The relevant range of activity is approximated by straight line T/F?
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Within the relevant range of activity, fixed costs remain constant in total. T/F?
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Fixed costs:
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Within the relevant range ____ costs remain constant on a per unit basis
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Contribution Margin=
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Semi-variable costs are mixed cost. T/F?
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Within the relevant range of activity, cost assumptions are....
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A type of indirect cost incurred to benefit more than one cost object is a
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Mixed Costs:
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Common activity bases include
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Manufacturing overhead costs include:
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High-Low Method - Variable cost per unit forumla =
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The revenue obtained from selling one additional unit of product
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Selling Costs include:
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3 Manufacturing costs:
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Cost Objects:
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Contribution format income statement
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Differential costs
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Sunk Costs
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The cost of relatively insignificant Direct materials is treated as indirect materials because it is not worth the time and cost to directly trace them to the products. T/F?
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Using high-low method, the fixed cost is caluclated =
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Differential revenue
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Y = a + bX denotes the
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Product costs are also called inventoriable costs. T/F?
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Period costs are expensed when incurred. T/F?
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Cost data is desired is called
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Income statement focusing on product and period costs is prepared using
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Income statement with distinction between fixed and vaiable costs
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Prime costs are
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Discretionary Fixed Costs:
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Committed fixed costs
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High low method:
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A traditional income statement starts with
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Contribution Format Income statement
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1 pt
High Low Method
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1 pt
Computing variable and fixed costs using the high low method