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AC 401 exam 1

QuestionAnswer
Manufacturing overhead combined with direct materials is known as direct labor
A _____________in production will ordinarily result in an increase in fixed production costs per unit decrease
Indirect costs, such as manufacturing overhead, are always fixed costs. TRUE or FALSE FALSE
A _____________ is partially variable and partially fixed mixed cost
Although the contribution format income statement is useful for external reporting purposes, it has serious limitations when used for internal purposes because it does not distinguish between fixed and variable costs TRUE OR FALSE FALSE
If the fixed expenses increase in a company, and all other factors remain unchanged, then one would expect the margin of safety to decrease TRUE OR FALSE TRUE
The engineering method of determining cost behavior is particularly useful for new activities or products TRUE OR FALSE TRUE
The relevant range represents those activity levels for which valid cost relationships have been observed. TRUE or FALSE TRUE
One disadvantage of the high-low method is the highest and lowest points may not be representative of normal operating activities TRUE or FALSE TRUE
in general, the use of multiple independent variables increases the proportion of the variation in the dependent variable explained by the cost equation. TRUE OR FALSE TRUE
An organization's operating leverage is high when it has a low proportion of variable costs in its total costs TRUE OR FALSE TRUE
Opportunity costs should never be considered when comparing two alternatives TRUE OR FALSE FALSE
Fixed costs are normally a relevant cost in differential decision making TRUE OR FALSE FALSE
Which of the following costs would not be included as part of manufacturing overhead? a. Insurance on sales vehicles. b. Depreciation of production equipment. c. Lubricants for production equipment. d. Maintenance workers salary at the factory Insurance on sales vehicles.
Variable cost: remains constant on a per unit basis as the number of units produced increases
Created by: user-1924923
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