Exam 1 Cost Accounting ACC-331-OL01

Management accounting:
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The most important planning tool is a __________.
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If there is an ethical conflict concerning your direct supervisor, when is it appropriate to contact authorities or individuals not employed by the organization?
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The Standards of Ethical Conduct for management accountants include concepts related to:
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In order to make decisions, managers need to know:
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Cost assignment :
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Which of the following statements about the direct/indirect cost classification is not true?
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Which of the following does not affect the direct/indirect classification of a cost?
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Lou Marinaro worked 44 hours last week for Breakbad Manufacturing. Of the 44 hours 4 hours were considered overtime, and also Marinaro was idle for 5 of the 44 hours due to an equipment malfunction. Marinaro makes $40 per hour and is paid $60 an hour (time and a half. for overtime. Marinaro’s total compensation for that week would be __________, and assuming Breakbad charges overtime premium and idle time to indirect labor, the amount of this compensation credited to indirect labor would be __________.
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Product costs used for government contracts generally include:
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Cost-volume-profit analysis is used primarily by management:
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Answer the following questions using the information below:
Northenscold Company sells several products. Information of average revenue and costs is as follows:

Selling price per unit
$20.00
Variable costs per unit:
Direct material
$4.00
Direct manufacturing labor
$1.60
Manufacturing overhead
$0.40
Selling costs
$2.00
Annual fixed costs
$96,000

The contribution margin per unit is:

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The selling price per unit less the variable cost per unit is the:
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The breakeven point is the activity level where:
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Bassman Company operates on a contribution margin of 30% and currently has fixed costs of $400,000. Next year, sales are projected to be $2,000,000. An advertising campaign is being evaluated that costs an additional $60,000.

How much would sales have to increase to justify the additional expenditure?

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Assume there is a reduction in the selling price and all other CVP parameters remain constant. This change will:
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__________is the process of varying key estimates to identify those estimates that are the most critical to a decision.
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If a change is made in one parameter of CVP analysis, it is an example of:
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Fixed costs:
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Companies with a greater proportion of fixed costs have a greater risk of loss than companies with a greater proportion of variable costs.
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