PRING 2018 (103 Points) e Choise: (47 points) For questions 1-47, select the bes

Question

PRING 2018 (103 Points) e Choise: (47 points) For questions 1-47, select the best answer and record the letter on the 1) A cost with a flat cost line within a relevant range that shifts to another level when volume significantly changes is a(n): A) Flat line cost. B) Step-wise cost. C) Curvilinear cost. D) Incremental cost E) Fixed cost 2) A cost that includes both fixed and variable cost components is called a: A) Step-variable cost. B) Mixed cost. C) Curvilinear cost D) Differential cost E) Composite cost. 3) Which one of the following statements is not true? A) Total fixed costs remain the same regardless of volume within the relevant range. B) Total variable costs change with volume C) Variable costs per unit remain the same regardless of the volume. D) Total variable costs decrease as the volume increases. E) Fixed costs per unit increase as the volume decreases. An important tool in predicting the volume of activity, the costs to be incurred, the sales to be made, and the profit to be earned is: 4) A) Cost-volume-profit analysis. B) Variance analysis. C) Target income analysis. D) Least-squares regression analysis. E) Process costing. 5) Which of the following costs are most likely to be classified as variable? A) Insurance B) Straight-line depreciation C) Manager salaries D) Factory rent E) Direct materials

Explanation / Answer

1. B) step wise cost

2. B) mixed cost

3. C) & E)

4. A) cost volume profit analysis

5. E) direct material

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