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AccountingChapter 4

September 27, 2011 .

QuestionAnswer
What happens to the breakeven point as the FIXED COST INCREASES? Breakeven point increases
What happens to the breakeven point as the SELLING COST INCREASES? Breakeven point decreases
What happens to the breakeven point as the Tax Rate INCREASES? Nothing. The tax rate is has nothing to do with the break even point.
Sunk costs are ____ & ____ . Past & Never relevant
Opportunity Costs are _____ & _____ . Always relevant & An a benefit foregon
FOR ACCEPTING OR REJECTING AN ORDER : if relevant profit is negative then, _______ the order . REJECT :(
FOR ACCEPTING OR REJECTING AN ORDER : if relevant profit is positive then, _______ the order . ACCEPT :)
FOR MAKING OR BUYING A PRODUCT: If relevant cost of buying is less than making, then _______ the product. BUY
FOR MAKING OR BUYING A PRODUCT: If relevant cost of making is less than buying, then _______ the product. MAKE :)
FOR KEEPING OR DROPING A PRODUCT: If relevant revenues lost exceed relevant cost saved then ________ the product line. KEEP :)
FOR KEEPING OR DROPING A PRODUCT: If relevant revenues lost are less than relevant cost saved then ________ the product line. DROP :(
Costs incurred in connection with buying or making the product Product Cost
Costs incurred in connection with selling the product and administering the company Non Product Cost
3 types of Product costs are 1- Direct Materials 2- Direct Labor 3- Manufacturing Overhead
What are Direct Materials? Materials traceable back to the product and Worth the cost of tracing.
What is Direct Labor? Cost of employees making the product(Directly)
What is Manufacturing Overhead? Indirect Costs of production(indirect materials, indirect labor, and other maunfacturing costs)
What are 2 charachteristics of a relevant variable? 1- The variable must occur in the future 2- The variable must differ between the alternatives considered.
Created by: Dpenton16