarely used because it is not very accurate

        is not really a costing model

        is not accepted by GAAP

 

 

Question 6. 6.

Mixed costs ____________________________________. (Points : 1)

        are costs that are all mixed up

        have both a variable and a fixed component

        are not impacted by volume fluctuations

        are not defined in any of these responses

 

 

Question 7. 7.

A technique used to estimate the fixed and variable components of a mixed cost is ____________. (Points : 1)

        high-low method

        regression analysis

        is not represented here

        represented by more than one of the solutions listed here

 

 

Question 8. 8.

Cost-Volume-Profit Analysis ________________________. (Points : 1)

        gives management the same information as the income statement

        is helpful in assessing the relationships between costs, business volume, and profitability

        is an essential tool used by investors to make investment decisions

        can only be interpreted by a master accountant

 

 

Question 9. 9.

Contribution margin _____________________________________. (Points : 1)

        is equal to net income

        equals variable expenses minus fixed expense

        is the next available dollar of income after all fixed costs are covered

        equals revenues minus variable expenses

 

 

Question 10. 10.

Cost-Volume-Profit Analysis _____________________________. (Points : 1)

        can be utilized to find the firms breakeven point in units

        is only concerned with variable costs

        is only concerned with fixed costs

        is not represented by any of the answers listed here