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 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 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 1 SHORT ANSWER 1. On what needs do (1) management accounting and (2) financial accounting focus? ANS: Management accounting focuses on the needs of users inside an…

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…

Chapter 10âRelevant Information for Decision-Making LEARNING OBJECTIVES LO 1 What factors are relevant in making decisions and why? LO 2 What factors are relevant in making…