Please answer the following questions:
1. The management planning and control cycle involves all of the following activities EXCEPT:
1) Data collection and performance feedback.
2) Implementation of plans.
3) Providing information to investors and creditors.
4) Revisiting plans.
2. When activity volume increases:
1) the total of variable costs changes.
2) the total of fixed costs changes.
3) variable costs per unit change.
4) fixed costs per unit stay the same.
3. Using the information below, determine the change to operating income if sales volume decreased by 10%, from 4,000 units per month to 3,600 units per month:
1) not change
2) decrease $10,000
3) decrease $24,000
4) decrease $40,000
4. Direct costs:
1) are traceable to a cost object.
2) are not traceable to a cost object.
3) are commonly incurred.
4) are variable costs.
5. How is the per unit product costs determined for a manufactured product?
1) dividing total direct materials and direct labor for a production run by the number of units made.
2) dividing total direct materials, direct labor, and manufacturing overhead for a production run by the number of units made.
3) dividing total direct materials, direct labor, manufacturing overhead and selling expenses for a production run by the number of units made.
4) dividing the selling price by the gross profit ratio.
6. Direct costing may be used for:
1) internal reporting purposes.
2) external financial reporting purposes.
3) income tax reporting purposes.
4) all of the above.
7. An improvement to the use of a predetermined overhead rate for assigning overhead costs to manufactured products is:
Question 16 options:
1) absorption costing
2) job order costing
3) activity-based costing
4) process costing
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