Question 1

The most important costs to consider when making a decision involving future action are:

Accepted Answer

A)  Sunk costs 
B)  Opportunity costs 
C)  Out-of-pocket costs 
D)  Differential costs 
A)  Sunk costs 
B)  Opportunity costs 
C)  Out-of-pocket costs 
D)  Differential costs

Question 2

Determining the best use of financial resources is an aspect of:

Accepted Answer

A)  Capital budgeting 
B)  Strategic planning 
C)  Production prioritizing 
D)  Operational budgeting 
A)  Capital budgeting 
B)  Strategic planning 
C)  Production prioritizing 
D)  Operational budgeting

Question 3

Which of the following would most likely be considered a variable cost?

Accepted Answer

A)  Property taxes 
B)  Rent 
C)  Bolts of cloth in a clothing factory 
D)  Depreciation 
A)  Property taxes 
B)  Rent 
C)  Bolts of cloth in a clothing factory 
D)  Depreciation

Question 4

A nonmanufacturing cost is usually classified as:

Accepted Answer

A)  A product cost 
B)  Direct materials 
C)  A period cost 
D)  Manufacturing overhead 
A)  A product cost 
B)  Direct materials 
C)  A period cost 
D)  Manufacturing overhead

The most important costs to consider when making a decision involving future action are:

Determining the best use of financial resources is an aspect of:

Which of the following would most likely be considered a variable cost?

A nonmanufacturing cost is usually classified as:

Accounting Information: Users and Uses

Financial Statements: An Overview

The Accounting Cycle: The Mechanics of Accounting

Completing the Accounting Cycle

Internal Controls: Ensuring the Integrity of Financial Information

Receivables: Selling a Product or a Service

Inventory and the Cost of Sales

Completing the Operating Cycle

Investments: Property, Plant, and Equipment and Intangible Assets

Financing: Long-Term Liabilities

Financing: Equity

Investments: Debt and Equity Securities

Statement of Cash Flows

Analyzing Financial Statements

Cost Flows and Business Organizations

Activity-Based Costing

Budgeting and Control

Controlling Cost and Profit

Inventory Management and Variable and Absorption Costing

Cost Behavior and Decisions Using C-V-P Analysis

Relevant Information and Decisions

Capital Investment Decisions

New Measures of Performance

Filters

Exam 15: Management Accounting and Cost Concepts

The most important costs to consider when making a decision involving future action are:

Determining the best use of financial resources is an aspect of:

Which of the following would most likely be considered a variable cost?

A nonmanufacturing cost is usually classified as:

Accounting Information: Users and Uses

Financial Statements: An Overview

The Accounting Cycle: The Mechanics of Accounting

Completing the Accounting Cycle

Internal Controls: Ensuring the Integrity of Financial Information

Receivables: Selling a Product or a Service

Inventory and the Cost of Sales

Completing the Operating Cycle

Investments: Property, Plant, and Equipment and Intangible Assets

Financing: Long-Term Liabilities

Financing: Equity

Investments: Debt and Equity Securities

Statement of Cash Flows

Analyzing Financial Statements

Cost Flows and Business Organizations

Activity-Based Costing

Budgeting and Control

Controlling Cost and Profit

Inventory Management and Variable and Absorption Costing

Cost Behavior and Decisions Using C-V-P Analysis

Relevant Information and Decisions

Capital Investment Decisions

New Measures of Performance

Filters