Shinqualla Hagood FP/101 Week 3 Quiz Directions: Please consult the course materials and highlight the correct answer to each question in Microsoft Word‚ save your work to your My Documents folder and then upload it to be graded. Please ensure that your work saved properly and is what you want to have graded. If you are not 100% certain about the correct answer to the question please feel free to defend your response by typing up an explanation next to your response citing the course materials
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Advantages and disadvantages of variable costing Many managers use variable costing for internal reporting and decision making since it has number of advantages (Myers par. 1). First‚ on variable costing reports costs are organized by behavior which makes it easier to understand. Also‚ variable costing statements facilitate cost volume profit (CVP) analysis because it separates cost behavior by fixed and variable. Under variable costing‚ changes in inventory or production do not affect the
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CHAPTER 1: COST VOLUME PROFIT ANALYSIS LEARNING OBJECTIVES: At the end of this chapter‚ you should be able to: * Describe the differences between the accountant’s and the economist’s model of cost volume profit analysis. * Apply the cost volume profit approaches in the calculation of breakeven point‚ margin of safety‚ target selling price and sales volume. * Construct breakeven‚ contribution and profit volume graph. * Apply cost volume profit analysis in a multi product setting *
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Performance Cost Management Chapter 3 Cost-Volume-Profit Analysis Prepared by Gail Kaciuba Midwestern State University © John Wiley & Sons‚ 2005 Chapter 3: Cost-Volume-Profit Analysis Eldenburg & Wolcott’s Cost Management‚ 1e Slide # 1 Chapter 3: Cost-Volume-Profit Analysis Learning objectives • • • • • • Q1: What is cost-volume-profit (CVP) analysis‚ and how is it used for decision making? Q2: How are CVP calculations performed for a single product? Q3: How are CVP calculations performed for multiple
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Chapter 7 Variable Costing: A Tool for Management Solutions to Questions 7-1 The basic difference between absorption and variable costing is due to the handling of fixed manufacturing overhead. Under absorption costing‚ fixed manufacturing overhead is treated as a product cost and hence is an asset until products are sold. Under variable costing‚ fixed manufacturing overhead is treated as a period cost and is charged in full against the current period’s income. 7-2 Selling and administrative expenses
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1. Question : (TCO A) There is a decrease in the cost of labor for producing bicycles. (4 pts.) What happens to bicycle supply? (6 pts.) What happens to bicycle demand? Student Answer: When there is an increase in the price of labor for making bicycles the supply would decrease because it would cost more to make the bikes and the supply curve would shift to the left. There would be no change in the demand for the bicycles. Instructor Explanation: Since a change in costs to produce the
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cost-volume-profit analysis is a vital factor to a company. It is very important to profit planning. Cost-volume-profit (CVP) analysis is the study of the effects of changes in cost and volume on a company’s profits. It is also a factor in management decisions such as setting selling prices‚ determining product mix‚ and maximizing use of production facilities. There are five components that make up a CVP analysis. They are volume or level of activity‚ unit selling prices‚ variable cost per unit‚ total
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her mother that she also lied. This response may involve which fallacy? Student Answer: CORRECT Ad hominem (tu quoque) Ad verecundiam (ex libris) INCORRECT Ad misericordiam (ex ante) Ad baculum (antebellum) 3. Question : “That coin‚ when flipped‚ will either come up heads or tails" may commit which fallacy? CORRECT No fallacy committed INCORRECT False dichotomy Begging the question 4. Question : "If that wasn’t illegal
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regarding status systems? • Anything can have status value if others in the group evaluate it that way. 2. The ________ stage in the group development process is complete when members begin to think of themselves as part of a group. • Forming 3. Conflicts can be resolved by withdrawing from them or suppressing them. This conflict-management technique is known as ________. • Avoiding 4. Which of the following will help in making communities of practice successful? • Having clear accountability
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1. | Question : | Network Solutions‚ Inc. is the registry for | | | | | domain names. | | | 2. | Question : | In the Web address ‚ the word “amazon” is an example of a | | | | | second-level domain name. | | | 3. | Question : | Which of the following types of marks cannot be protected under the Lanham Act? | | | | | generic marks | | | 4. | Question : | Acme Waterproofing Company adopts the Web address . The word “watershield” can best be described
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