Chapter 11--Allocation of Joint Costs and Accounting for By-Products TRUE/FALSE 1. Joint costs occur after the split-off point in a production process ANS: F DIF: Easy OBJ:…

Chapter 2--Cost Terminology and Cost Behaviors LEARNING OBJECTIVES LO 1 LO 2 LO 3 LO 4 LO 5 What assumptions do accountants make about cost behavior, and why are these assumptions…

Chapter 6—Process Costing LEARNING OBJECTIVES LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 LO 7 LO 8 How does process costing differ from job order costing? For what reasons are equivalent…

Chapter 8—The Master Budget LEARNING OBJECTIVES LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 LO 7 Why is budgeting important? How is strategic planning related to budgeting? What is the…

TRUE/FALSE 1. Process costing is most appropriate when manufacturing large batches of homogenous products. ANS: T DIF: Easy OBJ: 6-1 2. Conversion costs include all manufacturing…

Chapter 4 Cost Behavior and Cost-Volume-Profit Analysis OBJECTIVES Obj 1 Obj 2 Obj 3 Obj 4 Obj 5 Classify costs by their behavior as variable costs, fixed costs, or mixed…

Chapter 2--Cost Terminology and Cost Behaviors LEARNING OBJECTIVES LO 1 LO 2 LO 3 LO 4 LO 5 What assumptions do accountants make about cost behavior, and why are these assumptions…

Chapter 2—A Review of the Accounting Cycle MULTIPLE CHOICE 1. In an accrual accounting system, a. all accounts have normal debit balances. b. a debit entry is recorded…

Chapter 2âCost Terminology and Cost Behaviors MULTIPLE CHOICE 1. The term "relevant range" as used in cost accounting means the range over which a. costs may fluctuate.…

Chapter 14—Capital Budgeting LEARNING OBJECTIVES LO LO LO LO LO LO 1 2 3 4 5 6 LO 7 LO 8 LO 9 LO 10 LO 11 Why do most capital budgeting methods focus on cash flows? How…