Chapter 2—Cost 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. | b. | cost relationships are valid. | c. | production may vary. | d. | relevant costs are incurred. | ANS: B PTS: 1 DIF: Easy OBJ: 2-2 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Measurement‚ Reporting 2. Which of the following defines variable cost behavior
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the term‚ “paper or plastic” came from? In 1977‚ Gordon Dancy revolutionized the consumer experience by inventing the plastic bag to replace the paper bag (Turner & Sutton‚ 2012). His intention was to save the trees that would need to be cut down to create paper bags; however in his quest for environmental preservation‚ he inadvertently created a worse evil. Plastic bags are everywhere; it is almost impossible to make a purchase today without receiving our items in a plastic bag‚ but how many of
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Science: Biomimicry: Self-Healing Plastic Structure: Introduction Why self-healing plastic? What is biomimicry? Question Hypothesis Aim Human sustainability problem Plastic Why plastic? The human body‚ just like magic! Self-healing - Epidermis - Dermis Healing Plastics like Blood and Bone Autonomous Materials Systems Microvascular Systems Self-Healing Microelectronics Products Self-Healing and the Future Self-Healing Plastic ’Skin’ Points Way to New Prosthetics
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The historical cost accounting is an accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition. It is usually used in combination with other measurement bases. For example‚ inventories are usually carried at the lower of cost and net realizable value‚ on the other hand marketable securities are usually carried at market value‚ and entities prefer to carry pension liabilities at their present value. The main advantage of using
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Cost of debt When individuals use the cost of debt‚ they should know the measurement of the interest rate‚ or the yield paid to the bondholders. When analyzing the cost of debt‚ people should know that it ’s an effective rate that businesses are willing to pay on the current debt that they have accrued. The cost of debt is a measurement of the before or after tax returns. Considering the case that individuals can deduct the interest‚ makes the tax after cost more popular than the before tax. A business
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There has been much discussion about plastic surgeries. Some people get plastic surgery to look good‚ to be more confident‚ and to be young and beautiful. On the other side some people think that getting plastic surgery is an ugly trend. Some people may claim that there should not be more control on plastic surgery. Some may claim that plastic surgery makes people feel more confident. However‚ it is argued that because some plastic surgery ends with bad results and they may show many side effects
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world today‚ plastic is one of the most commonly used substances. Different types of plastic have been discovered and used for several decades. One of these types of plastic is called Casein plastic. Casein plastic is made from the casein protein found in milk. One method of creating this plastic is by adding an acid such as vinegar to the milk‚ and separating the filtrate (the plastic created) from the liquid. This experiment will test if the pH level of an acid effects the amount of plastic produced
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paper Plastic Surgery: Good or Evil Date: May-13th-2009 Introduction God is beautiful and loves beauty. As humans‚ we are working on adopting this theory whereby plastic surgery is our leader. A large number of people undergo plastic surgery‚ adopt the latest medical techniques and make their body physically fit and beautiful. The practice of plastic surgeries is affecting
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Fixed Costs‚ Variable costs‚ and Break Even Point Elizabeth Gaud HSM /260 August 21‚ 2011 Stephanie Koontz Fixed Costs‚ Variable costs‚ and Break Even Point Exercise 10.1 Recompute fixed costs‚ variable costs‚ and the BEP. What are the variable costs? What are the fixed costs? How many meals will the WHDM program need to provide during the fiscal year to reach the BEP? How much profit will the program earn if it completes its 45‚000-meal contract with the City of Westchester? Answer:
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of the more basic concepts of economics. Scarcity needs trade-offs‚ and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms‚ the opportunity cost of a decision is based on what must be given up as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost‚ scarcity and trade-off are important in our daily life because it affects us every day in different ways and
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